Publications
Partners
A Fin24 user complains about being required to post documents in order to register to start trading individual shares. He writes:
I want to start trading individual shares and would like to know what is the best platform to get this going?
I did research and concluded that Sanlam has a very well priced programme.
I completed the online forms and then I had to post some documents.
I immediately lose all respect for companies who, in this day and age, cannot complete registrations/transactions digitally.
This was the reason I moved the bulk of my investments from Satrix 40 to Coronation, because I can manage it all digitally at Coronation.
Gerhard Lampen, head of Sanlam iTrade, responds:
Unfortunately, we as stockbrokers are bound by the rules of the JSE which requires us to have the original signed Fica documents and mandate before we are allowed to open an account for a client at the JSE.
I am aware that some brokers will open on faxed documents, but this is against the rules and you will have to send the documents (originals) to them within 14 days in any case or they have to freeze your account.
Following the rules means we never have to freeze a client’s account.
Most stockbrokers do follow the rules and Sanlam is very compliant. Until such time as electronic Fica is allowed, we will do so.
I am on the JSE’s Retail Advisory Committee and we have seen proposals to start electronic Fica.
We can only hope it happens soon, as Fica is an even bigger time consuming problem for us than for our clients.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
I want to start trading individual shares and would like to know what is the best platform to get this going?
I did research and concluded that Sanlam has a very well priced programme.
I completed the online forms and then I had to post some documents.
I immediately lose all respect for companies who, in this day and age, cannot complete registrations/transactions digitally.
This was the reason I moved the bulk of my investments from Satrix 40 to Coronation, because I can manage it all digitally at Coronation.
Gerhard Lampen, head of Sanlam iTrade, responds:
Unfortunately, we as stockbrokers are bound by the rules of the JSE which requires us to have the original signed Fica documents and mandate before we are allowed to open an account for a client at the JSE.
I am aware that some brokers will open on faxed documents, but this is against the rules and you will have to send the documents (originals) to them within 14 days in any case or they have to freeze your account.
Following the rules means we never have to freeze a client’s account.
Most stockbrokers do follow the rules and Sanlam is very compliant. Until such time as electronic Fica is allowed, we will do so.
I am on the JSE’s Retail Advisory Committee and we have seen proposals to start electronic Fica.
We can only hope it happens soon, as Fica is an even bigger time consuming problem for us than for our clients.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.
Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.
