Why do I need to provide PrimaryBid with my broker details?
Primarybid provides individual investors with access to capital raisings for publicly listed companies, however, we do not offer a facility to allow you to hold these assets long term or to sell the shares or bonds that you’ve acquired through our platform. For that reason, we need to transfer any allocated shares or bonds to a General Investment Account in your sole name with your broker.
Please note that we are unable to transfer shares or bonds to an ISA or SIPP account due to HMRC rules.
How do I add my broker details?
Providing us with your broker details is easy. During sign up, you will be prompted to select your designated broker from the list of selected brokers. If you already have an account with us, you can add your broker details in the app by going to 'Account' then 'Broker Details'.
Additionally, you will need to provide us with the account number of a General Investment Account in your sole name.
Can I transfer my shares or bonds into an ISA or SIPP account?
No, unfortunately due to HMRC rules, if you apply for shares or bonds through our app, you will not be able to receive your shares or bonds directly into your ISA or SIPP account.
If your broker is already working with PrimaryBid, you can apply for shares or bonds directly through your broker. Ask your broker to place your application to the offer from your ISA or SIPP account. Please contact your broker for more details. If your broker doesn’t work with us yet, ask them to join PrimaryBid!
An alternative is to buy the shares or bonds via our platform with a debit card and transfer them to a General Investment Account for the same broker where you hold your ISA or SIPP. You can then do a "Bed & ISA", a process where you sell the shares or bonds from your investment account and then immediately buy them back with ISA or SIPP funds. You would need to take advice as to whether any tax liability arises here and to confirm whether any costs would be incurred from your broker for dealing. You will need to contact your broker in regards to this.
What should I do if I do not have a broker?
If you do not have a broker, we are unable to transfer shares or bonds to you. PrimaryBid does not offer a facility to allow you to hold these assets long term or to sell the shares or bonds that you’ve been allocated through our platform. As such, you will need to open a General Investment Account with a broker in order to receive anything allocated to you.
When signing up for a PrimaryBid account, you will be asked to choose from a list of approved brokers. In turn, the best recourse is to open a General Investment Account with a broker who is already in the PrimaryBid list.
If you already have an account, you can also find the list in the ‘Account’ section of the app.
I cannot find my broker in the PrimaryBid list? Can I still transfer to them?
PrimaryBid works collaboratively with many UK brokers to facilitate their clients’ participation in PrimaryBid offers. If we have not yet received permission from your broker to be added to our list, you will not be able to select them as your designated broker when signing up.
As an alternative you can open a General Investment Account in your sole name with a broker who is already on the PrimaryBid list.
If your broker doesn’t work with us yet, ask them to join PrimaryBid!
Can I change my broker details?
You can change your broker details at any time in the app by going to ‘Account’ then ‘Broker Details’,
However, please note that changing your broker details here does not take immediate effect. Changing your broker details after you receive an allocation confirmation on a particular offer will only change the transfer destination of your shares or bonds for future offers in which you participate and not for that particular offer. If you’d like to change your details following your Allocation Confirmation, please update them in the app and let us know via the contact form here.If you do change your details after applying for shares or bonds, this may delay settlement of your security.
We take the security of your personal data very seriously. If you would like to change your broker details, you must log into the app and make any necessary edits yourself. PrimaryBid is unable to update your broker details on your behalf.
Can I make investments through PrimaryBid via my broker?
Yes, if your broker is already working with PrimaryBid, you may be able to apply for an offer directly through your broker. Please contact your broker to ask them if they are able to place an application on your behalf. If your broker doesn’t work with us yet, ask them to join PrimaryBid!
I have several broker accounts. Can I add them all to my PrimaryBid account?
You can only designate one broker on your account at any time.
Can PrimaryBid issue paper certificates for shares or bonds?
We do not currently offer paper certificates for shares or bonds acquired. All shares or bonds you may be allocated must be transferred electronically into a General Investment Account in your sole name. Due to HMRC restrictions we cannot transfer these directly into an ISA or SIPP account.