Here is a list of some frequently asked questions related to Account renewal termination:
Why are we asking you to update your client information?
Your safety and trust are paramount to us and as a regulated financial institution, we are required to establish policies and measures to provide a high level of assurance that our customers are who they say they are and that they are not likely to be engaged in criminal activity to monitor customer activities and to increase the reliability of identity verification. These measures are applied both when you join us as a client and throughout our relationship.
As a result, from time to time we may ask you to update your client information and potentially supply supporting documents, e.g. to update your residential address, provide your latest proof of identity documentation or verify your source of funds and wealth.
We will also ask you to update your information if we become aware that your personal circumstances have changed.
The kind of documentation needed varies depending on the type of client relationship and your personal circumstances. Depending on the documents and information we receive from you, we might need you to provide additional information.
Do we ask all our clients?
Yes. When we start a new relationship with a client, we need to get to know them, which means asking for their personal details and documents. We also check and update this information during our relationship, no matter who the client is or how long they have been with us.
How will we contact you?
We will mostly contact you via email or platform notifications, so please make sure you are checking these regularly.
What happens if you do not answer?
If we are not able to update your information, it may affect how you can use our services. We may put in place account restrictions (meaning that you will be unable to add funds to your account or open new positions) and may need to terminate your account.
What happens if we send you a termination notice?
If your account is under termination due to incomplete information, you can still provide us with your updated client information. We can suspend the termination while we review what you have provided, but we may still be required to close your account if we do not receive the information we need.
If your account is terminated, you need to close your open positions and withdraw all cash, or transfer to a different provider; you can find more information on how to do this below. With the exception of ISA and SIPP accounts, Saxo may close all open positions where possible and transfer cash to you from the termination date. Fees will apply to any positions or cash left in your account.
What do you need to do with your cash if your account is being terminated?
Please withdraw your cash as soon as possible. You can follow the instructions here: How do I withdraw Funds?
What do you need to do with your positions if your account is being terminated?
Please close your positions or transfer them out to another broker as soon as possible. You can follow the instructions here: How do I transfer stocks or other securities to and from Saxo?
If there are still positions in your account on the termination date that are able to be closed in the market, Saxo will close those for you.
For positions that you or Saxo cannot close or transfer out (e.g. if they are delisted or under sanctions), please contact us. If the position can be written-off by Saxo, we can help you to do so to enable you to close the account and avoid you incurring additional ongoing fees, though please note that there could be fees involved in doing so.
Can you still receive dividends due to your account on/after the termination date?
Yes, the dividends will still go to your Saxo account. However, you will not be able to access your account after the termination date. Please contact us after the dividend pay date and we will help you to withdraw the funds.
What should you do if you don’t think your account should be terminated, due to a change in circumstances?
Please contact us and we will help you.
What should you do if you didn’t see the termination notice and it is now past the termination date?
If on the termination date your account balance was zero or if Saxo was able to close your open positions and send the cash back to your bank account, you don’t need to do anything. Your account will have been closed on the termination date.
If your account had cash or positions that Saxo could not close or send back to you on the termination date, your account will have been terminated with the assets still in it. You will not be able to access your account from the termination date. Please contact us and we will help you.
Do you have any questions?
We would like to make this process as smooth as possible for you. If you do have any questions, please do not hesitate to contact us.