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  • Are there any tax implications for selling or transferring assets?

    The tax effects of selling or transferring assets are subject to personal circumstances and we are not able to provide any tax advice. You should speak to a tax expert if you are unsure of what selling or transferring assets will mean for you.

  • Will I have to pay any fees to transfer my ISA to another provider?

    If you sell down all the stocks you hold in your ISA and transfer the cash value to another provider then we would normally not expect there to be any charges. (Note you do not have to transfer your cash from your Orca ISA back to your bank account to do this.) Some ISA providers allow you to transfer the stocks themselves. This is called an “in specie” transfer. The Product provider has waived the fee for this.

  • I took out a Smart Hunt subscription, what happens now?

    If you took out a monthly subscription you will have use of the features for the rest of the month while we wind down. If you took out an annual subscription we will terminate the subscription on 15-July and refund you the balance of your annual fee.

  • Can I transfer out my assets to another provider?

    For the UK positions, yes you can. If you set up an account at a different provider then they can assist you with making a request to transfer assets and/or money to the new provider’s account. Note that transferring assets to another provider is subject to that provider supporting those assets, otherwise you will have to sell the assets and transfer money. For US positions, you cannot transfer assets. You should sell your stocks and withdraw your money to your bank account.

  • What are the pros and cons of an in specie transfer vs transferring in cash or just withdrawing my money (UK GIA)?

    UK GIA In specie transfer Pros: You remain fully invested so if the market goes up while the transfer happens you will still benefit Cons: As the Product provider has waived the fee for this, there are no material downsides. In cash transfer: Pros: We wouldn’t expect there to be any costs. Cons: You will not be invested in the market for a while, so if the stock market goes up while you are transferring you may not benefit. You have to sell down all of your stocks before transferring It might be simpler to withdraw the money after you have sold your stocks and just transfer the money to your new provider yourself. Withdrawing money and investing it elsewhere Pros: There are no costs to selling down and withdrawing your money. You are fully in control of the process and not reliant on your new provider processing the transfer for you. Cons: You will not be invested in the market for a while, so if the stock market goes up while you are transferring you may not benefit. You have to sell down all of your stocks before transferring.

  • What are the pros and cons of an in specie transfer vs transferring in cash or just withdrawing my money (UK ISA)?

    In specie transfer Pros: You remain fully invested so if the market goes up while the transfer happens you will still benefit. You preserve the tax advantages of the ISA. Cons: As the Product provider has waived the fee for this, there are no material downsides. In Cash transfer Pros: We wouldn’t expect there to be any costs. Cons: You will not be invested in the market for a while, so if the stock market goes up while you are transferring you may not benefit. You have to sell down all of your stocks before transferring It might be simpler to withdraw the money after you have sold your stocks and just transfer the money to your new provider yourself. Withdrawing money and investing it elsewhere Pros: There are no costs to selling down and withdrawing your money. You are fully in control of the process and not reliant on your new provider processing the transfer for you. Cons: You will not be invested in the market for a while, so if the stock market goes up while you are transferring you may not benefit. You have to sell down all of your stocks before withdrawing your money.

  • Why is Orca closing down?

    Unfortunately, the events in the markets since the start of the year have made it challenging for Orca to secure the investment that would allow us to continue providing our services to you. Rather than close with no notice we’ve regretfully taken the decision to gradually close and allow our customers to withdraw their money to their own accounts.

  • Are my investments at risk due to you closing down?

    No. Orca was set up so that all of your money and investments are held by third parties who are appropriately regulated to do so. This means that no matter what happens to Orca, your money and investments are securely held for you.

  • What about my ISA?

    As an ISA is a tax-advantaged account, you are able to transfer your account to another provider. This ensures you retain the tax advantages. In order to transfer you will need to select a new ISA Provider and request that they contact us to transfer your account.

  • Can I still buy new stocks?

    No, unfortunately we cannot support our customers buying new stocks. However, you can still sell your positions and transfer your money back to your bank account

  • Can I sell my stocks?

    Yes, you can continue to use Orca’s services as normally until 15-July in order to sell down your positions.

  • What happens if I don’t sell my stocks before 15-July?

    If you still have any open positions (ie, you still own stocks) by close of business 15-July then Orca will instruct your custodian to sell those positions and then return your cash to your bank account.

  • What about commissions on UK stocks? Will I still have to pay?

    We are really sorry to ask you to sell your positions. In order to not make matters worse we will waive any commissions on your stock sales till the 15-July.

  • What about FX conversion fees on my US stocks? Will I still have to pay?

    We are really sorry to ask you to sell your positions. In order to not make matters worse we will waive any FX conversion fees associated with your stock sales till the 15-July.

  • Will you return to me all the money that I invested?

    We will return all the value of your account. However, as you are investing and your capital is at risk you may get back less than you originally invested. This will happen if you sell a share for less than you bought it for, for instance.

  • Can I transfer out my assets to another provider?

    For the UK positions, yes you can. If you set up an account at a different provider then they can assist you with making a request to transfer assets and/or money to the new provider’s account. Note that transferring assets to another provider is subject to that provider supporting those assets, otherwise you will have to sell the assets and transfer money. For US positions, you cannot transfer assets. You should sell your stocks and withdraw your money to your bank account.

  • What are the pros and cons of an in specie transfer vs transferring in cash or just withdrawing my money (US GIA)?

    In specie transfer Pros: N/A – In specie transfer not available for the US products Cons: N/A – In specie transfer not available for the US products In Cash transfer Pros: N/A – In cash transfer not available for the US products Cons: N/A – In cash transfer not available for the US products Withdrawing money and investing it elsewhere Pros: There are no costs to selling down and withdrawing your money. You are fully in control of the process and not reliant on your new provider processing the transfer for you. Cons: You will not be invested in the market for a while, so if the stock market goes up while you are transferring you may not benefit. You have to sell down all of your stocks before withdrawing your money.

  • How do I conduct an in specie transfer?

    You then contact your new provider and request an in-specie transfer. They will ask you for the current provider's details including your account number. Your account number is available at the top of your portfolio statements in the Investor Info section in the Orca app. For the provider details please provide them with the following: Gaudi Regulated Services 16 Tesla Court Innovation Way Peterborough PE2 6FL Email - platform@quaifmc.com The new provider will contact Gaudi and provide them with the client authority. Gaudi will confirm the stock and the new provider will confirm that they accept the transfer of stock.

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