Public has made the decision to no longer offer our products and services in the UK as of 3 May 2024. This means our UK-based members will need to sell their investments and withdraw their funds.
Your investments in cash and stock are safe and freely available
All your assets are secure and remain freely available. You can login to the Public app to see the investments and cash in your brokerage account, which are safely held with Public’s custodian, Apex Clearing Corporation.
Next steps
UK members must sell their investments by 12 April 2024 and withdraw any cash back to their Bank account by 26 April 2024. As of 26 February 2024, you won’t be able to make new investments or deposits into your Public brokerage account. You will however be able to sell those positions and make withdrawals. As you close your account and withdraw funds back into your UK bank account, you will need to convert your money from USD into GBP. For all withdrawals from 26 February 2024, Public has waived its currency conversion fee and compensated you for third-party FX costs. Public has also compensated you to return you to an equivalent financial position, if you elect to open an account with another platform.
We’re here to answer your questions
We understand that you may have questions throughout this process. We have put together the following FAQs to address key questions you may have. Additionally, our Customer Support Team can be contacted from within the Public app or by email at support@public.com.
I’ve recently learned that Public will be winding down its operations in the UK by 3 May 2024. Who can I contact for support on this topic?
Public’s Customer Support Team will be available to help our members in the UK.
There are a number of ways to reach us:
In the Public app
From the ‘Portfolio’ screen, click on the Menu button in the top left hand corner of the screen. The Menu button is represented by three horizontal bars.
From the side bar, click on ‘Help Centre’
From the Help Centre, you are able to access a range of FAQs but also contact our Customer Support Team directly with any questions you may have.
Directly via email
You can email our Customer Support Team at support@public.com.
I’ve recently learned that Public will be winding down operations in the UK by 3 May 2024. Are my assets readily available?
Yes. Any investments and cash in your Public brokerage account remain readily available for you to liquidate and withdraw via the Public app.
You should have received an email from Public notifying you of the time frames in which you need to sell any investments you may have and withdraw any cash held in your brokerage account.
Full details of these timelines can be found above.
What if I have a problem related to Public’s UK business and the services provided to me while I was a member of the investment platform?
If you have a problem related to Public Investing UK Limited and the services provided to you:
Up until May 6th, 2024, please contact our Customer Service Team either from within the Public App or via email at support@public.com.
After May 6th, 2024, please contact Khepri Advisors Limited at compliance@khepri.com.
If you remain unhappy with the outcome of a complaint, you may be eligible to refer your complaint to the Financial Ombudsman Services at South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone 0800 023 4567, or email a complaint to complaint.info@financial-ombudsman.or.uk. Further information, including information about eligibility for the Financial Ombudsman Service, is available at www.financial-ombudsman.org.uk. Professional Clients are not eligible for the Financial Ombudsman Service.
If Public Investing UK Limited owes you money in connection with services provided to you and are unable to pay it, then you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000 (subject to change over time).
For more information, including information about eligibility, you can contact the FSCS in writing at 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN by telephone on 0800 678 1100, by email to enquiries@fscs.org.uk or by going to www.fscs.org.uk
Why is the Public closing its investment platform to UK members?
Public has decided to suspend its operations in the UK so that it can focus its energy and attention on continuing to grow its US business to its maximum potential. In the long run, we know that Public will be available across the UK, Europe and beyond and we hope to see you again soon.
I’ve read about Khepri Advisers Limited in the T&Cs. Who are they?
Public Investing UK Limited is an ‘appointed representative’ of Khepri Advisors Limited (“Khepri”). Khepri is authorised and regulated by the UK’s Financial Conduct Authority.
An ‘appointed representative’ is a firm, in this case Public Investing UK Ltd, who carries out regulated activities under the responsibility of an authorised financial services firm.
The relationship between Public Investing UK Limited and Khepri is recorded on the FCA register at the following links:
What does Public Investing UK do now?
Up to 26 February 2024, Public Investing UK Ltd has been providing execution-only brokerage services for US-listed stocks to UK-based members.
On 26 February 2024, Public Investing UK Ltd communicated to its members that it will be suspending operations in the UK
From 26 February 2024 to 3 May 2024, Public Investing UK Ltd, will be supporting its members in selling their positions and withdrawing funds from the platform.
After 3 May 2024, Public Investing UK Ltd will no longer be providing products and services to UK-based members.
If you have any questions, please contact our Customer Support Team either from within the app or via email at support@public.com.
What will Public Investing UK Limited do with my personal information?
Following the closure of your account, Public will maintain information about your account only as necessary to meet our regulatory obligations. Any data that is not required, will be deleted. Public’s privacy policy can be read here.
If you have any questions, comments, or concerns about our processing activities, please email us at privacy@public.com or contact our Customer Support team either via the app or at support@public.com.
What date will Public Investing UK Ltd stop providing services to me?
As an existing UK-based member of Public, you received an email on 26 February 2024 notifying you that Public is suspending its operations in the UK and sharing information about next steps. Your current brokerage account position will determine what date Public Investing UK Ltd ceases to provide services to you. Please take time to read the dates listed below:
Active brokerage account with no investments or cash.
Event | Date |
Account Closure - Public will close all zero-balance accounts | 25 March 2024 |
Active brokerage accounts with investments and cash balances.
Event | Date |
Liquidation window to exit any investments held on the Public platform. | 26 February 2024 to 12 April 2024
|
Withdrawal window to withdraw cash balances held on the Public platform. | 26 February 2024 to 26 April 2024 |
Public will actively engage with members to return any outstanding cash balances. | 26 April 2024 onwards |
If you have any questions, please contact our Customer Support Team either from within the app or via email at support@public.com.
What does this mean for me, and my investments made through Public Investing UK Limited?
If you are an existing Public UK member, then you received an email on 26 February 2024, notifying you that Public will stop providing services in the UK by 3 May 2024.
Any investments and/or cash in your brokerage account are safe and freely available for you to sell and withdraw.
Public UK is requiring all UK-based members to sell any open investment positions and withdraw cash from your brokerage account. Public UK has provided timelines in which members can sell their investments and withdraw cash from their brokerage account. See question ‘What date will Public Investing UK Ltd stop providing services to me?’
Any investments or cash positions in a member’s account past these dates will be automatically liquidated by Public and returned to the bank account originally connected to Public.
How can I sell my investments in stocks?
To sell your stocks from within the Public app, please follow these steps:
1. Login to the Public app, you will be directed to the ‘Portfolio’ screen where you can review your investments.
2. Click into your individual holdings and select ‘Sell’. Public has requested that members sell their position by 12 April 2024.
3. Once your stock has been sold, the cash will settle in your brokerage account and be available to withdraw. To view your withdrawable cash:
Select the Menu button in the top left hand corner of your screen. The Menu button is represented by three horizontal bars.
Select ‘Brokerage cash’.
Please note, not all funds settle immediately and it may take up to 2 business days for all your cash to be available for withdrawal.
If you have any questions, please contact our Customer Support Team either from within the app or via email at support@public.com.
How can I withdraw funds from the platform?
During the wind-down process of Public Investing UK Ltd, your funds remain freely available to withdraw.
You can withdraw your funds in the Public app by following the steps listed below:
Log in to your account within the Public app.
Once on the ‘Home’ screen, look in the top left hand corner, click on the Menu button which is represented by three horizontal bars.
From the pop-out side bar that appears, click on the ‘Withdraw’ button. The ‘Withdraw’ button is located at the top of the screen, just below your profile details.
You will then be asked to enter the value of funds to withdraw.
Please withdraw all funds from your brokerage account.
If you have any questions or experience any technical issues, please reach out to our Customer Support team from within the app or email us at support@public.com.
Can I transfer my investments to another platform or financial institution?
Your investments and cash are held with our US-based custody partner, Apex Clearing Corporation.
For UK-based members, the most straightforward way to transfer your investments to another platform or financial institution is by selling your investments and withdrawing your cash. Public Investing UK Ltd has taken measures to ensure that our members are fairly compensated for being required to take these steps.
It may be possible to transfer your account to another brokerage via an ACAT Transfer. Please consider the following points if you are seeking to transfer your portfolio to another brokerage:
You will need to check with your new brokerage platform if they can accept an ACAT transfer from your fully-disclosed brokerage account at US-based Apex Clearing Corporation.
ACAT transfers are typically between US-based custody firms so many UK-based brokers may not support this.
If you hold fractional shares, these are illiquid outside of Public and cannot be transferred to another platform or financial institution.
If you would like to initiate an ACAT transfer, please contact your new brokerage firm to initiate the request.
If you have any questions or experience any technical issues, please reach out to our Customer Support team from within the app or email us at support@public.com.
Where are the investments I made through Public Investing UK Ltd held?
The brokerage account containing your investments and cash is custodied with US-based Apex Clearing Corporation (“Apex”). Apex is a wholly owned subsidiary of Apex Fintech Solutions Inc., and is an SEC registered broker dealer, member of FINRA and SIPC. FINRA BrokerCheck reports for Apex are available at http://www.finra.org/brokercheck.
How does this impact someone that was a user of the platform but did not make any investments via the Public Investing UK Limited platform?
If you have opened an account with Public but have not made any investments, please login to the Public app and check there is no cash in your account. If there is a cash balance in your Public account, you’ll need to withdraw it by 26 April 2024.
Instructions for how to withdraw cash from your brokerage account can be found in the question ‘How can I withdraw funds from the platform ?‘
If you have no investments or cash in your Public account, you will be unable to make new deposits and your account will be closed thirty days after the termination notice was sent by Public Investing UK Ltd.
Is it possible to make investments on the platform?
No, as of 26 February 2024 UK-based members will no longer be able to make new investments via the Public platform. UK-based members will only be able submit ‘sell’ orders to liquidate their existing investments and withdraw cash from their brokerage account.
If you have any questions or experience any technical issues, please reach out to our Customer Support team from within the Public app or email us at support@public.com.
What happens if I don’t sell my investments or withdraw my cash?
Public has communicated directly to UK-based members via email, in-app notifications of the need to liquidate any open investments and withdraw cash from their brokerage accounts.
Please see question ‘What date will Public Investing UK Ltd stop providing services to me?’ for withdrawal timelines.
Beyond these dates, Public UK will sell your investments and return the proceeds it receives as a result to you.
If you have any questions or experience any technical issues, please reach out to our Customer Support team from within the Public app or email us at support@public.com.
What happens after I sell my investments and withdraw all cash back into my bank account?
Once your investments have been sold and any cash has been withdrawn to your bank account, Public will close your brokerage account.
What fees do I need to be aware of when selling my investments and withdrawing cash back to my UK Bank account?
Please be aware of the following fees when selling your investments and withdrawing cash:
Liquidating my investments
Public is a commission free US-stock trading platform. Commission-free trading refers to $0 commissions charged on trades in US listed registered securities placed during US Markets Regular Trading Hours, which is between 2:30 PM GMT and 9 PM GMT.
Outside of US Market Regular Trading Hours, during extended hours trading, non-Premium members will incur a charge of $2.99 per trade.
Regulatory fees
Your trades will incur an SEC regulatory and Trading Activity Fee. These fees are displayed within the app in the summary screen before you place an order. Further details of these fees can be found in our Fee Schedule here.
FX conversion fees
Converting cash in your brokerage account from USD to GBP requires a currency conversion.
Public’s markup up 0.19% on currency conversion have been waived in connection with this withdrawal.
Public will be topping up your account with a compensatory amount equating to 0.78% of your portfolio. This amount aims to offset the 0.11% currency conversion fee charged by our third-party FX provider at checkout. We are paying you 0.67% compensation for the inconvenience and to offset any costs when re-purchasing your investments with a new provider. Currency conversion fees have been reduced from 0.30% to 0.11%. The remaining fee is directly attributable to costs charged by our third-party foreign exchange provider.
What level of compensation is Public paying me and how is this calculated?
Total compensation to UK-based members is broken down as follows:
Fee component | % |
Public’s FX fee | 0% |
Third party FX fee refund | 0.11% |
Compensation paid for opening a new brokerage account | 0.67% |
Total | 0.78% |
The level of compensation paid to members has been benchmarked against comparable UK-based platforms. The amount of compensation paid to members is based on your portfolio value at Market Close on 22 February 2024.
What will happen to my Public Premium subscription?
If you’re a Public Premium subscriber, your subscription will end on 15 March 2024. To cancel sooner, contact our Customer Support team in-app or email us at support@public.com. Once your subscription is canceled, you’ll receive a prorated refund of your subscription fee.