Changes to the Sharesies platform
From Monday 1 April 2024, how the Sharesies platform is operated will change. You’ll need to review and accept the changes in the app before then if you want to continue using Sharesies.
What’s changing?
Sharesies NZ Limited, an NZ company governed by NZ law, will no longer operate the Sharesies platform.
Instead, Sharesies Australia Limited, an Australian company governed by Australian law, will be the operator and custodian of the platform as an Investor Directed Portfolio Service (IDPS).
From 12 March 2024, Responsible and Global auto-invest orders will no longer be available on the Sharesies platform. If you have an existing Responsible or Global auto-invest order, it’ll be changed to a DIY auto-invest order that includes the same funds. You’ll be able to pause, edit, or delete this order as you see fit.
The way you use the Sharesies platform won’t change. For example, features like round-ups, linked bank top-ups, auto-invest dividends, and DIY auto-invest orders won’t be impacted.
What do I need to do?
New terms and disclosure documents will apply from 1 April 2024, including:
Sharesies IDPS Guide—Explains how the Sharesies platform works, including the features, benefits, and key risks of using Sharesies to invest. This helps you understand the services offered, and decide whether they’re right for you.
Sharesies Australia Limited Financial Services Guide (FSG)—Provides you with information about Sharesies Australia Limited and what services and products are offered.
Target Market Determination (TMD) for the Sharesies platform—Sets out who is most likely to be suited to Sharesies based on their likely needs and objectives, and the product’s key attributes. This helps you to understand whether the Sharesies product has been designed for people like you (the target market) before you make a decision to join.
Sharesies Australia Privacy Statement—Outlines how and why your personal information is collected, used and handled, and the types of organisations your information is shared with (including those located overseas). It also explains how you can request access to, or a correction of, the information held about you, as well as how you can make a complaint about how your personal information is handled.
Other documents will also be updated to support this change, and will be available on the Sharesies website from 1 April 2024, including the Sharesies Australian Complaint Handling Policy, and website terms and conditions.
Sharesies Australia does not offer personal advice. If you need help deciding what to invest in or whether to continue using the Sharesies platform, you should speak with a qualified financial advisor.
How to accept the changes
Log into the Sharesies platform and read and agree to the documents by 1 April 2024.
You’ll be asked to agree that you understand the differences between investing via Sharesies and investing directly (through a registry, for example). These differences are described in section 2 of the IDPS Guide.
If you don’t accept these changes, your access to the Sharesies platform will be limited from 1 April 2024—this includes restrictions on placing new buy and sell orders (existing auto-invest, round-ups, and recurring linked bank top-ups will continue).
Email our Investor Care team at help@sharesies.com.au to chat about your options (including transferring or selling your investments, depending on your circumstances and holdings).
Frequently asked questions (FAQs)
In October 2023, Sharesies Australia obtained an Australian Financial Services Licence (AFSL), enabling the Sharesies platform to be operated as an Investor Directed Portfolio Service (IDPS) under Australian law.
This change not only means that the platform will become governed by Australian laws and regulations—it also creates an opportunity for Sharesies to offer new products and features.
Yes, you’ll still be able to invest from as little as 1c across the US, Australian, and NZ share markets.
Sharesies’ vision is to give someone with $5 and someone with $5 million the same investment opportunities, and the upcoming changes won’t impact this.
This change won’t affect the fees you currently pay.
Check out pricing for the Sharesies platform on our website.
Email help@sharesies.com.au and the Investor Care team will be happy to help.