Dear VectorVest Subscribers,
It is with great sadness that I inform you that we will be discontinuing the VectorVest UK product on 31 December 2023. This decision came as a result of the overwhelming cost of compliance that is necessary in order to market and deliver VectorVest to UK residents and fulfill our compliance obligations related to our designations obtained from the Financial Conduct Authority (FCA).
As you know, Dr. David Paul was an extremely knowledgeable market guru, savvy investor, educator and a passionate advocate of VectorVest. In addition to these talents, Dr. Paul held a very important role, as he obtained and held the majority of the compliance roles on behalf of VectorVest, Inc., required by the FCA, in order to do business in the UK.
When Dr. Paul passed away suddenly at the end of July, we very quickly went to work to find a replacement compliance consultant who could fill in for us until we identified a permanent replacement for these roles. Much to our dismay, we quickly recognized that anyone who already held the necessary credentials, and was experienced with FCA reporting, would require cost prohibitive compensation. We continued to look for alternatives, and unfortunately, were unable to find any. Therefore, we analyzed the financials for the UK business, in an attempt to make some changes that would allow us to take on this sizable expense, in order to continue providing VectorVest to UK residents. Again, to no avail. Therefore, left with no alternatives, we decided to cease doing business in the UK.
Please understand that this business decision has been a very difficult one, and we have exhausted any and all possible alternatives. Ultimately, the prohibitive cost of FCA compliance in the UK has made it impossible to continue our business there. Thankfully, this will not affect any other country or any other VectorVest product. The other VectorVest products and services will remain active and thriving.
I must say, as I type this, that words seem insufficient to express the sadness we feel regarding this decision, but we are immensely grateful for your loyalty and patronage. I do hope that the information and education we’ve provided have been helpful and will benefit you with more profitable investing, now and in the future.
If you have any questions regarding this announcement, please do not hesitate to contact Product Support at email@example.com or 0 800 014 8974 or me at firstname.lastname@example.org.
Once again, thank you for being a VectorVest subscriber!