Frequently Asked Questions

1. Is my money safe?

Yes. Your money remains safe and is held securely by our regulated partner, WealthKernel, which is authorised and regulated by the Financial Conduct Authority (FCA). Propelle does not hold your funds directly. You can access your money at any time throughout the wind down process by selling your investments and withdrawing as usual. Note that until you sell, the value of your investments will continue to move up and down with market movements. If you hold an open ISA you should consider transferring it to a new provider to avoid losing some or all of your annual allowance. If you have opened a JISA you must transfer it to an alternative provider

2. Why is Propelle winding down?

After careful consideration, we’ve made the difficult decision to close the ISA, GIA, and JISA investment platform while we look for a more sustainable long-term model. This means we will begin a controlled wind down of Propelle’s services. This decision reflects our strategic priorities and ensures we can close operations in a responsible and customer-focused manner, but our mission to help women have more confidence and control of their financial futures remains. We’ve sent everyone a 45 day notice on April the 9th, which means we will be closing the investment platform on Tuesday the 26th of May.

3. Do I need to take any immediate action?

Yes and the sooner, the better. Transfers take time and we want you to be able to do this in an informed manner and not rushed towards the end. Your funds are safe and accessible. We recommend that you begin planning to either:

• Transfer them to another provider

Transfers take time, so we urge you to take action quickly, so you’re not rushed towards the end.

• Withdraw your funds

Remember that this option means you will lose the ISA allowance for these funds if you decide to put them back into an ISA somewhere else.

4. How do I transfer my funds?

1. Sign up with your chosen new provider and complete their identity check

2. Request a cash transfer, usually a button in their dashboard, or a quick email to their support team.  Important: Your current ISA/JISA provider is Wealthkernel. You can find your reference in the email we sent you on April the 9th.

3. Wait while the transfer is processed, but keep an eye out for any information requests. You may be asked for a little information, but often the process is fully automatic

5. What is the timeline for the wind down?

You’ve got 45 days to request for your funds to be transferred or to withdraw. We recommend you start sooner rather than later, so you’re not rushed towards the end.

6. What happens if I don’t withdraw or transfer by the closure date?

If no action is taken by the final closure date, the funds in your ISA or GIA will be disinvested and the proceeds from the sale will be sent to your bank account.

7. Will I still be able to access my account and data?

Yes, up until the closure date. After that, if you need access to historical data or transaction records, please contact us at support@propelle.io. We will retain records as required by law/ regulation and can assist with data access requests.

8. Who can I contact if I have questions?

Our support team is here to help throughout the wind down. You can reach us at support@propelle.io.

9. What happens to any automated savings or investments I set up?

All automatic contributions have been disabled as part of the wind down. No new deposits are being accepted. If money is sent to us, we will just send it back. Your current balances remain safe and accessible.

10. What if I have an active ISA with Propelle?

If you hold an ISA, we will assist you in transferring it to another provider or help you withdraw the funds in accordance with ISA rules. Contact our support team for ISA-specific guidance.

11. What if I have an active JISA with Propelle?

Unlike an ISA or GIA, a JISA cannot be withdrawn to your account. It will continue to be held at WealthKernel and you can initiate a transfer to an alternative JISA manager using the process described above, however you will lose the ability to manage the investment once Propelle closes.

12. What is the deadline for closing my account?

We’ll be closing the investment platform on Tuesday the 26th of May. Any investments (other than those in a JISA account) not sold by then will be automatically sold with the proceeds returned to your linked bank account.

13. How do I complain?

If you wish to make a complaint, please contact our support team at support@propelle.io