Hi Kris & Tally Community
My wife & one of my daughters have Tally holdings, albeit small at this time, as they are more cautious than I am with their investments.
My wife has some Fiat sloshing around and asked me the advantages etc of Tally.
Her resistance to buy more Tally is her query regarding ‘her’ insured vaulted Gold holding.
In the unlikely event Tally Ltd goes belly up, what is the recourse for ‘repatriating’ her Gold holding back to Fiat currency (less 1%).
@Mozax Tally gold is 100% insured through our accredited vault provider in Switzerland. Further, Tally gold is ring-fenced under a security trustee arrangement that, in the event anything happened to the Company, the security trustee would step in, sell all of the Tally customers’ gold to convert it back into fiat currency, then send 99% of the balance (there is a 1% admin charge for this service) attributed to each customer, to their nominated fiat-currency bank account.
Kris, who is the trustee in this event?
The T&C dont mention them by name, so who would tally users go to?
Or is it expected this trustee to just contact us?
Thanks for your reply Kris, that was my understanding.
As BigDeano points out though, it’s the mechanics of the ‘repatriation’ that are perceived by the user as a slightly grey area.
Whilst I’m personally confident in Tally Ltd, management etc ( one of my reasons for investing was my research & trust in Cameron Parry, and that remains the case) one still needs to be cautious, and as it still feels like a grey area it’s a reason in these early days to not buy too much Tally - in other words, I’m still of a mindset that I’m (investing/buying) what I can afford to lose.
Whereas Tally Ltd, from a business model based on charging a fee for quantity of Gold Holdings, needs to ensure clients feel comfortable holding decent quantities in their accounts.
Agreed, this is a new business & confidence will grow over time, but any uncertainties ironed out early on will benefit us all.
Hi @b1gdeano @Mozax Perhaps @kris-tally has just missed the question.
Let me ask again on your behalf…
Who is the Trustee here please Kris? Thanks…
Nb. I have a friend who wants to put £20K+ into Tally (for long-term investment) but I still don’t feel overly confident when talking Tally with them.
So in what way is Tally different from Glint. I have Gold with Glint and with them now in administration all accounts are frozen from September, so does safeguarding of accounts really exists for these types of platforms.
I too would like to know how definitely Tally would not follow the GLINT debacle.
I had a large sum in GLINT in the past but luckily all I have left now is £24 so a big sigh of relief.
@b1gdeano @Mozax @coot sorry I did miss the follow up question. I am waiting on the legal documents and what information I am able to share from the company as I do not want to provide any wrong information about this. Once I have this (which should be in the next couple of days) I will update the relative FAQ and also provide this on the community as well.
@b1gdeano @coot @Mozax As mentioned I was waiting for this to be sent to me, please see below the FAQ that has been placed on the website:
Tally Ltd and its operating subsidiaries have entered into a security trust deed with an independent third-party security trustee. In the unlikely event anything happens to Tally Ltd or the relevant operating subsidiary, your Tally gold will be converted into fiat (government-issued) currency and 99% of the amount will be deposited into your default non-Tally bank account. The other 1% is allocated to the total cost of this protection and process and the efficient return of 99% of your funds.
Your default non-Tally banking account is the first account you used to make a deposit into Tally - this must be an account in your name. You can change your default account to another account in your name at any time by contacting us.
The security trustee contact details are as follows:
Woodside Corporate Services Limited
4th Floor, 50 Mark Lane, London EC3R 7QR
0203 216 200
This is a very good follow up to my query and I’m very impressed.
This will give me, and I’m sure, other investors, great confidence to accumulate & hold more Gold in our Tally accounts.
Thank you for supplying this information, you are all building a great Company & I’m confident Tally Will do very well, and all your collective hard work will bear fruit.
Keep up the great work.
(Woodside Corporate Services was incorporated on 20th March 2007 & looking at the Company accounts looks like a well run business with good financials.)
This may be a stupid question but Why is the agreement dated the 15th of November 2019 and not the date o tally was released to public or before.
I took it to be that there was no agreement in place until it was signed off, hence why no details available until now.
@kris-tally can you confirm what security trustee arrangement you had 15 days ago for clarity please.
The Security Trust now in place reinforces and protects the customers’ legal position in relation to their gold. Tally customers have always been the beneficial owners of the gold represented in their banking account. And customers’ gold has never been the asset of Tally Ltd or any of its subsidiaries but as those entities are parties to the commodity broking, vaulting and insurance documents (i.e. customers are not individually named in those contracts) Tally wanted to make sure customers’ ownership and protection is watertight and could (in the unlikely event anything ever happened to Tally Ltd or its operating subsidiaries) not be argued by an incoming receiver that they should somehow gain access to the value of customer assets to pay themselves. So Tally customer gold has always been separated from the Company’s asset, but this structure provides an additional layer of protection.
So the answer SB990 is none.
There was nothing in place until this was signed off a few days ago.
Poor show really. Honesty is best policy, not blagging it until it’s done.
The fact is that our Gold Holdings are protected, that was the question I originally raised, and that has been answered.
@kris-tally I’m fully aware that buying tally is buying physical gold we legally own etc. But the point of this discussion as I see it is who do we go to in the event something went wrong, as in we know the gold is not in our local post office down the road. 15 days ago you did choose the words you have an arrangement with a trustee not a pending one. I’m not trying to trip anyone up here I’m merely trying to point out that there’s potential customers which would see these things and turn the other way.
Can you please confirm why the Real Asset Company states to be the operator of the Tally Platform along with Tally Limited in the certificate of charge? The Tally website does not state the Real Asset Company has anything to do with the running of the platform.
“ The Tally platform is run by UK company TallyMoney Ltd (E-Money Directive Agent FCA Ref. No. 902059) under FCA-licensed E-Money Institution, PayrNet Ltd (FCA No. 900594).”
Hi @Carolwhiteshusband (great handle by the way),
Tally Ltd owns 100% of TallyMoney Ltd which in turns owns 100% of The Real Asset Co. Ltd - so the three companies are part of one structure. At some point in the future we’ll probably wind up our subsidiary The Real Asset Co. Ltd as it will be surplus to our requirements but historically it was the named party on some of the documentation to do with gold trading (that goes on behind the scenes to deliver Tally the currency) and it does no harm being there. We could change the name of it if it was causing confusion but we’ve left it as is for now.
Clear and thanks for the prompt reply.