The conflict centers on a directive issued by Trading 212 in May 2026. Clients were given two options: pay processing fees to register shares directly with the transfer agent, Equiniti Trust Co., or surrender their equity for $0.01 per account. The brokerage stated that non-responsive clients would be automatically enrolled in the latter option. Next Bridge leadership maintains that no investor should lose their interest in a private company without explicit, affirmative consent.

Next Bridge proposed an alternative where non-responding shareholders would retain their stakes through a bulk certificate managed by the company, which offered to cover administrative costs. Trading 212 rejected this proposal, citing UK data protection regulations. Company CEO Greg McCabe criticized the move, noting that the brokerage failed to clarify whether the volume of shares retained by the firm after the process would match the original records. Next Bridge officials suggest the firm intends to claim the shares for itself to collect future dividends, a move they argue violates the spirit of the UK Financial Conduct Authority’s consumer duty standards.