Wealth management app says it lacks specific FCA-granted “debenture permission”

Chip, the UK wealth app, today confirmed it has paused new investments into two of its commodity-linked products after identifying a gap in its regulatory permissions.

In an email to its 500,000 customers, Chip said it had halted any further deposits into its Invesco Physical Gold ETC (exchange-traded commodity) USD and Invesco Physical Silver ETC USD funds. 

In its email to customers last night, Chip said: “As of today, 14 January 2026, you can’t make new investments into the Physical Gold and Silver ETC funds. 

“Any pending deposits will process as usual, but this means we will be cancelling any recurring deposits you may have scheduled going forward. You still have access to your investments in these funds, and you can leave your balance invested for as long as you like.

“But you can sell your holdings and withdraw, transfer, or move your existing holdings to another fund at any time. You can continue to add money into all other funds as usual.”

Chip discovered it lacks FCA permission for ETC investments

Chip said the pause was introduced after it became clear that the firm does not currently hold a specific additional permission from the Financial Conduct Authority. 

To offer exchange-traded commodity products, firms must hold what is known as a debenture permission. 

While Chip is authorised to provide a range of investment services, this particular permission was not included when the company became directly authorised for investments in October 2024 under the name Chip Financial Investments Ltd.

Previously, Chip had been able to offer ETCs through its appointed representative relationship with P1 Investment Services, which held the necessary debenture permission. 

Following the move to direct authorisation, that permission was not obtained, prompting the temporary halt.

Chip trying to resolve as soon as possible

The physical gold and silver products are the only ETCs available through Chip, and no other products or services are affected by the issue.

Chip said it is actively working with the FCA to secure a variation to its regulatory permissions, so that new investments into the funds can resume. 

No timetable has been given, but the company said it is seeking to resolve the matter as quickly as possible.

The firm apologised for the inconvenience and encouraged customers with questions to contact its support team through the app.

Chip says on its website that it is “a team of 150 people supported by a community of more than 27,000 individual shareholders.”

Chip statement

A spokesperson for Chip told WM News: “We take our regulatory permissions seriously. This pause was agreed together with the FCA and is the result of Chip migrating from a service provider to being directly authorised.

“Chip is in the process of obtaining the required variation to the regulatory permissions and will resume these services in due course.”