Key Changes Effective September 3, 2024
I want to share some crucial information for those holding self-directed IRAs (SDIRAs) with Quest Trust Company (QTC). There’s a significant transition coming up that you need to be aware of.
Starting September 3, 2024, Inspira Financial Trust, LLC (Inspira) will become the new custodian for SDIRA accounts currently managed by QTC. This change is the result of a strategic decision by QTC to resign as custodian and appoint Inspira as the successor. Here’s what you need to know:
Transition Details:
- Effective Date: September 3, 2024
- Administrative Services: QTC will continue to provide certain administrative services during a transition period.
- Account Access: Your online access and login credentials will remain unchanged, ensuring a smooth transition.
Key Findings from the Texas Department of Banking Consent Order:
The Texas Department of Banking has issued a consent order outlining several issues and requirements for QTC:
- Inaccurate Reporting: QTC has been found to file inaccurate reports regarding its trust business operations.
- Misleading Customer Statements: There were instances where QTC provided misleading statements that did not disclose essential facts about assets.
- Unsafe Business Practices: The business practices of QTC have been deemed unsafe and unsound.
- Need for Additional Capital: To ensure the safety and soundness of operations, QTC requires additional restricted capital.
Important Requirements from the Order:
- Financial Restrictions: QTC cannot distribute dividends, promise salary increases, or bonuses without prior consent from the Commissioner.
- Report Corrections: QTC must submit corrected quarterly reports for 2023 to comply with all applicable regulations.
- Customer Disclosures: Clear and honest disclosures about asset values and associated risks must be provided to customers.
- Investment Protocols: New and existing customer funds must be invested only in secure, short-term instruments.
What You Need to Do:
If you have questions about your existing QTC IRA, the process for transferring or fully distributing your IRA, or any other concerns regarding this transition to Inspira, you can contact QTC at 855-386-4727, Monday through Friday, 8:30 a.m. to 5:30 p.m. CT.
Stay Informed:
It’s essential to stay informed and proactive during this transition. For more detailed information, you can refer to the following links:
This transition is a significant change, but with the right information and proactive steps, you can navigate it smoothly. Thank you for your continued trust and support.
Feel free to share this information with others who might be affected by these changes.
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