Dredging up the Selftrade Compliant

lifemagic

Hi,

I'm in the process of complaining about the selftrade management fee. I tried to complain last year, but they hadn't updated my direct debit mandate after a namechange (their mistake) so I was sidetracked doing that.

So I sent an email recently asking for last years fee back, and no future fee. They'll say no, I just want a deadlock letter, then leave.

One part of the reply received today says:

I would like to highlight that as a company, we are able to amend our Terms and Conditions providing we inform all clients within a reasonable time. The Financial Ombudsmen Service have confirmed that we have supplied clients with information within reasonable time and by a method which was agreed by you in line with the Terms and Conditions (Term 6.3; Any communication in writing may be given by post, secure electronic message, fax or email).

Is that true? I couldn't use that as part of a complaint?

It also says:


I would like to kindly like to emphasie that this is the third year that we Annual Management Fee will be charged. Based on the above, we will not be refunding any annual fees as you have been given reasonable time to make arrangements to close your account.

Is that true, as I thought it was the second year?

Plus it says:


In addition, to ensure that all clients received the communication we also sent these to their registered address. Therefore, you were also informed by post in May 2009, July 2009 and July 2010.

Is THAT true?



In your message you also request for previous commission charges to be refunded. We will not be offering this; the management fee is paid in advance therefore by keeping the account open since the changes originally took place in 2009, you agreed to the Terms (which include commission charges).

It wasn't 2009, wasn't it last year, 2010?


Basically, my argument is, I changed my name and address at the same time, sent them the forms, they updated the account name but not the direct debit name nor address, and deny I put the address document in. Because they insist this be done by paper rather than electronically, I have no proof of what was enclosed and that's unreasonable. Also, it's unreasonable to expect me to keep checking secure mail, especially now as they push it to gmail. Because I found out about the fee late from moneysavingexpert rather than being told, it was too late to transfer out. I'm still abroad now, and so still can't get an alternative account until October, which forces me to endure another fee deduction.

What do you think? When I get back, I want to sell and open an account at Halifax. It's mostly unit trusts at the minute so I couldn't certify anything.

Thanks for any answer.

jamesd

What I think is that your core problem isn't Selftrade, it's your physical location. You really should stop trying to make them pay for your choice of location. If you don't want to wait until you're back in the UK you could try to find a provider who will let you open an account while outside the UK. Possibly one in your current jurisdiction.

I haven't seen the communication from the FOS to them so I don't know whether that paragraph is true. It is generally acceptable to have conditions like theirs.

The Selftrade introduce a £40.25 Annual Management Fee discussion started here on 25 May 2009 so it appears to be true that it was introduced on 1 July 2009 and that this is the third year of the charge.

I don't know what your post contained. It was sent to you, not me.

lifemagic

Thank you, that's a frank reply I suppose.

I am, technically UK resident though, as my only permanent address is in the UK. So, as far as I know, that's the only place I could open anything. When I opened it originally, I was more settled there, and I bought in with the (I thought sensible) intention of buying and holding long-term, which is what is recommended with shares.

jamesd

It made sense for you, your circumstances just changed. I've done the living abroad long term thing and there are some hassles that come with it. Irritating, but that's life.