Jump Savings Plan (WITAN)

roybernard

Exeter_Grecian wrote: »

I am extremely disappointed to have received a letter from Witan informing me that my Savings Plan on behalf of my daughter will be subject from April 2012 to a fixed fee of £30 + VAT per Year.

This is not supportive of modest Investors, like myself, who have built up a small fund for a Child and stopped investing.

I think my only option is to transfer the Shares into my own name, possibly sell or transfer to another Investment.

Any suggestions would be gratefully received.

Many thanks, Exeter_Grecian
:mad:

I have this morning lodged a formal complain with Witan about the excessive increase in charges which will occur with the seven separate bare trust savings accounts I hold. I have received telephone communication that the complaint has been formally lodged and "that I am not the only one to make such a complaint" I suggest that anyone else in this position (in my case current charges of around £8 per annum now due to rise to £30 for each of my seven accounts) does the same. The raising of a formal complaint only requires a telephone call to them. The more of us who do so the better but I hold out little hope that it will have any effect but small investors such as myself can only try!

atush

I will complain, as soon as I am notified. Still haven't been?

roybernard

It may mean there are so many of us to be informed that notifications are going out in batches. In the meantime I have now received from Witan Investments the formal reply to my complaint about the increased charges on the Jump savings accounts. It has the usual sort of verbiage about 'increased administrative costs' and (joke) 'they value me as an investor'. No mention that I actually have seven accounts, they talk about only an account in the singular. Their big offer is to let me either transfer for free (normally £20) the current shares to their main share register, or alternatively sell the shares for free (normally a 1% charge). I intend to sell out and re-invest elsewhere following the helpful suggestions given earlier on this thread. That of course will involve costs because of the difference in selling and buying prices. Not too difficult a decision though having now reviewed the Witan share performance compared with their peers over the past few months.. Clearly they have no interest in keeping or dealing fairly with 'small' investors who have less than £3000 to invest each year in any single account.