iii introducing quarterly £20 charge

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OneADay
OneADay Posts: 9,031 Forumite
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in Savings & investments
What a bunch of .... - I mean I have very small share holdings and today they send me an email (not even a letter but an email) telling me they are introducing £20 quarterly charge from 1st July 2012.

No option than to sell - shareholding so small, not worth transferring out.
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  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    I expect to see all platforms starting to do this but £80pa is a tinge savage for unwrapped (I guess?) holdings.

    In your position, I'd be demanding the waive dealing fees on your disposals and/or issuing paper share certificates.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
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    Dam, I should have just transferred out last autumn it seems like when it was free

    Hopefully we get a wild share boom before july 1st and I can just sell them all
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    sabretoothtigger wrote: »
    Hopefully we get a wild share boom before july 1st and I can just sell them all

    Um, do you *like*capital gains tax? Having to sell unplanned is my worst fear, and I regularly wake with night sweats at the thought of corporate actions without a loan note option.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • BLB53
    BLB53 Posts: 1,583 Forumite
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    AFAIK the £20 qrtly does not apply to isas only trading a/c and includes 2 'free' trades per quarter - so maybe not as bad as it first appears?
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
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    Maybe I can convert my normal account to isa and do an interest transfer free

    Im not often in danger of CGT, I have plenty of losses to offset :p
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    sabretoothtigger wrote: »
    Im not often in danger of CGT, I have plenty of losses to offset :p

    That's the last time I pay *any* attention to your share tips!

    :rotfl:
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
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    Isn't this inevitable?
    It obviously costs them money to maintain share accounts.
    So how long are they going to do it for nothing?
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • Trentenders
    Trentenders Posts: 1,268 Forumite
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    I haven't had an email from them yet, however the way I read it on iii is that the new charge will be £20 per client per quarter. If you have an ISA &/or trading account you will get one quarterly charge.

    SIPPs won't have this fee charged, but I think ISA's will. Am I wrong?
  • amictus
    amictus Posts: 301 Forumite
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    Trentenders wrote: »
    I haven't had an email from them yet, however the way I read it on iii is that the new charge will be £20 per client per quarter. If you have an ISA &/or trading account you will get one quarterly charge.

    SIPPs won't have this fee charged, but I think ISA's will. Am I wrong?

    Sounds right to me:

    http://www.iii.co.uk/newpricing/faq/

    How annoying! So much for my "hold forever" shares :mad:
  • i1189
    i1189 Posts: 200 Forumite
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    They haven't even had the decency to send me an email.

    It also looks like they are going to start charging for investments in funds which previously had no up front charge.

    Really cross with the way they have done this - with the size of my investments (that I was growing a little bit each month) I will be losing money - would be better off with a savings account.
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