iii introducing quarterly £20 charge

theGrinch

I wrote a letter of complaint to them and was sent a £10 cheque and a letter of apology blah blah blah. Used the £10 for coat pegs and now three times a day I am remind what a bunch of clueless grotesque fools they are and smile.

racing_blue

If the quarterly charge leaves a bad taste in your mouth, adopt a buy and hold strategy and limit yourself to the 2 free buys each quarter. That's still value

grey_gym_sock

sabretoothtigger wrote: »

II found a better broker for me who charge 50p a deal and 25 a quarter which seems worth it to me.

dealing at least 3 times a quarter ... madness

cashbackproblems

My transfer went through fine though took some time. Im now with X-O which is £5 for purchase, and a very basic service which is fine for me (great CS). Only thing i miss is auto divident reinvestment which you used to get with iii

boneofo

Has anyone had a ruling from the FOS yet after complaining about transfer delays ?

abulkasam

Hi,

Does anyone know of an alternative to iii that also allows US stock market trades in an ISA. The rest of the majority I have seen briefly just do UK stocks/funds.

Thanks.

jaffa56

boneofo wrote: »

Has anyone had a ruling from the FOS yet after complaining about transfer delays ?

I had a ruling from the FOS the other day about not being properly informed about the charges, hence missing the chance to transfer for free.

Shockingly (in my opinion), they ruled against me! I'm gutted. Has anyone else taken iii to the FOS about this?

boneofo

No. You have to get a company to screw up badly twice before the FOS will rule in your favour. You have 6 years to complain to the company about the event. I will be taking my time bringing each complaint up one at a time through to the financial ombudsman.

jaffa56 wrote: »

I had a ruling from the FOS the other day about not being properly informed about the charges, hence missing the chance to transfer for free.

Shockingly (in my opinion), they ruled against me! I'm gutted. Has anyone else taken iii to the FOS about this?

tonyhamm

During the process the company refunded me 'as goodwill' the money taken.
In the final decision, the FOS have basically ignored everything I said about UK contract law. They have 100% sided with the companies unfair system of sending you endless junk mail and including the unexpected notice emails somewhere in there. And approve of a customer having to login and check on the companies website to see if anything has changed - every day. They have refused me any compensation for all the hours, emails phone calls and letters I had to pour in to get my refund. They also stated that if I had carried on complaining to the company I would have eventually received the refund, indicating that I bought all the hassle on myself by trying my bank, after the company locked me out of the secure message area. oh - but If the company shut me out of the secure area than that means nothing anyway.
This is a case which is clearly against UK contract law, but the regulator and system knows noone is going to risk a court case over such a small sum. In the US when many people are affect in this way, a class action results in which the many take on the might of the corporation.
There are very few similar avenues in UK law to UK consumers - the US can put together a class action for chiselling companies like this in a heartbeat - it basically is impossible for our unjust UK legal system to deliver the same. My research says that just 2 class actions have occured in the past decade in the UK.

dunstonh

This is a case which is clearly against UK contract law, but the regulator and system knows noone is going to risk a court case over such a small sum.

Your problem is that contract law does not allow a breach of other laws. Staying on the old charging system was not possible.

RDR brought about changes in the remuneration on funds. The platform review part of the RDR was delayed but firms have to move their legacy book by 2016 and new business by 2014 to the new charging methods. Then you had HMRC taxing rebates which just added to the situation.

iii handled it badly. It will be interesting to see how the others handle it.