iii introducing quarterly £20 charge

IronWolf

abulkasam wrote: »

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.

SaxoBank and TD Direct

tonyhamm

They cannot simply dump charges on people and chisel the money - parties to a new contract have to agree to the new terms, and notice is not enough. I realise what you say, its shocking how the financial ombudsman service simply lets hundreds if not thousands of people get shafted like this. I will be taking this to court. Whether I can get a CPR 19 class action together is something I will be discussing with a solicitor I know.

boneofo

For those who complained about the charges but were fobbed off with the change of heart letter, see financial ombudsman final decision DRN8783852 http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=6317 which says III must cough up £50 for failing to handle complaints.

sho_me_da_money

Bit of a newb to all of this. Just opened up a traders account.

Say I buy £100 worth of shares - is all I pay £20 up front and then £20 each quarter?

Say my shares double and I want to sell, how much will I have paid out including all taxes and fees please?

matzuba

iii are trying to charge me all these fees and i have not accessed my account in well over a year.

I am not an active investor and have been travelling and working outside of the UK for some time now. I realise i should be paying attention to my account but i get the daily eamil which tells me how bad my 1 holding is making so i dont login.

I started receiving emails alerts from Interactive Investor in April. I had not accessed my account for a long time and had to go through the password reset process as well as setup new login details to conform to their new login procedure.

When i gained access to my account, i could not understand the fees and there was a secure message saying that they had tried to take a 20 quarterly fee. I contacted them about the fee and why my account was balance was not showing what my shares were worth. They told me i owed them all these fees and i would have to pay before they would let me use my account or transfer to another provider.

I've tried to reason with them but they are adamant that i owe these fees. They have said that they emailed me about the fees and because it is updated on their website that i've had more then enough notice as the fee structure has been in place for more then a year. I can honestly say i have did not get the message, i've gone through my email and have no record on the dates they say they told me. As i say, i am not active on my account - how can they just do this? Surely, a better way would have deactivated my account as i have not agreed to these fees and never knew they were charging me. What would they do to someone's account who completely forgot? charge and charge?

They are now threatening to sell my shares to pay the fees? Not sure where i stand?

any advice appreciated

dunstonh

matzuba - answered on your duplicate thread.
http://forums.moneysavingexpert.com/showthread.php?t=4727427

please use the thread linked so we dont get duplicate conversations going at once.

old_grouser

sho_me_da_money wrote: »

Bit of a newb to all of this. Just opened up a traders account.

Say I buy £100 worth of shares - is all I pay £20 up front and then £20 each quarter?

Say my shares double and I want to sell, how much will I have paid out including all taxes and fees please?

If you buy £100 worth of shares, you pay (here or elsewhere) £100 plus tax at 0.5% plus whatever the platform's dealing charge is. In the case of II it's £10 (except that this sum is taken from the £20 per quarter fee, until you've used your £20). So if you bought your £100-worth of shares and then sold them the next day for £200 (no tax this time, but £10 dealing cost again) you would have made £79.50 profit (£100 less £20 dealing fees less 50p tax on purchase). Your dealing fees would come out of your quarterly payment this time; but the moral of this story (if there is one) is not to deal in quantities so small that the dealing costs are a significant percentage of the amount invested. (II will let you make frequent trades for less, and regular purchases are cheaper still, but the principle still applies. If the dealing costs are more than 1% of the transaction value, something is wrong in my opinion! Either you're being overcharged - or you are investing (or speculating) using too little capital.
Old Grouser