iii introducing quarterly £20 charge

dunstonh

Interactive Investor is according to the company "the UK's leading community of traders and investors online" with 8 million unique users visiting our [their] site every year" so this change will affect a lot of people.

8 million unique IPs does not equate to 8 million people.

I would like Martin Lewis to step in and back us up. He could draw attention to this on the website and forum.

Someone more powerful than Martin Lewis thinks it is a good thing. The Consumer Panel told the FSA that is supports explicit charging. They have the strongest sway over the FSA of any consumer group.

I also think it is a good thing as the existing system of using managed funds to pay for non commission paying investments is unfair. Especially when the commissions and marketing payments were unknown.

creativ

"8 million unique IPs does not equate to 8 million people."

Yeah, true. A bit of spin on their part.

"Someone more powerful than Martin Lewis thinks it is a good thing. The Consumer Panel told the FSA that is supports explicit charging. They have the strongest sway over the FSA of any consumer group."



I've just read on Twitter the the 'consumer champion' Martin Lewis :money: has sold the moneysavingexpert.com site to moneysupermarket.com. :mad:

wastedtalent

dunstonh wrote: »

8 million unique IPs does not equate to 8 million people.



Someone more powerful than Martin Lewis thinks it is a good thing. The Consumer Panel told the FSA that is supports explicit charging. They have the strongest sway over the FSA of any consumer group.

I also think it is a good thing as the existing system of using managed funds to pay for non commission paying investments is unfair. Especially when the commissions and marketing payments were unknown.

Maybe it is a good thing, but they need to allow those of us that are negatively impacted by the changes the opportunity to move on without penalty.

Rob_Quads

whatyadoinsucka wrote: »

FAQ
Q: i didn't agree to Transfer Out Fee's
A: oh yes you did, when you signed to new T&C

So yes you agreed to Transfer Out Fee' but did you agree to them introducing a new £20 a quarter monthly charge?

If not (which I don't think they did) then surely they are ending the agreement and starting a new one thus releasing you from the clause of having to pay a transfer out fee?

dunstonh

Maybe it is a good thing, but they need to allow those of us that are negatively impacted by the changes the opportunity to move on without penalty.

If the exit fee existed at the point you signed up or last agreed a fee change then you cant really complain about it now. If it didnt exist at that time then you do have solid grounds for complaint.

If not (which I don't think they did) then surely they are ending the agreement and starting a new one thus releasing you from the clause of having to pay a transfer out fee?

The change, as i understand it (and i have only got the thread to rely on), does not affect the exit charge. Just a revision to ongoing charging.

Radiantsoul

wastedtalent wrote: »

Maybe it is a good thing, but they need to allow those of us that are negatively impacted by the changes the opportunity to move on without penalty.

I guess that is fair, but I suspect the point is that everywhere else will be charging soon.

I like the whole passive idea, but in the long term it was never sustainable to expect managed fund users and traders so subside people who wished to invest £50 per month at a cost of a few pennies.

It is going to be to see what is happening until the dust settles, but all these companies are likely to change their revenue models.

brineybay

I was also extremely shocked to receive this email yesterday. As has been previously said, I do not think a month's notice at a time when most people's shares will be in the red is a fair time to introduce these fees.

Has anyone got the link saying where it cost's £15 to transfer funds out of Interactive Investor? Couldn't find this info on their site

And I agree with Rob_Quads - surely these fees change the terms and conditions, and I haven't agreed to any new terms.

diveleader

Great!
have been holding on to (an original 5k) worth of Premier Food Shares using iii.
Looking at a 50% loss if I sell them.

If I ask for a paper certificate, how do I go about it when I eventually want to sell them?

wastedtalent

dunstonh wrote: »

If the exit fee existed at the point you signed up or last agreed a fee change then you cant really complain about it now. If it didnt exist at that time then you do have solid grounds for complaint.


The change, as i understand it (and i have only got the thread to rely on), does not affect the exit charge. Just a revision to ongoing charging.

But the £20 charge didn't exist when I signed up. I wouldn't be exiting if they hadn't changed their terms.

brineybay

Exactly. the introduction of the quarterly fee must surely mean the terms and conditions have been changed. otherwise how can it be justified?