iii introducing quarterly £20 charge

astreix

guitarman001 wrote: »

How much are the exit fees?

The transfer out charges are I think £15 per script

guitarman001 wrote: »

How do you go about this? Surely you have to find the new broker FIRST and they arrange a transfer of all shares so you're not 'out of the market'?

You open an ISA account with another broker and ask them to transfer your iii holdings. They'll take care of that. Some even would partially cover transfer in charges. I moved to iii from hoodless brennan and at that time got £200.

If anyone knows of low cost brokers who will partly cover transfer out charges I'd be very interested to know as well.

brineybay

X-O.co.uk offers a flat rate of trading for £5.95. The service seems reasonable, and there's no account charges ( *yet* ).

The only thing is they don't give you the option to have dividends reinvested, so cash just accumulates in the account. That was why I set up the Interactive Investor account.
Wishing I hadn't bothered now...

brineybay

Just wanted to throw this out there...

What happens if on the 1 July 2012 there's no money in my bank account?

Or what about if I asked the bank to block any charges from Interactive Investor? Could this be done. Any ideas of the consequences?

wastedtalent

i1189 wrote: »

Interestingly I've just had a better look at the Company (I know, I should have done this before I put money there). The company made a £2m loss last year, on £14m turnover, which is pretty bad, and has made a loss every year except 2010. Despite being a plc, they are not publicly quoted and only have 63 shareholders. Venture capital is involved. Their reserves are negative and they had to have a round of fund raising after their last year end.

They have just changed their platform to their own, which could well have cost them a fair bit too, especially with the teething problems they've had.

In light of the above, this charge increase smacks a bit of desperation, and the need to get some cash in quickly, either by quarterly fees or transfer fees.

Interestingly, their CEO changed his registered address to the company address right before the changes were announced. Do you think he is expecting some letters?

Sounds like they've got some serious problems, I'll definitely be getting out now before it goes under! A lot of claims against them could push them further into the red!

simonfitba

Could someone answer this for me. I have four different shares with iii but not in an ISA.
As I understand it, if I transfer as lines of stock I will pay £60. But will I lose any other money, being out of the markets etc?
Is this the best course of action? If I cash in my shares I will lose a fair whack (like most people I suspect)

victormeldrew2

SnowMan wrote: »

I don't have a iii account but if anyone thinks they have been treated unfairly then put in an official complaint.

If iii don't deal with your complaint satisfactorily within 8 weeks then refer your complaint to the Financial Ombudsman.

If you have been treated unfairly for example iii haven't been fair in allowing you to move away without cost because of the charge then I believe there is a reasonable chance the Ombudsman will find in your favour in my view at least.

I don't hink so...check their T&Cs....

we could all however try and flood thier emails with complaints...
[EMAIL="douglas.boyce@iii.co.uk"]douglas.boyce@iii.co.uk[/EMAIL]
is head of share dealing and they have recently bought Money Observer [EMAIL="moneyobserver.ed@moneyobserver.com"]moneyobserver.ed@moneyobserver.com[/EMAIL] would seem like 2 starting points

Perelandra

simonfitba wrote: »

Could someone answer this for me. I have four different shares with iii but not in an ISA.
As I understand it, if I transfer as lines of stock I will pay £60. But will I lose any other money, being out of the markets etc?
Is this the best course of action? If I cash in my shares I will lose a fair whack (like most people I suspect)

My understanding:

If you transfer the stocks to another broker, you will simply pay the transfer fees (outgoing, and possibly incoming). You shouldn't be out of market though.

If you sell the stocks, withdraw the money, and reinvest through another broker, you will have two lots of dealing charges, stamp duty, bid-offer spread and possible effective losses or gains whilst you are out of market.

If you sell the stocks and don't reinvest, you will crystallize any paper losses (or gains) made on your current holdings.

victormeldrew2

brineybay wrote: »

X-O.co.uk offers a flat rate of trading for £5.95. The service seems reasonable, and there's no account charges ( *yet* ).

The only thing is they don't give you the option to have dividends reinvested, so cash just accumulates in the account. That was why I set up the Interactive Investor account.
Wishing I hadn't bothered now...

As a family we are building up our holdings...ISAs JISAs etc and X-O are quite basic but they do things properly and you can actually get through to someone to speak to in this country....X-O are the likely destination for our transferred holdings

victormeldrew2

ruperts wrote: »

So if all platforms are going to do something similar, it would seem to wipe out those of us looking to invest smaller sums as part of a long term responsible financial plan. The potentially superior returns to be had from investing are now available only to those who already have substantial funds to invest with. Changes justified by the rich, for the rich, at the expense of ordinary hard working people yet again.

I think i'll take the hit in July to see how things pan out, but it looks as though the money will have to go into a cash isa, leaving me with behind inflation returns for the forseeable future.

Is there anyone looking out for normal people in this country anymore, or is it just open season on pretending to act in our interests while screwing us as hard as you can

There are still a few cost effective options for basic investing....X-O for example

RalphS

Interesting semantics from the above email link

First, I would like to assure you these changes will not affect your existing investments, their security or the level of service you receive from us.....

Keeping the same, competitive costs
We will continue to offer you our competitive low-cost charges of a flat £10 UK equity dealing charge on all our products, and our low funds charges with no administration charges. You will also be able to trade over the phone as well as online, for the same low price.