iii introducing quarterly £20 charge

sabretoothtigger

We want to actively encourage all our investors to be more engaged with their investments. The pre-payment for two real-time trades in advance per quarter, or the equivalent amount in trading commission, should incentivise our customers to consciously monitor their holdings and take more responsibility for their investments - which will hopefully result in a better performing portfolio.

:rotfl: dam they are too kind

flashnazia

This is despicable behaviour; I haven't been contacted nor have they given enough time for people to make alternative arrangements.

It appears the charge is for ISAs as well. Very sneaky.

SnowMan

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.

Glen_Clark

flashnazia wrote: »

This is despicable behaviour

That may be so, but its par for the course.
A bit like Ryan Air pricing.

I have seen several of these trading platforms start up with loss leader fees, then introduce the charges once they have got you hooked.

Thats why I keep my own certificates.

flashnazia

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 was thinking on similar lines. Hargreaves landsdown have no fees I think but it's 15 quid per line to transfer out!

cloud_dog

So..... The obvious question.......... "Where next?"

SnowMan

flashnazia wrote: »

I was thinking on similar lines. Hargreaves landsdown have no fees I think but it's 15 quid per line to transfer out!

I have an ongoing case with the Ombudsman at the moment as a result of the HL introduction of a platform fee at short notice and their charging people hit by the platform fee to move their funds elsewhere (for example multiple re-registration fees).

I don't want to say too much until the case has been looked at but I will report back on the outcome.

gadgetmind

sabretoothtigger wrote: »

:rotfl: dam they are too kind

Well, quite.

"should incentivise our customers to consciously monitor their holdings and take more responsibility for their investments - which will hopefully result in a better performing portfolio"

Summary: The more you churn, the more we skim. Please keep churning.

gadgetmind

SnowMan wrote: »

I don't want to say too much until the case has been looked at but I will report back on the outcome.

Each case costs the platform *way* more than the costs of transferring someone out, or moving holdings to paper certs. Threats of going to the relevant bodies stand a *very* good chance of seeing fees waved IMO.

ukdickie31

I have some funds in an S&S ISA (2011) and a current monthly regular investment into S&S ISA (2012) that will be impacted by the proposed charges. £80 a year will make a big dent in my investment.

I have not had any email at all and only found out via this thread so I have sent them a 'secure message' to confirm how/if I will be affected.

Seriously !!!!!! off if this charge does come my way.