iii introducing quarterly £20 charge

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  • c_smith
    c_smith Posts: 379 Forumite
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    I'll also be taking this further. Interactive Investor have unilaterally decided to introduce these new charges, putting us in a lose lose situation. If I need to pay the stock transferring fees upfront in order to leave I shall make it clear I am doing so under protest and will be seeking reimbursement.

    Someone else has suggested simplystockbroking.com as a good alternative to iii. £8 per share deal, with no exit or inactivity fees. Looks very tempting.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
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    i1189 wrote: »
    Is this definitely right? I read the current charges as £0 to buy funds, but £10 to sell?
    Whoops :eek: :o
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • brineybay
    brineybay Posts: 32 Forumite
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    c_smith wrote: »
    If I need to pay the stock transferring fees upfront in order to leave I shall make it clear I am doing so under protest and will be seeking reimbursement.

    That sounds like a good idea. Who would you approach to to reclaim payments made under protest - the FOS?
  • i1189
    i1189 Posts: 200 Forumite
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    I spoke to FOS this morning - they have taken my complaint and will write to iii. The chap on the phone said not to let the fact that my complaint was in progress stop me from transferring - he said that the transfer fees would form the basis of my complaint as this was what I would want reimbursing.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
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    Aureus wrote: »
    Would I be right that I will avoid II's fees entirely if, before 1st July:
    No, sorry, evidently they do already charge for selling.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • guitarman001
    guitarman001 Posts: 1,052 Forumite
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    pqrdef wrote: »
    No closure fee as such.
    £10 per item to sell shares. And the spread.
    £0 to sell funds at present, £10 per item from 1st July. (Edit: no sorry that's not right.)
    £15 to transfer as stock.


    Nope. And your profits/losses are likely to be reckoned by the new broker from the transfer value, not from what you originally paid.


    Thanks...

    Oh man... so if I've suffered a 50% loss this year and wanted to offset that against gains to minimise CGT, that's not gonna happen?
  • lvader
    lvader Posts: 2,579 Forumite
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    I have a S&S ISA account and a trading account with them, do i get stung twice for the £20?
  • k12479
    k12479 Posts: 717 Forumite
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    No, I don't think you do. I think you get stung for £20 for the trading account but not for the ISA account. However, you can't have the ISA account without the trading account. At least that's my understanding, others on here will know more.
  • Just_landed
    Just_landed Posts: 608 Forumite
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    lvader wrote: »
    I have a S&S ISA account and a trading account with them, do i get stung twice for the £20?

    There will be just one £20 charge the other account is linked to the first account, the same if another member of the household has an account with iii it will be one x £20 charge under the same address. At first I thought £20 x four accounts in our household x 4 for the year would be £320 but when I phoned them up it will work out at £80 a year. In my mind it's unfair but so is life.

    :)
  • Aureus
    Aureus Posts: 47 Forumite
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    edited 2 June 2012 at 10:46PM
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    pqrdef wrote: »
    No, sorry, evidently they do already charge for selling.

    Thanks. I don't suppose you or anyone else has a link to the relevant part of the terms and conditions?

    When I signed up I was under the definite impression that both buying and selling of funds was free. But maybe I didn't read the fine print carefully enough.

    So if I understand correctly it's £10 per fund if I sell up, but £15 per fund if I transfer the funds directly?

    Pretty expensive either way. Feeling kind of stupid I was ever taken in by these guys.
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