iii introducing quarterly £20 charge

pqrdef

guitarman001 wrote: »

Anybody used Motley Fool, HL, TD Waterhouse..... or Barclay's Stockbrokers?

I'm finding Barclays rather pleasant. It's part of the Wealth division, and they do seem keen to have customer service that works, even for small customers like me.

They're on a push to build up the business, especially in funds. If you're holding any funds that are listed in their supermarket, which you might be induced to transfer to them, ask them what inducement they'll offer. They'll reimburse II's transfer charges, and they're currently doing a switching incentive, but they've been known to go further.

guitarman001

What are these 'new regulations' which other brokers are responding to?

blinko

so with iii, if you move the ISA as a cash account you don't have to pay charges but if you move the account with stocks in it you do ?

I am thinking of self trade at the moment, theyh seem reasonably priced, has anyone had any experience with them ? thanks

jem16

pqrdef wrote: »

The RDR only affects funds,

I'm not so sure it does only affect funds. The FSA wants all investment types charged in the same way.

Many platforms will be using kickbacks from managed funds to cross-subsidise other areas. With those gone, platforms will have to make their money in other ways.

At the moment people are jumping from one platform to another as each platform introduces its new charging structure. You either need to find a platform which is already on unbundled charging or wait until the dust settles.

Rob_Quads

Looks like they are in - Got the following response - Basicly anyone reading this go straight to the FSA because iii are not going to make any allowances

Thank you for contacting us on 4 June. I am sorry you have felt it necessary to raise your concern.

I can confirm that our new pricing structure applies to all accounts from 1 July 2012 (with some exceptions, noted below*) and is a compulsory charge.

We believe that the charges, taken as a whole, will be advantageous for many customers.

Should you not wish to pay our quarterly fee, you have the options to transfer to another provider, rematerialise your stock onto certificates or alternatively sell your stock and transfer your cash balance.

To transfer your account to another provider, there is a charge of £15 per each line of stock.

To rematerialise your stock, there is a charge of £20 per certificate.

There is no charge to transfer cash balances.

We would be very sorry to lose any of our customers and I am aware you feel we should waive our Transfer out fees. I am sorry we are not in a position to offer this.

The change to our service is in line with the terms and conditions you agreed to when we transferred your account from our previous supplier. The charges for the service are part of the terms and conditions and are clearly stated on our website.

We have provided 30 days notice prior to introducing the charges. If you have initiated a transfer to another broker, you will not be charged when the new pricing structure is introduced on 1 July.

I am sorry you feel we have provided short notice of this change. However, we feel the 1 month notice provided has been sufficient and is in line with our regulatory requirement.

Whilst we appreciate our new pricing structure may be an unwelcome development to some customers, we consider our new charges fair and that our new pricing structure and prepayment of trading commissions per quarter still remains extremely competitive.

We have taken a lead in rebating all the income that we receive on funds holdings ahead of any forthcoming changes required by the FSA and believe that many customers will benefit by consolidating their holdings with us.


Yours sincerely

BLB53

Looks like they are in - Got the following response - Basicly anyone reading this go straight to the FSA because iii are not going to make any allowances

Yes, got a very similar reponse to my email to the customer services manager.
I have therefore lodged a 'formal complaint' with [EMAIL="compliance@iii.co.uk"]compliance@iii.co.uk[/EMAIL] requesting they reconsider the decision not to waive exit charges.
If that avenue is unproductive I will refer the issue to the Financial Ombudsman.

patrickbateman

Hello ladies / gents,

Just seen this thread and think its going to affect me.

About 18months ago I purchased some shares in an ISA with ii, this turned out to be a terrible move as the share value has plummeted by over 90%. I invested nearly £6K which is a lot of money to me and the worth now is about £500. In my head I have all but written this off, I am just holding the share in the hope that there is an eventual long term recovery, and have decided to hold until either it recovers or the company ceases to trade on the stockmarket.

I havent logged into my ii account in over a year, and guess i now need to find all the details so that i can access it.

However, I have not received any correspondance from ii about this charging, no letter no email, no nothing. Had I not fluked across this thread I guess I would still be ignorant to the change.

Assuming I am affected by the new charges then what are my options? The shares are worth such a small amount, and short term recovery of stock price is v v v unlikely, and the charges could wipe out my holding within a few years.

I just want to hold this share, and see what happens over the next 10-20yrs.

Any advice very greatfully received. Thanks, and good luck to all.

grey_gym_sock

patrickbateman wrote: »

I just want to hold this share, and see what happens over the next 10-20yrs.

you could ask iii to rematerialize the share, for a 1-off charge of £20. and then close the ISA.

that means giving up the ISA wrapper. and the base cost for CGT purposes would be the value of the shares when they leave the ISA, i.e. c. £500.

blinko

so if we move it before july then we dont get charged ?

Perelandra

Monevator's now written a blog on this:

http://monevator.com/interactive-investor-fee-hike-rdr/

Looking forward to the update tomorrow.