iii introducing quarterly £20 charge

gadgetmind

Simonfitba has just provided an excellent example of how to complain; don't rant, don't rave, just explain the situation, why you're not happy with it, what you feel the company did wrong, what they have to do to remedy things, the timescale you're allowing for remedy, and what you'll do if they fail to act appropriately.

However., I feel the very short timescale between this account being opened and the fee changes are relevant here. Others may not be so lucky.

Perelandra

simonfitba wrote: »

I sent this email to [EMAIL="douglas.boyce@iii.co.uk"]douglas.boyce@iii.co.uk[/EMAIL]....

Dear Sir,

I am writing to you to provide you the opportunity to respond to my complaint before I and many other customers take our complaint to FOS over the introduction of your new charging structure.
....

<snip>

Very well written letter.

simonfitba

Have to admit I didn't write this. It was adapted from a letter I lifted off the iii forums. All credit should go to this author.

BLB53

We would like to offer you a transfer of stock free of charge.

I'm probably a little cynical but this could be interpreted as an offer to waive the usual £15 transfer out fee for just one of your 4 holdings??
I would follow up and get confirmation that they will waive all fees on all your holdings when you transfer.
But well done if it really does mean no fees whatsoever - hope for the rest of us!

foxes1884

foxes1884 wrote: »

So,
I’ve made my formal complaint to iii, based on fagun’s example. Also going to take up, with FSA & FOS as others have my exit cost will be £165, but maybe get it back later.

The big question is where to move to now iii have lost my trust, and no longer seem financially sound (IMO). It’s seemed most brokers are bringing in the inactivity charge but at around £10-15 (+vat) level. I’ve check out HL who seem OK, but I’ll like to also trade Australian stocks so looked at NatWest/RBS (they charge £10+vat per quarter if you don’t make a trade), the only other one I can find to offering Australian market without an inactivity/admin fee is Share Deal Active (Jarvis Investment Mgt) who also run X-O.

So, as others have said it’s proving a minefield to find a new broker for just straight stock buy and hold (no funds) investing. I’d pick Share Deal Active if they dropped the £15 charge for taking money out of my account.


Been looking at TD direct (trades £12.50) they have a quarterly management charge of £12.50, waived if you make a trade and waived if you have £7500 in holdings. But then from what I can tell RBS/NatWest run on the TD platform and offer similar services and access to international markets. £15 per trade and a quarterly manager charge of £10+vat, again waived if you make a trade, but more interesting waived if your holdings are valued at £2000 or more.


Can’t find a winner yet, lets see what monevator .com thinks tomorrow.

sabretoothtigger

Im going to write to them and challenge them to a duel at dawn on a gentleman's honour. The loser shall withdraw his scrofulous scheme and withdraw forthwith never to be seen again

i1189

I'm currently erring on the side of SelfTrade - I will trade at least once a quarter, so fine with the inactivity fee, plus they offer regular investment. Their transfer out fee is £15 per line. The things against them are their fund sale fee of £12.50, plus some of their minimum investments look high for funds, I need to query this with them. They have also revised their fees for 1 July.

Also in the running are TD Direct and Sippdeal. The thing that puts me of TD Direct is the transfer out fee of £35+VAT per line, plus closure fee of £50. Don't want to get trapped again.

Sippdeal's website isn't particularly clear, but I think one of the funds I invest in isn't on their fund list, so I would have to have a rethink on that one. Also couldn't find info on transfer fees. They haven't revised their charges, but from info on TMF, it doesn't look like they are planning to right away.

Distant possibility is Halifax, but again they have high transfer out fees of £25, plus £50 closure.

gadgetmind

sabretoothtigger wrote: »

Im going to write to them and challenge them to a duel at dawn on a gentleman's honour.

A last meal of baked beans for supper and then used champagne corks at 30 paces come dawn.

I love the smell of methane in the morning.

guitarman001

My gains are never going to be enough so I'm going to forgo getting a shares ISA as they usually have the charges applied. Will write to iii as I have just one share with them to see if I can not pay the £15 transfer fee.

Motley Fool (as somebody pointed out?) is the same as Halifax... but the fees are less. No account closure fee though £25 stock transfer fee (when leaving Motley Fool). £10 buys. No admin fee on normal share dealing account. I don't have a cash ISA so a shares ISA would be similarly pointless for me. Thinking about this now.

Similarly, Hargreaves Lansdown have no fees for a NORMAL share dealing account.

Could this be the key?

One thing's for sure... must write to iii sharpish.

cloud_dog

I'm erring on the side of Selftrade purely as they have very recently made changes to the their charging structure (effective 1 July), so at least I know where I stand and hopefully they won't be making additional changes in the near future.

They will also reimburse any transfer costs up to £300, and they are one of the larger more established companies.