iii introducing quarterly £20 charge

BLB53

Where did you hear that? I can't find it on their website, would have thought they'd advertise it.

Understand they will be updating website from tomorrow.

Radiantsoul

I guess all platforms will have to do something similiar.
I suspect it will take a while for the market to find the correct pricing.

pqrdef

gadgetmind wrote: »

Even at £80, this is only 0.7% of your first year's subscription, and it will then halve the year afterwards.

I look at charges in relation to returns, not capital. If the charges are eating the returns, there are other places to put the capital.

But if it's a choice between a charged ISA and a fee-free non-ISA, I look at charges in relation to the tax saving, if any.

pqrdef

OneADay wrote: »

The way these stockbrokers are working and changing their t&c should be investigated imho by the nuggets at the FSA.

If they were going to go round reforming things, they should have started by stipulating that brokers don't change their charging structures without a couple of years' notice.

I don't expect to get pushed into unwelcome short-notice trading decisions by my broker, of all people.

tedzzz

Yep, I just received the email from III.co.uk.
My holdings are about £500 but due to the market they are currently worth half that.

I have no intention of paying £20 per quarter since I am not a regular share dealer. I bought the shares as a long term investment, but with this new charge, even the current value will be wiped out in 3 years!

Very annoyed with them. Sent them a secure email telling them to give me my options.

dtaylor84

As the £20 fee counts as credit towards the regular investment option (£1.50/trade), and it's a charge OUTSIDE the ISA, this may actually benefit me very slightly... I'm still not happy about the short notice...

wastedtalent

I'm furious with this, I usually do 1 trade PCM with the regular investments facility, so this will be quadrupling my costs!

I have also asked for my options, may be going back to Halifax and leaving investments outside of ISA.

grey_gym_sock

tedzzz wrote: »

Sent them a secure email telling them to give me my options.

if that's 1 holding worth £250, and it's a UK share, then you could get them to convert it into a paper share certificate in your name, for a one-off £20 fee. or try to persuade them to let you off the fee. that would mean giving up the ISA wrapper, if it's in an ISA.

wastedtalent

TD Direct Investing looks a good bet, might tranfer to them.

http://www.tddirectinvesting.co.uk/~/media/uk/pdf/rates-charges-upcoming.ashx

How does transferring a stock ISA work? Looks expensive to transfer each stock so can I sell all my holdings then transfer the ISA then rebuy?

gadgetmind

wastedtalent wrote: »

How does transferring a stock ISA work? Looks expensive to transfer each stock so can I sell all my holdings then transfer the ISA then rebuy?

Those are your two main choices, but you can always sell down some and leave the rest as shares/funds/whatever.

I've done both cash and "in specie" transfers in the past. There are issues if the new platform doesn't allow you to hold the particular fund/equity you've moving!

BTW, all of this "in specie re-registration" is going to get formalised and faster this year, but I'm not sure if it will also be getting cheaper.