iii introducing quarterly £20 charge

grey_gym_sock

sabretoothtigger wrote: »

Apparently they plan to keep any divs owed on shares no longer in their ownership. They already owe me money and wont return a div I received in December

that is a little worrying ... do they claim they are entitled to keep any such dividends, or have they lost track of this dividend?

Rob_Quads

Due to holding NASDAQ shares i'm a bit more limited on where to move. At the moment Halifax look the best bet with no inactivity fee at the moment.

drmdmcgwn64

Optimist wrote: »

From iii

We have listened carefully to our customers since we announced the changes to our pricing structure which introduced the following:

• We will repay ALL income we get from funds back to customers
• A flat £10 charge for all investments (or £1.50 for regular investments)
• A £20 quarterly fee which includes 2 free trades (or £20 in trading commission)

We are confident that our new pricing will be advantageous for most customers, even more so for those who are able to consolidate investments they have with other providers.

However, we fully acknowledge that this new plan will not suit all people and we have made the decision to waive fees for customers who wish to transfer to other providers. We will not levy a charge for any transfer out requests we receive on or before 31 July 2012. In some circumstances it can take up to 8 weeks to complete a transfer, but as long as you instruct us in writing before 31 July 2012, the transfer will be free of charge.

In addition, if we receive your instruction before 30 June 2012 the first quarterly fee payment will be waived while your transfer is underway.

We apologise for any undue concern or inconvenience this price change may have caused.

I not questioning the integrity of Optimist but how reliable is this information?
Should we expect a message from iii confirming this?
Does anyone think there will be a u-turn on the maintenance charges?

gingellr

drmdmcgwn64 wrote: »

I not questioning the integrity of Optimist but how reliable is this information?
Should we expect a message from iii confirming this?
Does anyone think there will be a u-turn on the maintenance charges?

As he had said that message is direct from II and they posted the whole message we received a couple of posts later.

Kavor

drmdmcgwn64 wrote: »

I not questioning the integrity of Optimist but how reliable is this information?
Should we expect a message from iii confirming this?

They've updated their new pricing page, which now states :-


Transfer charges


We are confident that for the majority of our active investors our new pricing plan represents great value and is highly competitive.

There are many other customers who will find that by consolidating some of their investments with us they can further benefit their position. For investors who wish to transfer any holdings into our account we will cover transfer charges up to a limit of £100.

However, having listened carefully to our customers, we understand some of our customers have decided to move to providers who do not cover transfer charges, and some are reconsidering their financial strategy and now wish to close their investments entirely.

We have no desire to profit from customers who wish to close or transfer their account, and want to ensure all customers have an absolutely fee-free exit route.

We apologise for any undue concern or inconvenience that customers in this situation may have had.

We would like people to take the time to fully assess our offer and to consider the positive impact this could have to their investments.

If you do decide to leave us, though, please call us on 0845 200 3637 by 31 July 2012 and we will ensure you have a fee-free exit.

pqrdef

So who's good at dealing in gilts and bonds online? I've been stung in the past by having to pay telephone-dealing charges.

Optimist

sabretoothtigger wrote: »

Apparently they plan to keep any divs owed on shares no longer in their ownership. They already owe me money and wont return a div I received in December

If you transfer before it goes ex you should be ok

That is no longer the case and was a part of the text of my first complaint to them. Their response below to that

The statement about residual cash amounts being retained has been removed from the website. All cash and income will be returned to clients. In hindsight, this was not worded clearly and was only relevant where we could not contact the client to return funds to them. This is in accordance with our terms and FSA CASS Rules.

samwardill

Looking at selftrade it seems that they now have the same charging structure for regular isa investments in shares as iii used to have (I.e. £1.50 per month / investment and no other charges). Is this right?

Also seen that selftrade seem to offer a ctf on similar terms. This seems good as well. Any experience of this from others?

gadgetmind

gingellr wrote: »

With selftrade once you open an account with them you print the transfer form from their website then you have to post it so they have your original signature etc.

Pretty much the same with Hargreaves Lansdown. One form to open, one form to transfer from another platform, one box to check to specify "in specie" and the job's pretty much done.

Weren't all these platforms supposed to be using Swift by now?

http://citywire.co.uk/new-model-adviser/tisa-backs-iso-standard-to-push-forward-platform-re-registration/a395567

http://www.finextra.com/news/announcement.aspx?pressreleaseid=39661

tenpac

I am bloody fuming! I sold all my shares so that i could rebuy them in a sharebuilder account with halifax. Now they are saying there is no transfer out fee. How can they do such a u turn 20 odd days before the quarterly charge?!? This sorry episode has left a sour taste that will be remembered for a long time.