iii introducing quarterly £20 charge

gingellr

Hope I got our point across ok on the show.

Very strange hearing myself on the radio though!

Bishopswiz

May seem a daft question but does any one know the interactive investor address that the transfer forms need to be sent to.
Looking to transfer to iweb & I need to put this information on the transfer form.

dunstonh

No, customers are simply upset about the imposition of an £80 fee.

I dont think it is so much the annual fee as that makes sense when you consider RDR and platform review. It is the exit charge that is the issue.

guitarman001

Bishopswiz wrote: »

May seem a daft question but does any one know the interactive investor address that the transfer forms need to be sent to.
Looking to transfer to iweb & I need to put this information on the transfer form.

Not sure, BUT... how do you go about it all?

I'm sending off a Hargreaves Lansdown transfer form on Monday. I've also sent a secure message to iii regarding account closure but heard NOTHING back yet. What transfer forms are you talking about? Surely you fill out the transfer form with the new broker you're going to be using? I only had to enter iii's postcode (E1 8AA).

Still in the dark as to how to close my iii accounts until they get back to me. Have withdrawn the cash sitting in the account, though.

guitarman001

dunstonh wrote: »

I dont think it is so much the annual fee as that makes sense when you consider RDR and platform review. It is the exit charge that is the issue.

Was there an exit charge as such, other than the fee to sell individual lines of shares etc?

Jennifer_Jane

For me it was the quarterly charge. dunstonh, I am afraid I have no idea what 'RDR and platform review' are. If that is something I should have known, and would then have made a difference to my decision to exit iii completely, then iii should have done better with their communication.

If you bear in mind that I was a Financial Advisor in South Africa for 5 years, have got my FPC3 here in the UK, and been trading since I arrived back to the UK since 1999, I'm not totally inexperienced, although I do agree I'm not that sophisticated in share dealing. But, I seem to have missed out on something key despite being very involved in my shares/funds, and iii fora.

Perhaps it's just time to move out of shares altogether, although I am missing the buzz of the gamble.

MoneySaverLog

Is this a good alternative?
http://www.hl.co.uk/investment-services/isa/regular-savings-in-an-isa

dunstonh

For me it was the quarterly charge. dunstonh, I am afraid I have no idea what 'RDR and platform review' are.

Already covered a few times on this thread. Really quick summary.....

RDR kicks in Jan 2013 and trail commission on funds for new purchases after that date will no longer pay a trail commission.
Platform review kicks in about a year later (fixed date not yet in place) and that will remove the kickbacks to the platform from fund houses.

So, post RDR and platform review, the platform will no longer be paid by the investment house. Charges on investments funds that used to package those charges into the AMC will be lower. You are already seeing fund houses issue clean class units with an AMC of half the "bundled" charging. i.e. 1.5% AMC dropping to 0.75%.

The platforms need to charge the consumer directly instead. This will go for all platforms. They will all need to move to some explicitly charged basis. Some already have. Some are now doing so. Some have yet to do so.

Optimist

Bishopswiz wrote: »

May seem a daft question but does any one know the interactive investor address that the transfer forms need to be sent to.
Looking to transfer to iweb & I need to put this information on the transfer form.

They have a few addresses but the contact address on their website is

Interactive Investor Contact Centre, Freepost LON13840, Peterborough, PE1 1BR. I will be putting that on my forms.

guitarman001

I'll be using HL, looks good.
Just hope their prices don't go up much more after tha PLATFORM REVIEW. The £1-2 fund dealing charges I think were already their response to RDR and I imagine are hurting some.