iii introducing quarterly £20 charge

TechnoBadger

There's an interesting poll over on Motley Fool forum:

boards.fool.co.uk/poll-iii-stay-or-go-12578126.aspx

Sobeboy15

My shares are all currently with II and obviously as a result of this charge I want to move away from them. My quandry is I hold stock in US companies. I cannot seem to find a broker that will take the mix of UK and US stocks and not charge me any management fees. Does anybody have any ideas who I could transfer to as I don't really want to realise a loss on some of my stocks. Thanks in advance for any help/advice.

dunstonh

TechnoBadger wrote: »

There's an interesting poll over on Motley Fool forum:

boards.fool.co.uk/poll-iii-stay-or-go-12578126.aspx

How is interesting? (cant see the poll outcome/trend)

I suspect there are more share only investors there. So, I would expect them to not like the changes. Whereas funds only investors will love the changes (if they understand the RDR/platform review).

grey_gym_sock

dunstonh wrote: »

if they understand the RDR/platform review

a child of 6 could understand the RDR/platform review!

dunstonh

grey_gym_sock wrote: »

a child of 6 could understand the RDR/platform review!

True. However, not everyone is willing to understand. If they did the Daily Mail wouldnt have any readers.

owencat

can you tell me when you first heard about the changes in pricing in interactive investor as i made some trades and i want the dealing charges back as the ceo promised. i am trying to find out when it was first heard of these price increases

tp123

Sobeboy15 wrote: »

I cannot seem to find a broker that will take the mix of UK and US stocks and not charge me any management fees. Does anybody have any ideas who I could transfer to as I don't really want to realise a loss on some of my stocks.

I had the same issue (a few US stocks in my ISA) and I'm transfering to IWeb Share Dealing. They don't have any management fees (unless I have missed something) and I already know the system because it's the one we used before II migrated us to their own one.

newbie8

I cant get through to iii, probably because of the recent announcement.

I have had a reply back from iii. Am I correct in thinking that if I was to transfer out before 1 JUly 2012, there are no transfer fee (£15 per share) and if I notify iii by 30 June 2012, no fee quarterly fee for the first instalement??

Thank you all.

Thank you for your email. I am sorry you have felt it necessary to raise 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. This new pricing structure is:
• 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)
Whilst we understand that our new pricing structure may be unsuitable for some customers, we consider our new charges fair and that our new pricing structure provides great value and is highly competitive. We believe that new pricing, taken as a whole, will be advantageous for most customers, even more so for those who are able to consolidate investments they have with other providers. We appreciate, however, that this pricing structure will not suit everyone and whilst we are very sorry to lose any of our customers we will support anyone who makes the decision to leave.
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.
Once the conversion is complete or your account balance is £0, you will then need to send us a secure message confirming your instruction to close your account with Interactive Investor.
I apologise for any undue concern or inconvenience this price change may have caused.
Kind regards,
Amanda Burrell
Complaints Officer

TechnoBadger

dunstonh wrote: »

How is interesting? (cant see the poll outcome/trend)

I suspect there are more share only investors there. So, I would expect them to not like the changes. Whereas funds only investors will love the changes (if they understand the RDR/platform review).

Yes, you're right of course, it is in the 'Brokers and Share Dealers' forum so maybe not representative of all clients. Anyhow for those who can't access the 62 customer votes so far; 54 people will be leaving, 4 will be staying and 4 are still deciding. Of the non-customer votes 1 person is considering joining and 13 will not.

astreix

Sobeboy15 wrote: »

My shares are all currently with II and obviously as a result of this charge I want to move away from them. My quandry is I hold stock in US companies. I cannot seem to find a broker that will take the mix of UK and US stocks and not charge me any management fees. Does anybody have any ideas who I could transfer to as I don't really want to realise a loss on some of my stocks. Thanks in advance for any help/advice.

TDDirectInvesting