iii introducing quarterly £20 charge

koru

dunstonh wrote: »

If they are not being paid by the fund house and there is no IFA trail to keep and they are not charging consumers then where will their earnings be?

That's why I wanted to see exactly what he said, which is: "If the ban on trail commission comes in we will inevitably have to consider how we charge for funds. We need to make a profit and won't allow one type of investor to overtly subsidise another."

cashbackproblems

X-O it is then! No point transferring to HL and paying £45 pa when XO are free.

If you buy for example HSBC index trackers via XO do they charge a platform fee (their site seems abit bare cant find this info).?

Perelandra

cashbackproblems wrote: »

X-O it is then! No point transferring to HL and paying £45 pa when XO are free.

If you buy for example HSBC index trackers via XO do they charge a platform fee (their site seems abit bare cant find this info).?

X-O are stockbrokers only- they don't do funds.

cashbackproblems

Perelandra wrote: »

X-O are stockbrokers only- they don't do funds.

Ah right didnt realise! Doesnt make any difference as my holdings with III are just shares ftse - aim. For funds i use HL.

dunstonh

koru wrote: »

That's why I wanted to see exactly what he said, which is: "If the ban on trail commission comes in we will inevitably have to consider how we charge for funds. We need to make a profit and won't allow one type of investor to overtly subsidise another."

How long ago was this?

Trail commission is being banned on new purchases from Jan 2013. Platform commissions are still not finalised and some of the bundled platforms are trying to get the FSA to change its mind. Although since the Consumer Panel said it preferred unbundling and many of the bundled are now moving to unbundled, it seems unlikely a change of mind will occur. The Platform review is about 12-18 months behind the RDR which bans trail commission. The date is not yet cast in stone as there is a discussion on how rebates should be handled under platform review.

koru

dunstonh wrote: »

How long ago was this?

Follow the link in post 780.

marello

I complained to iii using the template detailed earlier in the thread. I received a letter from them yesterday saying that they refused to waive the transfer out fee and that was there final decision! They then included a leaflet about complaining to the fsa!

Has anyone else had this? I'm quite confused why some people are having their fees waived and others not. Obviously I'm quite angry about this and will take it to the fsa if necessary but it's a lot of faff if theres another way to resolve it.

brineybay

Marello, sounds pretty ridiculous to me. On 21st June Interactive sent an email 'Update on our Pricing Changes' - perhaps you have not recieved this?

The email clearly states:

"We believe that these changes provide a real benefit for many of our customers, however if you do wish to close your account with us in light of these changes, we will make it as simple as possible and offer a fee free exit for all customers who do wish to close their account.

• We believe that any customers who do not agree with pricing changes are entitled to receive a fee free exit
• Any customers wishing to close their account should contact us by 5 pm on 31 July 2012 with their intention to close their account.
• Customers who want to transfer their holdings to a new broker will have their transfers completed free of charge if we have received the new brokers' transfer request before 5pm on 31 July 2012
• If we have received a customer's notice of intention to close their account or to transfer holdings as set out above before 5 pm on 30 June 2012, we will not apply the first quarterly fee while the transfer or closure process is underway. Otherwise we will refund the first quarterly fee as part of a fee free exit as set out above. If we have already received instructions regarding your account, you do not need to contact us again.

We believe that this approach is the fairest and most straightforward way of operating our business and hope you agree. We are confident that our new pricing is unbiased across different investment types and fair across different customer groups. You can find out more information from the FAQs on our site or contact us on 0845 200 3637 if you have any additional questions.
We look forward to supporting your trading and investment plans now and in the years to come."

I'd ring them as soon as possible (their Secure Messaging seems to take ages to get a reply). Tell them that in light of their new pricing structure you wish to move your investments elsewhere. Then choose the best platform/service for your type of investment, complete the transfer form and send it to your new broker.

As the email confirms, free transfers are available to everyone who is not happy with Interactive's new charges.

sabretoothtigger

dunstonh wrote: »

If they are not being paid by the fund house and there is no IFA trail to keep and they are not charging consumers then where will their earnings be?

advertising possibly :beer:


Doesnt this site use a kind of kickback funding in an advertising kind of way. Also regulated by FSA, I guess its not applicable but seems its a business model that works

miller

My shares are showing at X-O now. The cash has been left behind. I assume that will be transferred when my remaining dividends are credited.