iii introducing quarterly £20 charge

antonio1

Anyone heard yet when dividend tax certificates are being made available? What a debacle. Their quoted extended date of end of June has come and gone.

premierfella

I'm posting an update just as an indication to how the transfer admin is going. It took about 3 weeks from Sippdeal getting in contact with iii about transferring my ISA to (on 2JUL12) the share portfolio being transferred. No quarterly fee debited. My empty trading account is still showing as active despite me asking for that to be closed, but I suspect that this is because iii are pending its closure until any outstanding dividends in my ISA account arrive. I presume iii will then forward on the total ISA cash balance and close both the ISA and empty trading accounts at the same time. I'll obviously chase it up if the accounts are still open after all the cash has gone.

To be honest, iii have thus far been efficient with the transfer out - so much so that I now won't automatically exclude them from any future shortlist if I decide to separate my ISA holdings and/or Sippdeal change their fees to my disadvantage.

ffacoffipawb

premierfella wrote: »

I'm posting an update just as an indication to how the transfer admin is going. It took about 3 weeks from Sippdeal getting in contact with iii about transferring my ISA to (on 2JUL12) the share portfolio being transferred. No quarterly fee debited. My empty trading account is still showing as active despite me asking for that to be closed, but I suspect that this is because iii are pending its closure until any outstanding dividends in my ISA account arrive. I presume iii will then forward on the total ISA cash balance and close both the ISA and empty trading accounts at the same time. I'll obviously chase it up if the accounts are still open after all the cash has gone.

To be honest, iii have thus far been efficient with the transfer out - so much so that I now won't automatically exclude them from any future shortlist if I decide to separate my ISA holdings and/or Sippdeal change their fees to my disadvantage.

What about xd shares, some will receive dividends in iii after your account is closed. You will want to retain ISA shelter for those I would think.

Gambler

I'm torn between shareprice because I already use their excellent app but they are still part of iii.

And xo who have cheap dealing costs but withdrawing funds by sending an email puts me off.

antonio1

Gambler wrote: »

I'm torn between shareprice because I already use their excellent app but they are still part of iii.

And xo who have cheap dealing costs but withdrawing funds by sending an email puts me off.

Wow that's a bit prehistoric! Guess it helps them keep their dealing costs down. I've gone for both XO (but thanks for info in your post) and iweb on the basis iweb are familiar having run the iii service previously. Only other downside I noted with XO is no dividend reinvestment. However Iweb charge 2% for dividend reinvestment compared to 1% for iii albeit both capped at £10 I think. Frankly I'm not moving from iii because of the irritating fee introduction but rather the way they mishandled it, the tax certificates and regularly late dividends. Have lost trust in the business. Normally services deteriorate when they are outsourced. Feels like the opposite here. I wonder what the point was bringing it back in house and then making all these management and efficiency errors....

BLB53

Anyone had a transfer out successfully yet?

I am moving to sippdeal. They say it will be all completed on 9th July - so around 2 weeks since the forms were sent off.

You have to keep pestering ii via SMs or email - the key part seems to be ii sending a valuation to your new broker, once this has been received it should be OK.

After the settlement date there may be dividends to come from shares that have gone xd, so it may be another month or so before you can finally ask ii to close your isa.

Good luck!

victormeldrew2

Interesting thoughts in What Investment magazine editorial today......

basically says that Interactive managed to alienate many people, there will be unintended consequences on costs going forward and not to rely on one organisation for any specific service but be prepared to swap providers

I sent my transfer to X-O on Friday 8th June 2nd class post. By 21st June I was trading with them!

Interactive had previously made a pig's ear of a cash ISA transfer in to them and sent the cheque back, needless to say X-O sorted it out quietly and efficiently. Have to say it is slightly "frightening" at just how quietly efficient X-O are in comparison to Interactive. That's the real benefit of moving - TRUST

Gambler

do they charge for limit orders like iii used to when using tradeplan (£2)?

Thanks

sabretoothtigger

no charge for orders. I dont think iii charge now either, they used to but that was the halifax scheme that ran it for iii

westy22

My ISA and Trading Account shares are now showing on X-O (although they are also still showing on iii) so that's about 12 working days for the transfer from iii - not bad at all.

I am delighted to see that they have also transferred the original book cost information so my individual gains and losses are also accurate