iii introducing quarterly £20 charge

cloud_dog

GGS, you are correct but deadpeasant was referring to 'transferring' so in that context it is notification by the new broker, not yourself. Trust me I've had these conversations with iii, although they have appeared inconsistent in the application of their rules.

BLB53

Any opinions on the extent to which iii are being egregious - are all their competitors on the point of introducing such fees? Any replies gratefully received.

No quarterly fees with sippdeal who have recently announced they will guarantee no increase until at least 2014. My switch from ii to sippdeal was completed last week.

mulronie

For the unwrapped buy-and-hold crew, why don't you take this as a free opportunity to rematerialise, and rid yourself of a broker completely?

If you aren't using an ISA wrapper, I would always prefer to be a direct shareholder than hold through a broker - who as we have seen are liable to hike their fees or find other ways to gauge you given half a chance.

III will let you rematerialise your holdings for free up to 5pm today - call them! If you really want, you can always dematerialise again (usually for free) into the broker of your choice once your certificates arrive.

koru

deadpeasant wrote: »

I indicated what kind of investor I am: "buy-and-hold Tim-Hale-ish type." Surely the iii charges don't make sense if I can avoid them elsewhere. (I was wondering whether everyone else is about to introduce the same things.)

I am also a buy and hold investor, but I do add to my holdings during the year and I found that with the £20 credit each quarter from iii, the new fee really made little difference to my expenditure at iii. Have a think about how often you tend to trade and what you have spent on trading charges over the last few quarters.

And because they now rebate all trail and platform commission on funds, it was worth me transferring many of my existing funds to iii. Overall, I am much better off than before. As they already rebate all commissions, they will be no worse off when commissions are no longer allowed at the end of the year, so there is at least a reasonable chance that they will not introduce extra charges.

sabretoothtigger

They bought more shares despite me owning nothing in there and having no cash but dividends. Now I cant close, clever move

pqrdef

koru wrote: »

I am also a buy and hold investor, but I do add to my holdings during the year and I found that with the £20 credit each quarter from iii, the new fee really made little difference to my expenditure at iii. Have a think about how often you tend to trade and what you have spent on trading charges over the last few quarters.

Well I could see myself making ill-advised trades just because I was getting a buy and a sell for free.

Having previously decided I was getting the account for free, because I was only paying dealing commissions up front.

Would have ended up paying nothing at all :huh:

sabretoothtigger

Using the credit towards the regular could have been ok, so long as you were sure to buy every week pretty much. Doesnt have to force a rash buy

Gambler

This is the reply from xo when I chased to see if my form had been sent to iii.

We sent your transfers electronically to Interactive Investor on 11/7/12.

We have received valuations for both accounts.

Interactive have provided trade date 16/8/12 for settlement 21/8/12 for your trading account – we have advised their settlement manager that this is not acceptable, but they have refused to change the dates, to transfer yours and other holdings more quickly.

We are still waiting for a date to transfer your ISA.

Interactive Investor have high volumes of transfers which is causing lengthy delays.

simonfitba

@Gambler. That was the dates I got too but the transfer has now been completed.

I have just sent a message to iii to close my account. Do I need to do anything else?

deadpeasant

Thanks for the replies to my post. You'll all be fascinated to learn that I phoned iii at 3.45 and sold my 3 holdings (EDIN, TEM, IWDP) for free, plus they say they'll refund the first £20 I've been charged.

With EDIN and IWDP up and TEM heavily down, I've come out a few quid ahead on the year I was with iii, not counting a few hundred quid's lost interest if I'd had the money sitting in the high street instead.

I suggest you all buy equities asap to benefit from the boom that's bound to happen over the 10 days or so that I'm out of the market.