iii introducing quarterly £20 charge

cing0

Is it possible to have a show of hands for those transferred out of iii with ISA's to state when they posted their ISA transfer form to the new broker and when the transfer was completed.
Thanks all.

tp123

cing0 wrote: »

Is it possible to have a show of hands for those transferred out of iii with ISA's to state when they posted their ISA transfer form to the new broker and when the transfer was completed.
Thanks all.

Forms sent to iWeb on the 12 of June. Transfer completed last week, so it took almost 9 weeks. In between, I received 3 letters from iWeb
saying that II hadn't been able to process their request at that moment, so the delay was caused by II.

BLB53

Is it possible to have a show of hands for those transferred out of iii with ISA's to state when they posted their ISA transfer form to the new broker and when the transfer was completed.

I posted off my transfer forms to sippdeal 19 June and everything was done by mid July so around four weeks - needed a few prompts along the way.

ii are now asking for ideas on how to improve their service via www.monevator.com - hope some of you can oblige!

drmdmcgwn64

tp123 wrote: »

Hi,

My transfer from ii to iWeb has been completed, except for some delisted shares I had in my ii account. Neither part has informed me that, supposedly, you can't transfer delisted stock until, once the transfer has been completed I inquired about them been left behind.

iWeb washes its hands of it.

And ii gives me two options: relinquish them (that is, leave them to them as a gift, even if they have little or no value) or pay £20 for a certificate.

Has anyone else been in a similar situation or has any advice?

Many thanks.

I ended up in a slightly similar situation.
I done a transfer to iWeb, opened the account and filled in the transfer forms etc. and sent on (Thats still not complete - but thats another story, see bottom).

That left 4 lines that looked like iWeb couldn't transfer in (However as it turns out they could have taken in 2 of then on a sell only basis) so I went looking at my options.

Interactive Investor said I could get certificates so only option was sell or transfer so I started researching who could take them in. I had to get the SEDOL and ISIN for each line from III and checked with several brokers I found from http://the-international-investor.com/comparison-tables/cheapest-uk-stock-brokers

All my communication with Interactive Investor was through secure messaging and they tend to be slow enough replying. They informed me that I would be charged transfer charges for those 4 lines of stock (which would have been more than they were currently worth) but I messaged them back saying that if this was not resolved to my satisfaction I would be formally complaining to the Ombudsman and they extended my deadline until the end of August.

In the end I went with SimplyStockBroking and they sent the transfer form onto III but they still haven't confirmed receipt. Also in a couple of messages III have suggested that I would be subject to transfer changes for those stocks but I refer them back to earlier message stating that I had an extension.

Than whole thing has been a bit of a nightmare and for a small infrequent investor like myself it almost put me off investing altogether. If I knew then what I know now I would have done things slightly differently, disposed of some stocks instead of transferring them, transferred certain stocks to SimplyStockbroking instead of iWeb etc.

Now as far as iWeb transfer went. It was initiated back before the end of June and was supposed to complete on 20/8. However only some stocks were transferred and 4 stocks were missed, 3 US stocks and 1 LSE stock. Go figure? I have been trying to find out whats going on but III dont seem to have a clue.
Mix that in with the 4 stocks that are being transferred to SimplyStockbroking and its all very messy indeed!!!

Sorry for the long post (rant )

drmdmcgwn64

Does anyone have any approximate figures on how many people transferred from III or closed their account since May/June? (backed up by some type of data )

samwardill

A quick heads up. When you request a transfer out iii do not automatically stop your regular credit. I assumed that they would no longer deduct my regular credit when my transfer was complete and they locked me out of my online access to my account. Apparently the expected me to send a secure message from the account that they locked me out of :mad:

haggis1234

miller wrote: »

I have been told recent dividends will be swept across in 2 weeks when they do a run. I assume accounts will be automatically closed after that (if all outstanding dividends have been paid).

They have automatically closed our accounts but other half and I both have dividends due. Waiting to see if they transfer those funds to new ISA provider (iWeb). One was due for payment on 16/Aug so hoping to get that soon.:(

JohnRo

samwardill wrote: »

A quick heads up. When you request a transfer out iii do not automatically stop your regular credit. I assumed that they would no longer deduct my regular credit when my transfer was complete and they locked me out of my online access to my account. Apparently the expected me to send a secure message from the account that they locked me out of :mad:

You can still contact them via their web form and the reply I got was courteous and timely, I had a £10 commission outstanding, the info was passed on as per the reply stating it would be, another email confirmed the refund, all this happened long after the account was locked. I agree it's not good customer service but then again if you're leaving them, it isn't perhaps something they're overly concerned about either.

I think the iii model and platform will become more attractive again, once all the RDR changes and charges have been applied across the board. For one thing they are effectively offering free switching, albeit with a fixed £80 p.a. platform fee.

miller

haggis1234 wrote: »

They have automatically closed our accounts but other half and I both have dividends due. Waiting to see if they transfer those funds to new ISA provider (iWeb). One was due for payment on 16/Aug so hoping to get that soon.:(

Welcome to the forum. My outstanding ones did take a bit of time to transfer (10 days or so at a guess). It makes me think they could be using cheques in the post.

jimmyjones_2

Brilliant, I received a letter from Fidelity (Cavendish Online) saying that III have been unable to process my request because they are awaiting my confirmation to sell my holdings.

It would have been nice for III to email, secure message, phone or contact me any other way to request this confirmation. One might think confirmation to sell holdings is implicit when transferring to a platform that only accepts transfers as cash.

Having sent off on my ISA transfer form June 6th, my transfer is likely to take 3 over months which seems ridiculous in a world of faster payments. Admittedly it isn't all III's fault, a one month delay was introduced by Fidelity stalling the transfer due to my illegible date of birth and ignoring my call the next working day to notify them of the DOB. Fidelity telling me they had sent the transfer forms to III when they hadn't added further confusion to the DOB fiasco.