iii introducing quarterly £20 charge

cing0

For those moving from iii with an ISA, you will have been refunded charges into your bank account which is incorrect as per government regulations.
If this is you, I'd contact http://www.hmrc.gov.uk/specialist/audit-guidance.htm to make them aware.
Complaints at III are up 100% since June comparing with http://static1.iii.co.uk/sites/default/files/COMPLAINTS%20PUBLICATION%20REPORT.pdf
with over 1000 in June alone.

RalphS

Have had numerous difficulties moving.

After chasing a few times, my ISA cash only arrived at my new platform a few days ago & is still not available to invest.

After MANY requests I have recently received my 2011/12 dividend 'consolidated tax voucher' print outs. That from the 'Halifax' period, 11 entries, has 3 errors (not omissions).
One UK listing with no tax showing as paid
Two UK listings listed as Foreign, one of which with no tax showing as paid (It managed to be a UK company with tax paid during the period after 'Halifax'.)

A shambles.

Another complaint....

haggis1234

antonio1 wrote: »

...what have been people's experience so far where iii are the nominee on the div record date but the holding was transferred to a new provider before the payment date?...

My wife had a dividend due where iii was nominee at ex-div but new broker was nominee at payment date of 16/Aug.
We left it 3 weeks before chasing III up and received confirmation on 17/Sep that the dividend would be transferred to new broker (we receive divs in cash). Have just chased them up on it as it hasn't appeared yet (24/09).
Update: 25/09 - cash has arrived with new provider

samwardill

My iii account is now showing zero balance after transferring to Selftrade. However the shares have not yet appeared at Selftrade. When I wrote to iii to enquire they tell me they have sent them.

They also said that if I don't print off all my statements and instruct them to close my account before October they will charge me the £20 1/4ly fee. I think that this is ridiculous and unenforceable normally (but especially given the fact that my transfer is not yet finalised).

sabretoothtigger

They have now closed my account.

HL wrote to say they will pay 0.5% on all SIPP held with them from 2013 as a loyalty bonus.
I presume this relates to RDR, quite a nice sum but I presume they'll be charging for something elsewhere but I could not see any new fee stated

(exact amounts paid vary on the funds held and obviously the size)

cloud_dog

We moved the OHs accounts from III to TD Direct.

Interestingly yesterday we had a telephone call from TD Direct wanting to ask two questions:

1) Why did you leave III
2) Why did you choose TD Direct

Answer....

1. Because of the introduction of the fee, more specifically how they introduced it, initially not allowing people to 'move on' without incurring transfer fees
2. Because, whilst TD Direct do apply a quarterly management charge it is documented and therefore acceptable (am not expecting to pay it under the current rules)

Was wondering if they are 'fact finding' to assist them in how they may complete their charges so as to be RDR compliant etc.

We'll wait to see what happens.

bigmush

Well I come to this ridiculously late but in my defence it's mainly due to family problems in the last few months.

Excuses aside I logged into ii today and was shocked (to say the least) to see news of the new quarterly charge. I've read through this thread and seem the kind of things people are saying but I have a situation I've not seen specifically addressed:

Within an ISA I invest a couple of hundred a month in a Fidelity tracker and also I have a number of shares (in a single company). No shares have been bought within this ISA year (except for the re-investment of dividends).

Clearly the £80 a year charges are a killer to my situation so the problem I have is do I move to another platform and risk this situation happening again or perhaps realise the tracker and transfer the shares to a broker. Can I do this without losing the ISA wrapper on the shares?

moneylover

cing0 wrote: »

For those moving from iii with an ISA, you will have been refunded charges into your bank account which is incorrect as per government regulations.
If this is you, I'd contact http://www.hmrc.gov.uk/specialist/audit-guidance.htm to make them aware.

.

I dont follow this quite. My ISA has transferred to HL although stilll showing with iii but my shares havent moved to x-o yet. What do you mean about ISA charges? Sorry to be dumb!

lisyloo

ARGH.........got charged by them today despite closing my account in June.
Luckily I have email proof.
Has anyone else been through the process of getting a refund from them?

johnk

How were you charged? I can't even log onto iii to read message any more after the closure (and no email confirmation whatsoever).