Alliance Trust Savings massive fee hike

chris1

BLB53 wrote: »

Yes and Yes!

Any suggestions for getting exit fees waived for ATS?

Phoning doesn't work...

srcandas

chris1 wrote: »

Any suggestions for getting exit fees waived for ATS?

Phoning doesn't work...

I don't think we are going to see every platform waiving exit fees.

The last case was won by getting a large body of members to complain to anyone who would listen. There was no test case.

This time round there does seem less enthusiasm:

This thread 21 posts after 3 days; The iii thread had over 80 in the first 24 hours.

And of course there are now messages on the web saying: "perhaps I jumped too soon" and "well when you look at it in calm light of day for many the prices are not the worst and not that unreasonable" and "maybe I'll move to them as the new prices suit me".

I think Chris you can only complain to the FSA and write to the platform and try and muster enthusiasm. Good luck :beer:

Optimist

chris1 wrote: »

Any suggestions for getting exit fees waived for ATS?

Phoning doesn't work...

Make a official complaint, in writing. Make sure that it is marked as such and take it to the ombudsman if they reject your complaint, make sure it is their final response letter and not just the initial brush of letter as these firms seem to give out initially.

Your grounds would be that their terms and exit charges are in breach of the unfair terms and conditions regulations in that they do not allow you to exit the contract without penalty.

Point them in the direction of the FSA guidance on such matters specifically towards the unfair contract terms Improving standards in consumer contracts. Section 3.15 and 3.16

Given that their doesn't seem to be a big rush to exit they might not accept it and make you take it to the ombudsman.

I only received notification of these increases today and haven't decided what I am going to do as of yet.

koru

Optimist wrote: »

Make a official complaint, in writing. Make sure that it is marked as such and take it to the ombudsman if they reject your complaint, make sure it is their final response letter and not just the initial brush of letter as these firms seem to give out initially.

Your grounds would be that their terms and exit charges are in breach of the unfair terms and conditions regulations in that they do not allow you to exit the contract without penalty.

Point them in the direction of the FSA guidance on such matters specifically towards the unfair contract terms Improving standards in consumer contracts. Section 3.15 and 3.16

Given that their doesn't seem to be a big rush to exit they might not accept it and make you take it to the ombudsman.

I only received notification of these increases today and haven't decided what I am going to do as of yet.

This is what I am doing. So far, two brush off replies. Arguably, they would be foolish to risk the ombudsman getting involved, because the ombudsman would probably require them to make a blanket offer to all customers, rather than just waiving fees for those who complain. However, that is probably just wishful thinking on my part. But I am quite prepared to go to the ombudsman if necessary.

koru

srcandas wrote: »

I don't think we are going to see every platform waiving exit fees.

The last case was won by getting a large body of members to complain to anyone who would listen. There was no test case.

This time round there does seem less enthusiasm:

This thread 21 posts after 3 days; The iii thread had over 80 in the first 24 hours.

Yes, this puzzles me. For many people, the extra charges by ATS are a much bigger fee hike than Interactive Investor. And whereas iii did at least announce some counterbalancing changes such as giving a credit against dealing charges, reducing the dealing fee and rebating trail and platform commission on funds, ATS is not offering a single benefit to customers. I expected an even bigger ballyhoo than iii.

Perhaps the thing that really annoyed people about iii was their initial attempt to dress up a fee hike as a public spirited effort to encourage investors to get more involved in their investments? At least ATS is not making any real pretence that they are doing this for any reason other than to make more money out of customers.

BLB53

If they change the t&Cs of your contract by significantly increasing fees, they are obliged to extend an offer for those customers who do not wish to accept the changes, an opportunity to move their business to another broker without penalty.

Stick to your guns and persevere via the correct channels and you should get a favourable result.

Good luck!

chris1

koru wrote: »

This is what I am doing. So far, two brush off replies. Arguably, they would be foolish to risk the ombudsman getting involved, because the ombudsman would probably require them to make a blanket offer to all customers, rather than just waiving fees for those who complain. However, that is probably just wishful thinking on my part. But I am quite prepared to go to the ombudsman if necessary.

Have your two brush-off replies been by email (as they're so quick) or something else?

How can you tell a brush-off from the sort of final reply you need for the Ombudsman (never done this before! )

koru

chris1 wrote: »

Have your two brush-off replies been by email (as they're so quick) or something else?

How can you tell a brush-off from the sort of final reply you need for the Ombudsman (never done this before! )

Yes, e-mail. In order to have a final reply for the ombudsman, you need to be explicit that you are making a formal complaint and that you will refer the complaint to the ombudsman if the firm does not resolve it satisfactorily.

Optimist

chris1 wrote: »

Have your two brush-off replies been by email (as they're so quick) or something else?

How can you tell a brush-off from the sort of final reply you need for the Ombudsman (never done this before! )

You need to write back to them asking them to treat your complaint as a official complaint and to let you have a final response before you go to the Ombudsman. If you don't they will just treat your letter as a general winge and leave it at that.

The actual final response should actually state that it is the final response and tell you that you have the option of going to the Ombudsman and it should also tell you that you have 6 months to do so.

My bet is they will come back saying that it wasn't the final response and that your complaint will go through the complaints process in which they have 8 weeks to respond further.

It is at this point the complaint will actually be passed to the decision makers.

Thrugelmir

koru wrote: »

At least ATS is not making any real pretence that they are doing this for any reason other than to make more money out of customers.

At least the true cost is becoming transparent. Finance services in general has been hidden by a fog in the past couple of decades. With hidden charges and cross subsidy.

If you are getting steamed up about this. Then wait for the end of free current account banking. As the writings on the wall for this model as well.