iWeb announce post RDR charges (I think)

TCA

Porcupine wrote: »

Just tell BoS that you're applying for a Halifax account and hopefully they should be OK - it's all the same group.

Yes, hopefully. It just annoys me that they omit a simple instruction that says please certify copies via x, y or z. Which results in me having to contact them to find out what's stalled my account opening and then have to wrench out an acceptable solution from them via a 30 minute online chat.

I'm just fed up that nothing ever seems to work as it should with banks, insurance companies, utility companies and whoever else you care to mention. Incompetence is rife. End of rant.

rusty69

Cloud_dog. Thanks for the information. I have had a second reply from Iweb contradicting their original message that agrres with what you are saying

"I can confirm that IWeb Share Dealing will no longer a regular investment service from 31/03/2014 due to low demand from our customers and the cost of operating such a service"


It sounds like it will be Halifax after all, who although are more expensive, allow regular investment. I currently only hold One Vanguard fund, so that should suit

TCA

TCA wrote: »

I had to send in documents to IWeb for proof of i.d and address as I guess the electronic checks didn't work out.

My account still isn't open. I've had three reminders in the post to send the required proof of i.d. (all within a few days of each other) but still no joy 1 week after re-sending. Got them on "chat" this morning and it appears that their reply-paid envelopes should have been addressed to Leeds, not Halifax. So it's back to waiting to see if they eventually turn up.

I should add that the proof of i.d. reminder letters all ask for original documents, which from their list A, for the majority of people, would be a passport or driving licence, neither of which most would send in the post. But no mention of acceptable methods of certification.

Not very impressed so far.

Knee

There have been some developments at iWeb with their eligible funds. I've updated the list of available Vanguard funds -

Knee wrote: »

FTSE Developed Europe ex-U.K. Equity Index Fund Dis & Acc (Can be bought)
FTSE Developed World ex-U.K. Equity Index Fund Dis & Acc (Can be bought)
FTSE U.K. Equity Income Index Fund A Acc & Inc (Can be bought)
FTSE U.K. Equity Index Fund A Inc & Acc (Can be bought)
LifeStrategy 100% Equity Acc & Inc (Can be bought)
LifeStrategy 80% Equity Acc & Inc (Can be bought)
LifeStrategy 60% Equity Acc & Inc (Can be bought)
LifeStrategy 40% Equity Acc & Inc (Can be bought)
LifeStrategy 20% Equity Acc & inc (Can be bought)
Long Duration Gilt Index A Acc (Ineligible) & Inc (Can be bought)
Inflation-Linked Gilt Index Acc & Inc (Can be bought)
U.S. Equity Index A Acc & Dis (Can be bought)

As you can see, there is now only 1 Ineligible fund.

It would also appear that someone at iWeb has made a blunder. Some of the funds are currently listed under the wrong Fund Manager. You need to select the Manager directly underneath the one you're after to find the right funds.

Vanguard Investment UK's fund are listed under Verbatim
Troy funds are listed under UBS Global Asset Management
Unicorn funds are listed under Vanguard (IRE)

Seeing as iWeb are currently one of the cheapest providers maybe it's a case of "you get what you pay for?".

SnowMan

Does anyone know whether the iweb SIPP quarterly administration charge is based on the amount held in funds (OEICs and unit trusts) or the total portfolio value (OEICS and unit trusts + shares and ETFs)?

For example if someone has an 80K SIPP, made up of 40K in OEICS (and unit trusts) and 40K in shares (and ETFs) is the quarterly administration charge £18.75 + VAT or £37.50 per VAT?

I had assumed it was based on the total portfolio value (OEICS and unit trusts + shares and ETFS) and the switch from £18.75pq +VAT to £37.50pq + VAT happens when the total portfolio value exceeds 50K, but rereading their charging information, I am just wondering if that could be wrong.

Could make it quite a cheap SIPP option (other issues aside) for someone with a large mixed portfolio who kept the funds element down below 50K, if it is based on just the OEIC and unit trust value.

ztkr

I also have an iWeb question for any existing iWeb account holders.

They offer a Stocks & Shares ISA, and a Funds ISA. I tend to chop and change between both types of investment. Does that mean I will have to open both types of ISA with them (and transfer cash between them), or can all investments be traded from one ISA account?

TCA

philc27 - the Funds ISA is being discontinued. Below is an email reply I had from iWeb on the same subject:

"Our stocks and shares ISA is able to hold both funds and shares. Therefore, you would only need to open a stocks and shares ISA (the funds ISA is being discontinued) and you would only be charged one setup fee of £25."

ztkr

Thanks TCA - perfect!

TCA

philc27 wrote: »

Thanks TCA - perfect!

No problem. Just in case you missed it, if you open an ISA, they open a normal trading account for you as well by default. No extra charges or platform fees.

ztkr

Does iWeb offer ETFs and Investment Trusts, as well as equities?