Iii

Mat_P

Nocto wrote: »

I’ve used the following brokers:

Halifax Share Dealing - They were very good. Only left due to lack of commission rebates.

Cavendish Online - Also good. Left due to uncapped fees on clean funds.

Interactive Investor - Poor. Though my only actual problem to date is the very late dividends.

iWeb - Opened an account a few months ago, but not used it yet. Looks exactly the same as my HSD account, and as they own & run iWeb I assume that the service is the same. They also don’t rebate commission, and as they don’t convert ‘dirty’ funds on transfer aren’t suitable for my investments yet.

AJ Bell - Opened account last week, so far unused. Looks okay, and other posters on this forum are reporting good service. They convert ‘dirty’ funds during transfer, but don’t automatically pay out dividends upon receipt. You can arrange for them to be paid out monthly.

I’m currently undecided whether to transfer to AJ Bell right away, or waiting until my funds are converted to clean ones by II (could be a while…), and moving to iWeb. With each post I read like yours I’m getting more inclined to move sooner rather than later. Also, I’m wondering if II can be trusted not to mess up the fund conversion process.

For anyone who’s interested, my previous transfers took the following amount of time (from posting forms until all funds showing in new account):

HSD to Cavendish - about 3 months

Cavendish to II - about 2 months

I’d be interested to hear from others how long the transfer process took out of II, and if there were any problems.

Asked II that only last week and received the following (surprisingly next day)

I can confirm we did aim to have all dirty to clean class conversations initiated late last year and were looking to have these completed as quickly as possible, however recently other areas within the business have taken priority and we will no longer be able to do these at the moment. The regulatory requirement is to have all funds converted by 2016 and at present we can confirm that we now aim to have all of these completed before summer 2015.
We may consider doing these earlier, however at the moment we have no immediate plans to convert your holdings.

Inspiring.
AJ Bells fees of £400 vs £80 is somewhat offputting.
The other capped fee offerings seem limited in their fund offerings and don't offer many of the ones I have now.
Not much confidence in II but doesn't seem a better option for my portfolio atm although may try to simplify things with a view to a move.
:think:

ozzage

Mat_P wrote: »

AJ Bells fees of £400 vs £80 is somewhat offputting.
:think:

Why £400? Even with a SIPP isn't it only £300?

Edit: I guess you're including trading fees since there's no credit with AJ Bell?

[Deleted User]

Hi,

well, I received a letter from II yesterday, referring to a complaint I had made on 15/12/14, which they are still investigating, but should 'come back to me', no later than 09/02/15.

Oddly the issue was resolved on 23/12/14, it was a dividend payment due end of November.

So apart from not being on touch with clients, it seems they are not in touch with each other.

Wonder if they will offer me compensation to avoid going to FSA.

JenniferK

Mat_P wrote: »

AJ Bells fees of £400 vs £80 is somewhat offputting.

:think:

Personally, the value of the time that I have had to spend dealing with III is much more valuable than the difference in fees between AJ Bell and III.

JenniferK

Seems as if III have now given up with complaints. Sent a reply to my partners complaint after 8 weeks stating that they require more time to investigate and suggesting that we now have the right to refer to FOS. What a shambolic company.

le_loup

They are clearly not coping with any admin activities at all.
I'm beginning to feel sorry for the staff. To some extent, you can understand that they had problems 12 months ago when everyone was transferring - but now - twelve months on?

Financial_Saddler

JenniferK wrote: »

Seems as if III have now given up with complaints. Sent a reply to my partners complaint after 8 weeks stating that they require more time to investigate and suggesting that we now have the right to refer to FOS. What a shambolic company.

Sounds familiar.
I initiated a complaint on 24/09/14 after suffering a 7 months SIPP transfer in fiasco.
II finally acknowledged the complaint on 28/10/14.
II sent a letter to me on 26/11/14 informing me that they were still investigating the issues and they would come back to me "no later than 23 December 2014".
By 24/12/14, I had received nothing at all so wrote to II to remind them of their commitment.
By 13/01/15, still radio silence from II, so wrote to inform them that since they had blatantly ignored their own deadlines I would now be escalating my complaint to the FOS.
Yesterday, I received a letter posted on 14/01/15 but dated 23/12/14 informing me that II were still investigating my case but that I now had the right to refer the matter to the FOS.....

The good news is that my transfer out of II to AJ Bell initiated in early September is now almost complete....

juliamarsh

I have had a similar experience and had the same letter telling me I now had the right to refer my complaint to the ombudsman. They decided to treat it as a complaint, not me, and it is only about some delayed tax reclaims which don't amount to much money so it isn't worth the hassle of the ombudsman. I will be hitting them with another soon, about the complete mess up on their commission rebate payments, which amounts to a lot more money. As for the staff, wouldn't it be your worst nightmare to work for that company...quite apart from the shame it must be completely soul destroying in so many ways! I don't envy them one bit!

virgin11

I am having trouble leaving this bunch requested to transfer and told i could as it is within the 12 month period.They also said the £!5 per stock would be waivered,as i have 19 lines they now say i owe £135.Has anyone else had this charge applied

[Deleted User]

Hi,

*Our exit fees

We believe once you start investing with our service, and with our flat fee pricing, you will want to stay with us. So we’re happy to waive our transfer-out charges to another broker, for up to ten lines of stock (£15 per line of stock after that), if you choose to leave us within a year of opening your account.


looks as though you are getting ten free and being charged for the other nine @ £15, so £135.