Iii

lazza1973

I have attached below my views on a 6 month and counting 'transfer' from HL to II. Their basic trading is fine . Where they suffer a lot is in basic customer service e.g

-you can fill and deliver all the transfer forms you want but in my experience they NEVER look at them after they contact the 'export' platform and deal with their valuations only
-I have phoned , written and secure messages but they never have any context from previous contact. Even in formal complaint I was never given a 'name' or single point of contact


Do you remember those halcyon days at the beginning of the year – the changing methods of how fund supermarkets would charge? Private Investors should consider and if appropriate ‘transfer’ the dealings. Cutting a long story short , I took on the advice and explored and recognised a commonly held opinion in financial advisers that HL were expensive and Interactive investor II not being ‘percentage’ based would be significantly cheaper.Even Martin Lewis web site supported the view. Forget that ‘noise’ about the difficulties of current account or utility supply changing I have just had a nightmare and would like to warn others who might be going to embark on this exercise :

1. I was told it might ‘up to 8 weeks’, yet after 6 Months I have still one fund from 20 NOT arrived in my II account (it left my account HL some 3 months ago)

2. For over 3 months in period, I had over £120k of funds/shares (an early retirement lump sum) NOT at HL or I but somewhere invisible and not accessible to me

3. I have been told several times that my transfer was complete; the first time after only 4 of 20 had arrived.

4. I have had funds/shares’ which were NOT mine posted to my account – I assume in error

5. Names of funds have changed between export and import between platforms and none told me .In fact no one warned me it needed daily monitoring by me; perhaps I was just naive

6. I formally complained to II but they have NOT followed their complaint procedures on web site e.g. a progress report, next steps and anticipated end date, where not forthcoming. At no point have they reference back to the initial transfer request where I listed the shares/funds I suggested

7.At end May II did acknowledge the compliant , said they were acting and acknowledged my justification to refer to the Financial Ombudsman; suggesting I did not as they were close.

8.Well the FMO was useless - after 6 weeks they informed that they unlikely to appoint an adjudicator for 6 MONTHS- what use is that the private investor.

9. There are many other customer service points I could make about II from the experience but the simplest is it is NOW 6 months and I have still not finished (though only 2 weeks ago since the last time I was told I was)

10. HL also ill-performed in that some shares/funds were not transferred as soon as they should; but when I pointed this out they at least investigated, recognised, acted and offered a small compensation.

Beware !!

lazza1973

II told me they didnt B&B 'funds' - so not a lot of use?

Nixter

I hear ya bro.
They are so damn unorganized that they even mix up secure messages. If you list several points in a message, they usually just act up on one of them and the rest falls off the radar.

le_loup

Look out for the new thread about II.
It could change your lives.

2shy

I have just received an answer to a message dated 13th July to II.
They have my SIPP transfer down as complete, despite £60000 of Vanguard Funds being missing.

:mad:

Nixter

2shy wrote: »

I have just received an answer to a message dated 13th July to II.
They have my SIPP transfer down as complete, despite £60000 of Vanguard Funds being missing.
:mad:

I share your anger and frustration.:mad:
Question, how long did you have to wait for the SIPP to show up in your iii account? My SIPP disappeared 3 months ago from Hargreaves Lansdown and has yet to show up here.

2shy

le_loup wrote: »

Look out for the new thread about II.
It could change your lives.

Is it on the boards now?
I would like to read it before I send off another strongly worded letter.

Thanks.

masonic

2shy wrote: »

Is it on the boards now?
I would like to read it before I send off another strongly worded letter.

Thanks.

https://forums.moneysavingexpert.com/discussion/5031556

2shy

Nixter wrote: »

I share your anger and frustration.:mad:
Question, how long did you have to wait for the SIPP to show up in your iii account? My SIPP disappeared 3 months ago from Hargreaves Lansdown and has yet to show up here.

I have three funds... two dissappeared from HL and showed up quite soon after in II. the last one dissappeared from HL and is still somewhere in the ether.

DiamondLil

My husband's transfer (all investment trust holdings) has now completed; 18 weeks in total.
My transfer (all unit trust holdings) is still in progress and more than 20 weeks in.
However, a dividend payment due on the 1st. August is showing in my husband's account today (and could well have been there before today but he hadn't logged in for a few days), so we're hoping that things may be looking up.......