Iii

Nixter

I'm now officially on my transfer-out route from the Interactive Idiots.
I hold three different accounts, where I've manually sold and moved all funds from my Trading Account, but I've taken the plunge to start another in-specie transfer from my ISA and SIPP accounts.

Each account contains one Vanguard LifeStrategy fund.

Let's see how many months this will take.

Bring on the pain!

DiamondLil

Oh Lord, I wish you well Nixter.
And would you please let us know how you get on ?

masonic

Nixter wrote: »

I'm now officially on my transfer-out route from the Interactive Idiots.

Where next?

JenniferK

masonic wrote: »

Where next?

AJ Bell (Youinvest)?

Nixter

I decided to go for Halifax Share Dealing, mainly because I already hold an old account with them. I never had any issues with them. The Halifax SIPP is part of AJ Bell.

sorcerer

I setup a account with YouInvest a couple of months ago, and setup a test trading account, I have bought two similar funds that I hold with II, so at the end of this movement they are due to pay-out. So lets see how long that takes compared to II.


I would say that YouInvest's website it pretty crappy, similar to II, but I can live with that if they pay me on time.

sorcerer

I'm lucky in one sense that I don't need the dividends to live off, but I would be going through the roof if I did. But in the future I will be living off these dividends, so I do need to find a better broker, I just can't be doing with another transfer headache.

JenniferK

sorcerer wrote: »

I setup a account with YouInvest a couple of months ago, and setup a test trading account, I have bought two similar funds that I hold with II, so at the end of this movement they are due to pay-out. So lets see how long that takes compared to II.


I would say that YouInvest's website it pretty crappy, similar to II, but I can live with that if they pay me on time.

Please let us know how it goes. In the meantime I will keep plugging away at III via formal complaints and if that doesn't work I will take it to the FOS, which will then cost III money for the FOS investigation.

lejog2003

juliamarsh wrote: »

Do Interactive Investor have any legal obligation to pay out our dividends within a certain length of time? Cannot find anything on google. Just wondered if we have any legal redress against them as this non payment of our dividends is becoming beyond a joke and you never get a sensible response out of them either on the phone or by secure message. Now it is just getting 'passed to their dividends team' instead of 'passed to their transfers team' but I am not holding my breath that their dividends team is any more competent than their transfers team! It is all very well but I rely on these payments to live on - wonder what Tesco's reaction would be if I said 'Sorry Tescos, can't pay for my shopping until Interactive Investor have paid me the money they owe me!!' And my funds transfer has still not completed over 7 months on, I am losing the will to live with this firm.....

I asked this question in this thread a while back and you may find bowlhead99's post (post #3) informative. There certainly seem to be no FCA regulations governing this.

Other companies I've used (HL, Cavendish/Fidelity) have specified when they pay out in their ts&cs or other customer literature. iii seem mute on this.

I've reached the end of the road with them - I'm retired and I get around £500pm from dividends, some of which is arriving 6 weeks late. This is annoying rather than a major issue, but as I've said to their support staff, how would they feel if iii pay part of their salary weeks/months late? I'm just going to cash up the investments in my trading account. Not so sure what to do about my ISA though, I dont want to hang around for 6 months with iii while an in-specie transfer takes place.

masonic

The best thing people can do regarding the late payment of dividends is keep complaining formally. It seems II are upholding people's complaints, so at some stage their marketing department are going to see the effect on Regulatory Complaints tables and hopefully apply enough pressure to get the situation resolved once and for all.