New request for personal info from Selftrade

SnowMan

ed44 wrote: »

According to thisismoney, the information is no longer required

http://www.thisismoney.co.uk/money/diyinvesting/article-2618759/Selftrade-gives-investors-ponder-platform-enters-sale-talks.html?ito=feeds-newsxml

Catapult

Frying pan into fire - at least I'll now be able to transfer to another provider with the restrictions lifted (never did return the forms).

BobQ

SnowMan wrote: »

http://www.thisismoney.co.uk/money/diyinvesting/article-2618759/Selftrade-gives-investors-ponder-platform-enters-sale-talks.html?ito=feeds-newsxml

I have always been suspicious of financial institutions abusing the ML regulations by fishing for marketing information using it as the pretext.

Its analogous to perfectly sensible Heath and Safety Regulations being used as a reason for all sorts of silly restrictions.

The number of times I have challenged financial organisations on why they need that information where they have immediately backed down and said it was optional reinforces my view that most of it is wilful abuse of reasonable legislation.

Bernie_Vincent

Am I correct in assuming that moving ISA funds from Selftrade to another provider will lose the ISA cover?

innovate

If you ask the new provider to carry out the transfer into an ISA with them, you retain the full ISA wrapper.

lyndylu

Bernie_Vincent wrote: »

Am I correct in assuming that moving ISA funds from Selftrade to another provider will lose the ISA cover?

No, you can transfer ISAs (cash and S&S) from one provider to another. Pick who you want to transfer to then fill in a transfer form. As far as I'm aware (I've never done it) your new ISA provider will contact the old one and they'll sort it out between them.

Your old provider will probably charge an exit fee.

PeakOwl

Apologies if already posted elsewhere, but just seen this announcement on Selftrade's website when I went to log-in:

Announcement
Selftrade wishes to announce that, following a strategic review, we have entered into exclusive discussions which, once concluded, will result in the transfer of customers and the Selftrade brand to Equiniti. This process is expected to conclude in Q4 2014, subject to regulatory approval.
We reviewed several offers from interested parties, having uppermost in our mind the need to closely match Selftrades values, customer pricing and service proposition and allow for a seamless transition. We already work closely with Equiniti in a number of areas, including their ongoing provision of custody services to Selftrade and are confident this will be achieved.
We are committed to making any transition as smooth as possible and, in the meantime, it is business as usual with no impact on how you access or use our services.
To read our FAQs please click here
As arrangements become clearer, we will, of course, update you and explain any impact on your accounts.


The reviews of Equiniti below do not exactly inspire confidence, so looks like I'll be looking for a new broker for my and my 3 other family members S&S ISA's shortly. I guess the question is whether to move now, or hope that once the deal is confirmed that they wave some/all of the transfer fees, which in my case would add up to a substantial fee:


http://www.reviewcentre.com/reviews247692.html

grey_gym_sock

if they want to put up the charges, then they will have to offer a free exit (AIUI). and equiniti's charges are higher the selftrade's (though there is nothing to stop them offering a cheaper deal to ex-selftrade clients).

OTOH, if you wait to move, you may be moving at the same time as many other ppl, so it might be slower.

another thing to look out for is offers from other providers to pay your exit fees, or a bonus for transferring significant amounts in.

NonGeographicalMan

PeakOwl wrote: »

Selftrade wishes to announce that, following a strategic review, we have entered into exclusive discussions which, once concluded, will result in the transfer of customers and the Selftrade brand to Equiniti. This process is expected to conclude in Q4 2014, subject to regulatory approval.

What makes them think they will actually have any customers left to hand over to Equiniti by the end of Q4 after the directors have allowed Mr Ali Ghaffari (see http://uk.linkedin.com/pub/ali-ghaffari-fca/1/185/544), the current Compliance Director who must surely have decided to recommend the sending out of the ludicrous questionnaire, and their large team of completely unfeeling/insensitive/poorly educated telephone line barrow boys and girls to make most of the customers feel like unwanted prison inmates who will do as they are told, or else.

Customers will usually stick with a bank or stockbroker once they have found one unless something really bad happens to frighten them away. Up to now Selftrade had been shut to new business for slapdash record keeping but they had wisely managed to keep it quiet, even from virtually all of their own existing customers. Now through this act of control freakish madness and very public embarrassment in the press they have given every single customer a reason to move away while no one else can join to replace them.

What exactly do they think is going to happen and why do they think that Equiniti will have anything left to mop up? Or is the point of Equiniti being appointed that Selftrade/SocGen know there will shortly be nothing be much left to manage so reckon that an organisation best known for being a companies Registrar will be the best placed kind of manager to disperse all of the remaining assets?

If they wanted to keep any of us I would expect an unreserved letter of apology from the Chief Executive of Soceiete General for the way customers have been treated and also a decision not to charge us any account management fees over the next 24 months to make up for the shockingly bad way we have been treated. I would also like to see an assurance that the paranoid back coverers at Selftrade or SocGen who treated their customers like prison inmates have now been removed from their positions of authority within the organisation.

Without any of this I'm sure that its bye bye Selftrade from both me and most other customers.

Chordeiles

lyndylu wrote: »

No, you can transfer ISAs (cash and S&S) from one provider to another. Pick who you want to transfer to then fill in a transfer form. As far as I'm aware (I've never done it) your new ISA provider will contact the old one and they'll sort it out between them.

Your old provider will probably charge an exit fee.

It has always been possible to transfer ISAs between providers and keep within the ISA wrapper. What changed in recent years is that you don't have to sell your shares at the old provider and buy back at the new, they can be transferred leaving you fully invested.

Selftrade will charge £15 "per line of stock" as an exit fee, which is cheaper than selling and buying back under most circumstances. But a reason for going through your portfolio to decide what you really should dump (a good discipline at any time !) before transferring.

Hargreaves Lansdown sometimes have offered to reimburse exit fees for those transferring in, but their present offer (ending on the 8th May, so need to get form in the post tomorrow at the latest) is a straight "cashback" incentive of "up to £1000" on a sliding scale depending what value you transfer.