TD Direct sold to Interactive Investor

Eco_Miser

philng wrote: »

2) Also had issues with III previously with dividends sometimes delayed by 3 to 5 days which was annoying.

If you're talking about payments into your bank account you may be disappointed with Iweb there: dividends are paid by BACS (3 working days) normally initiated the day after they are received by IWEB. This is way better than another platform I used, where all dividends received in a month were paid together.

EdGasketTheSecond

Just had my letter from ii. They say changes effective from 11th December so do I need to wait until after that date to transfer out for free? - I don't want to find I am paying TD to transfer out because things haven't yet changed.

I think TD are free anyway though it's not clear.

System

EdGasketTheSecond wrote: »

Just had my letter from ii. They say changes effective from 11th December so do I need to wait until after that date to transfer out for free? - I don't want to find I am paying TD to transfer out because things haven't yet changed.

TD Direct currently have no charges for transferring out.

cloud_dog

EdGasketTheSecond wrote: »

Just had my letter from ii. They say changes effective from 11th December so do I need to wait until after that date to transfer out for free? - I don't want to find I am paying TD to transfer out because things haven't yet changed.

I think TD are free anyway though it's not clear.

For ex TD customers the transfer out and the changes to the charging structure are two completely separate elements.

If you remain with II, from 11 December you will incur the new charges.

As a ex TD customer you can transfer out FoC (no transfer charges) up to October 2018. But, after 11 Dec you will start incurring the new £22.50 per quarter charges for all accounts held with II.

ermine

bowlhead99 wrote: »

So, you can't evaluate the ability of a standalone nominee company to provide a great secure service just by looking at its financial statements and having a discussion with its directors. It's a shell company, a special purpose vehicle which exists to hold things for other people. If we use its service really what we are buying is the services provided by the group of companies / businesses within which it sits.

That is really ghastly. I really didn't want to know that :eek:
And I was thinking of consolidating because keeping the individual S&S ISAs under the 50k FSCS limit is hard because they tend to rise of their own accord. Still, at least the impending surrender of what looks like an overvalued market can fix the latter problem I guess

EdGasketTheSecond

I think the 50K FSCS limit applies to cash held by the trading platform; don't think it covers invested money for which the nominee is responsible for keeping the register of holdings. Therefore assuming you are mostly invested I believe the limit is irrelevant? Maybe someone can confirm.

bowlhead99

EdGasketTheSecond wrote: »

I think the 50K FSCS limit applies to cash held by the trading platform; don't think it covers invested money for which the nominee is responsible for keeping the register of holdings. Therefore assuming you are mostly invested I believe the limit is irrelevant? Maybe someone can confirm.

It can depend on exact T&C's between you and the provider but generally:

If cash is held by the provider itself pending investment and they are not an authorised 'deposit taker' under FSCS rules then you get the investment cover (£50k) rather than the cash deposits cover (£85k) if the provider fails. If they are an authorised deposit taker (eg a bank) and they are holding your deposit then you get the £85k cover if they fail.

If a nominee co is holding your money on your behalf at a regulated deposit taker - eg ABC Nominees has a cash account with Lloyds Bank and it's that deposit taker that fails (e.g. your £80k in an S&S nominee account is sitting in a Lloyds bank account and Lloyds goes bust so the provider can't get your money back for you) then you may be able to get up to £85k coverage.

If the nominee or ISA firm bought shares on your behalf in XYZ investment trust plc or XYZ OEIC and the nominee goes bust then after the administration is sorted you will still be the owner of XYZ shares so usually no FSCS protection comes into play. Although maybe the shares will decline in value by 90% while you are waiting to get title back to be able to sell them on the market again.

If the platform said they'd followed your instructions and provided you with documentation showing they had bought shares in XYZ for you at £x a share but actually they just bought half that amount and pocketed the rest of your cash, then after they go bust and the fraud is discovered you will have to claim off FSCS for the first £50k of your loss because they no longer exist to pay you back. If it was only a pretty small scale fraud that's discovered but doesn't make them go bust, then they will still be around to compensate you and you won't have to ask the FSCS for compensation.

There are no doubt lots of other permutations.

tusk

Sometime over the weekend the logo changed from TD to II and now when I try to login I get an error message telling me to try latter!! Not a good start II. Is anyone else having this problem.

JohnRo

I'm able to log in without a hitch.

ermine

tusk wrote: »

Not a good start II. Is anyone else having this problem.

Works fine for me. They seem to have swapped the TD logo into the iii one but otherwise looks as it used to, same details work. I have initiated a transfer out. As a tip, if you go print portfolio you get a PDF that you can save to compare with what arrives in the other place.