IG the answer this whole time?!

Disjoint

Following Cavendish not being allowed to exists any longer I've been exploring my options (Fidelity taking over, and likely charging too much).
One of my options was to open an account with iWeb - however, as we recently moved countries it's been proving more complex than I thought. We already have an IG account to trade single stocks for part of the ISA (no foreign FX fees on US shares, not too shabby given everyone else charges 1%). I just realised that IG carries some funds of their own and various ETFs, albeit none of the funds I currently hold with my Fidelity platform - but given I would pay virtually no fee to move all my money to IG as I already trade for £24 per quarter it just seems to make complete sense - I'd exit all funds I currently hold at Fidelity and find equivalent funds. 
Anyone uses IG to buy funds? And if yes, have you been happy with the choice? Any information as to fund selection with IG is more than welcome. Also for sanity check, the only fees I would have to pay at IG are the £24 quarterly fees correct?

In the event of IG going bust I read the following:  "If we or our third party nominee were to become insolvent there may be delays in identifying individual assets, and possibly an increased risk of loss if there should be a shortfall because additional time will be needed to identify the assets held for specific clients. In addition, in the event of an unreconciled shortfall caused by the default of a custodian, you may share proportionately in that shortfall." if you have let's say £50k in cash, that is protected by the cash protection scheme I imagine and if you have an additional £50k in stocks then those are all entirely at risk according to the above?

Dird

Trading212 would be an alternative. For now I'm just leaving my SIPP with Fidelity but will move it to Vanguard if they raise the fees or Trading212 if they offer a free SIPP by that point

Disjoint

Dird said:

Trading212 would be an alternative. For now I'm just leaving my SIPP with Fidelity but will move it to Vanguard if they raise the fees or Trading212 if they offer a free SIPP by that point

A bit worried about those new platform for the time being in all honesty - I think it's fantastic what they do and if the amount were smaller I'd go straight to them, but as I am trying to consolidate all my ISAs in one place I want to make sure I get the whole CFTC etc.. thing

Dird

Up to you ultimately but I've never heard of IG and I while my ISA is with iWeb I wouldn't think of them as anyway safer than T212 considering they haven't updated their website in 10 years it seems and 1 of my funds says it has grown 9000% on the site. Downside of T212 is it only has ETFs, no traditional funds unlike iWeb

Disjoint

Dird said:

Up to you ultimately but I've never heard of IG and I while my ISA is with iWeb I wouldn't think of them as anyway safer than T212 considering they haven't updated their website in 10 years it seems and 1 of my funds says it has grown 9000% on the site. Downside of T212 is it only has ETFs, no traditional funds unlike iWeb

iWeb belongs to Lloyds Banking Group - it's their cheap platform to get "moneysavingexperts" like us on board. Out of the 3 mentioned definitely the "safest", whatever that means in today's world. IG is publicly listed and discloses all of its financials and has been trading for a very long time - they are very big in the CFD space. Seems that T212 is similar to IG in product offering, but following a couple of broker defaults, the idea of having to wait many months (years) to get my assets back I prefer to go with a platform I am able to do my due diligence on

Dird

Disjoint said:

iWeb belongs to Lloyds Banking Group

True but presumably they can be left to fail separately to the rest of LBG if not profitable? Although it would involve closing all of Halifax Share Dealing Limited

Thrugelmir

Dird said:

Up to you ultimately but I've never heard of IG 

IG Group is a listed company on the LSE with a market cap in excess of £3 billion. 

Eco_Miser

Dird said:

Disjoint said:

iWeb belongs to Lloyds Banking Group

True but presumably they can be left to fail separately to the rest of LBG if not profitable? Although it would involve closing all of Halifax Share Dealing Limited

If LBG were to try to rely on Halifax Share Dealing Limited being a limited company to get out of paying any debts of a failing HSDL, I imagine a great number of people would lose all confidence in all parts of LBG, not to mention all the questions being asked by the regulator, and in Parliament.

If Iweb is not profitable, all the accounts could be moved to HDSL terms. If the whole of HDSL is not profitable, it could be sold off or closed down without actually failing.

Albermarle

Dird said:

Trading212 would be an alternative. For now I'm just leaving my SIPP with Fidelity but will move it to Vanguard if they raise the fees or Trading212 if they offer a free SIPP by that point

The free trading/ISA that Trading212 offers , is a loss leader to get customers signed up and hopefully get them on to more profitable things like CFD trading . So it seems unlikely they would offer a more complex admin heavy SIPP for free at any point.

Alexland

Eco_Miser said:

If Iweb is not profitable, all the accounts could be moved to HDSL terms. If the whole of HDSL is not profitable, it could be sold off or closed down without actually failing.

There are likely so many shared costs between the iWeb and HSD brands that the isolated profitability of iWeb might depend on decisions made around the apportionment of internal costs. If you assume that they have all the fixed costs of running the HSD platform anyway then the iWeb costs might just be the incremental variable costs of servicing some additional customers. You can see the latest HSD accounts on Companies House - profit before tax of over £7.3m on £28.7m revenue. A good stable business that has been growing nicely for them over the years.