X-O (Jarvis) online platform to close in the summer

tel_

GeoffTF said:

If you have a large portfolio staying below £85K is impractical. That is 12 accounts per £million. iWeb is owned by Lloyds bank, which reassures most people.

Exactly GeoffTF, thanks for putting it way better than I did. And yes, iWeb is owned by Lloyds, not Halifax - I'm getting them mixed-up!

I will do some research as I always do, but my initial thoughts are to consolidate with iWeb, and they have no ongoing platform fees either like x-o.

Hoenir

tel_ said:

I already hold an iWeb account with a fund & ETF in it, and am seriously considering transferring my x-o account into it. 

Only issue is it will then go over the 85k protection, but is that really a big concern, especially as many people with greater wealth hold six figure sums in them?

I already have T212, Invest Engine and IBKR accounts, which I regularly contribute into, so consolidating would be a good thing for me.

As iWeb is owned by Halifax, I'd rather consolidate into them rather than into the lesser-known T212, IE etc.

Any thoughts I'd gratefully receive.

Unlike bank deposits. Investments are not held directly by the companies concerned. They are held in nominee form in separate limited companies. A  highly regulated environment. 

GeoffTF

tel_ said:

GeoffTF said:

If you have a large portfolio staying below £85K is impractical. That is 12 accounts per £million. iWeb is owned by Lloyds bank, which reassures most people.

And yes, iWeb is owned by Lloyds, not Halifax - I'm getting them mixed-up!

Halifax is brand name of Lloyds.

GeoffTF

There is nothing in the company announcement about why the execution only business is being sold:

https://www.research-tree.com/newsfeed/article/jarvis-securities-sale-of-retail-brokerage-strategic-direction-2809813

Hoenir

Read the entire RNS. The entire businessy is being wound up. The company will ultimately be liquidated. 

The aim is to extract as much value from the retail business as is possible for the shareholders. Though I for one have decided to walk in a different direction. 

sprocket1

Set up an account with Trading212 but it's horribly complicated getting id'd, especially if you use a pc rather than a phone.  After checking with this forum, I've set up an accouny with iweb, delightfully simple.  It will cost me a little more than T212, but no more than XO

JenniferK

Do you need to tell X-O that you are transferring or just leave it to IWEB?

Hoenir

JenniferK said:

Do you need to tell X-O that you are transferring or just leave it to IWEB?

X-O have asked to be informed. I imagine that they will mark the account accordingly. Bound to be delays initially in transfers being originated. 

sprocket1

I have one ETF that is not covered by iWeb and it's in an isa where I have uses this years allowance and do not have enough cash to sell it.  I am asking X_O to give me free trades - but I suspect they may tell me to wait until I have dividend income.  Anyone else with similar issues?

clivep

sprocket1 said:

I have one ETF that is not covered by iWeb and it's in an isa where I have uses this years allowance and do not have enough cash to sell it.  I am asking X_O to give me free trades - but I suspect they may tell me to wait until I have dividend income.  Anyone else with similar issues?

Surely they'll take the dealing fee from the sale proceeds?