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

Hoenir

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?

Fees are deducted from sales proceeds. No requirement to hold a cash balance. 

someone

ali1947fish said:

people here just comment about the monthly fee- you have to see things in the round-XO doest allow you to vote without a 20 pounds fee or ask questions at agms. in addition i have read on a respected platform that the FCA has forced xo to do this- the reason for the intervention is not mentioned? as to the fees 50 or 60 pounds per year is neither here not there if there is an opportunity to deal for less than 5 pounds which is cheaper than xo. some one has mentioned AJ bell as the preferred broker to transfer to and they are very good- iam interesd in your reponse to this please comment

I thought it was they had agreed with the FCA to close to new business given they are winding up and transferring the customers? Suspect it’s just to avoid anyone grumbling about miss selling and to protect consumers.

wmb194

someone said:

ali1947fish said:

people here just comment about the monthly fee- you have to see things in the round-XO doest allow you to vote without a 20 pounds fee or ask questions at agms. in addition i have read on a respected platform that the FCA has forced xo to do this- the reason for the intervention is not mentioned? as to the fees 50 or 60 pounds per year is neither here not there if there is an opportunity to deal for less than 5 pounds which is cheaper than xo. some one has mentioned AJ bell as the preferred broker to transfer to and they are very good- iam interesd in your reponse to this please comment

I thought it was they had agreed with the FCA to close to new business given they are winding up and transferring the customers? Suspect it’s just to avoid anyone grumbling about miss selling and to protect consumers.

It’s been in trouble for the last couple of years. IIRC something do with asset safeguarding and not having competent, skilled people on the corporate side of its business - not the retail stockbroker, I don’t think.

It’s cost a lot of money not to fix the issues to the FCA’s satisfaction and quite a few of its corporate clients left and it couldn’t replace them so it appears to have decided the solution is to wind up the company. In these circumstances it makes sense you would close to new business.

Hoenir

wmb194 said:

someone said:

ali1947fish said:

people here just comment about the monthly fee- you have to see things in the round-XO doest allow you to vote without a 20 pounds fee or ask questions at agms. in addition i have read on a respected platform that the FCA has forced xo to do this- the reason for the intervention is not mentioned? as to the fees 50 or 60 pounds per year is neither here not there if there is an opportunity to deal for less than 5 pounds which is cheaper than xo. some one has mentioned AJ bell as the preferred broker to transfer to and they are very good- iam interesd in your reponse to this please comment

I thought it was they had agreed with the FCA to close to new business given they are winding up and transferring the customers? Suspect it’s just to avoid anyone grumbling about miss selling and to protect consumers.

It’s been in trouble for the last couple of years. IIRC something do with asset safeguarding and not having competent, skilled people on the corporate side of its business - not the retail stockbroker, I don’t think.

It’s cost a lot of money not to fix the issues to the FCA’s satisfaction and quite a few of its corporate clients left and it couldn’t replace them so it appears to have decided the solution is to wind up the company. In these circumstances it makes sense you would close to new business.

Company founder is retiring. Probably been looking to sell the business for some time.  There's now a new generation of competitors. No one need buy the business to win new customers. 

Majority of SIPP accounts were transferred to AJ Bell last December. Probably some consideration for this. 

wmb194

Hoenir said:

wmb194 said:

someone said:

ali1947fish said:

people here just comment about the monthly fee- you have to see things in the round-XO doest allow you to vote without a 20 pounds fee or ask questions at agms. in addition i have read on a respected platform that the FCA has forced xo to do this- the reason for the intervention is not mentioned? as to the fees 50 or 60 pounds per year is neither here not there if there is an opportunity to deal for less than 5 pounds which is cheaper than xo. some one has mentioned AJ bell as the preferred broker to transfer to and they are very good- iam interesd in your reponse to this please comment

I thought it was they had agreed with the FCA to close to new business given they are winding up and transferring the customers? Suspect it’s just to avoid anyone grumbling about miss selling and to protect consumers.

It’s been in trouble for the last couple of years. IIRC something do with asset safeguarding and not having competent, skilled people on the corporate side of its business - not the retail stockbroker, I don’t think.

It’s cost a lot of money not to fix the issues to the FCA’s satisfaction and quite a few of its corporate clients left and it couldn’t replace them so it appears to have decided the solution is to wind up the company. In these circumstances it makes sense you would close to new business.

Company founder is retiring. Probably been looking to sell the business for some time.  There's now a new generation of competitors. No one need buy the business to win new customers. 

Majority of SIPP accounts were transferred to AJ Bell last December. Probably some consideration for this. 

This might be the convenient excuse.

sjw1

Just signed up to iWeb and about to start the transfer process and I get this message:

This is 'normal' yes - but I assume will delay the process a little?

In my Jarvis account it lists the shares I have - with a 'bought' price too.  I assume this is to 'help' if CGT etc. is relevant.  Is this information transferred across to iWeb too?

Futuristic

sjw1 said:

Just signed up to iWeb and about to start the transfer process and I get this message:

This is 'normal' yes - but I assume will delay the process a little?

In my Jarvis account it lists the shares I have - with a 'bought' price too.  I assume this is to 'help' if CGT etc. is relevant.  Is this information transferred across to iWeb too?

No, your history and avg price data is never transferred across brokers. The new broker will always show the buy price from the date they received your shares/stocks. 

GeoffTF

sjw1 said:

In my Jarvis account it lists the shares I have - with a 'bought' price too.  I assume this is to 'help' if CGT etc. is relevant.  Is this information transferred across to iWeb too?

No chance. You cannot rely on brokers' numbers for capital gains tax base costs anyway. iWeb customer services may input buy prices for you if you ask them.

sjw1

Thanks.  And just to make sure, as long as iWeb trade in the stocks being transferred, the in specie transfer is just an electronic transfer (besides the wet signature requirement) of the shares from X-O to iWeb - no costs or losses at all.

Hoenir

wmb194 said:

Hoenir said:

wmb194 said:

someone said:

ali1947fish said:

people here just comment about the monthly fee- you have to see things in the round-XO doest allow you to vote without a 20 pounds fee or ask questions at agms. in addition i have read on a respected platform that the FCA has forced xo to do this- the reason for the intervention is not mentioned? as to the fees 50 or 60 pounds per year is neither here not there if there is an opportunity to deal for less than 5 pounds which is cheaper than xo. some one has mentioned AJ bell as the preferred broker to transfer to and they are very good- iam interesd in your reponse to this please comment

I thought it was they had agreed with the FCA to close to new business given they are winding up and transferring the customers? Suspect it’s just to avoid anyone grumbling about miss selling and to protect consumers.

It’s been in trouble for the last couple of years. IIRC something do with asset safeguarding and not having competent, skilled people on the corporate side of its business - not the retail stockbroker, I don’t think.

It’s cost a lot of money not to fix the issues to the FCA’s satisfaction and quite a few of its corporate clients left and it couldn’t replace them so it appears to have decided the solution is to wind up the company. In these circumstances it makes sense you would close to new business.

Company founder is retiring. Probably been looking to sell the business for some time.  There's now a new generation of competitors. No one need buy the business to win new customers. 

Majority of SIPP accounts were transferred to AJ Bell last December. Probably some consideration for this. 

This might be the convenient excuse.

I'd be interested to know what your conspiracy theory is.