iweb's new T&Cs

GringoGoesToVagas

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

But what they are saying is

• You’ll be able to invest regularly using our new, free regular investment plan service, without paying the usual £5 commission charge. • We’ve also updated our data privacy notice. To understand how Scottish Widows will manage your information, please view the full data privacy notice here.

IWeb Share Dealing will become Scottish Widows Share Dealing on 18 October. •

• Free regular investing - invest monthly through our new regular investment plan without paying any commission. • No account fee to hold your investments in a Stocks & Shares ISA or Share Dealing Account. • A £5 dealing commission per online trade. • Commission free international trading - with a 1.5% Foreign Exchange rate. • Access to the Scottish Widows app to trade on the go – available to download later this year.

You'll still receive the same Share Dealing service, with new features:

You can find out more information here.

So one minute they are saying it now free to trade and then they are saying the 5 pound fee still applies From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

• Section 4 – Applying for an Account: If you add a debit card to your account, we’ll validate this with your bank. • Section 18 – Regular Investments and Subscriptions: Regular Investments are a new feature of the Service. They allow you to fund and trade on specific dates each month.

What dose this mean; checking your new debit card with your bank? What happens if they is no bank in the first place? (like my newly ASDA cash master card). I may wish to pay or withdraw via a cheque 

wmb194

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

But what they are saying is

• IWeb Share Dealing will become Scottish Widows Share Dealing on 18 October. • You’ll be able to invest regularly using our new, free regular investment plan service, without paying the usual £5 commission charge. • We’ve also updated our data privacy notice. To understand how Scottish Widows will manage your information, please view the full data privacy notice here.

You'll still receive the same Share Dealing service, with new features: • Free regular investing - invest monthly through our new regular investment plan without paying any commission. • No account fee to hold your investments in a Stocks & Shares ISA or Share Dealing Account. • A £5 dealing commission per online trade. • Commission free international trading - with a 1.5% Foreign Exchange rate. • Access to the Scottish Widows app to trade on the go – available to download later this year. You can find out more information here.

So one minute they are saying it now free to trade and then they are saying the 5 pound fee still applies From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

• Section 4 – Applying for an Account: If you add a debit card to your account, we’ll validate this with your bank. • Section 18 – Regular Investments and Subscriptions: Regular Investments are a new feature of the Service. They allow you to fund and trade on specific dates each month.

What dose this mean; checking your new debit card with your bank? What happens if they is no bank in the first place? (like my newly ASDA cash master card). I may wish to pay or withdraw via a cheque 

One off trades will still be £5.

A once a month trade made via a regular investment that you setup will be commission free.

A prepaid debit card probably won't work, the T&Cs say it needs to be a debit card linked to your nominated account.

Isn't it terrible that they make it so hard for you to launder money. /s

https://share-dealing.iwebsharedealing.co.uk/Sharedealing/Public/DynamicContent/IWeb/IWebTermsAndConditions.pdf

eskbanker

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

[...]

From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

Are you under the impression that you signed up with (and presumably deposited into) a regulated investment company without accepting their terms of business?

GringoGoesToVagas

wmb194 said:

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

But what they are saying is

• IWeb Share Dealing will become Scottish Widows Share Dealing on 18 October. • You’ll be able to invest regularly using our new, free regular investment plan service, without paying the usual £5 commission charge. • We’ve also updated our data privacy notice. To understand how Scottish Widows will manage your information, please view the full data privacy notice here.

You'll still receive the same Share Dealing service, with new features: • Free regular investing - invest monthly through our new regular investment plan without paying any commission. • No account fee to hold your investments in a Stocks & Shares ISA or Share Dealing Account. • A £5 dealing commission per online trade. • Commission free international trading - with a 1.5% Foreign Exchange rate. • Access to the Scottish Widows app to trade on the go – available to download later this year. You can find out more information here.

So one minute they are saying it now free to trade and then they are saying the 5 pound fee still applies From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

• Section 4 – Applying for an Account: If you add a debit card to your account, we’ll validate this with your bank. • Section 18 – Regular Investments and Subscriptions: Regular Investments are a new feature of the Service. They allow you to fund and trade on specific dates each month.

What dose this mean; checking your new debit card with your bank? What happens if they is no bank in the first place? (like my newly ASDA cash master card). I may wish to pay or withdraw via a cheque 

One off trades will still be £5.

A once a month trade made via a regular investment that you setup will be commission free.

Can you set the trade up buy the shares and close down the trade straight away?

wmb194 said:

So one minute they are saying it now free to trade and then they are saying the 5 pound fee still applies From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

• Section 4 – Applying for an Account: If you add a debit card to your account, we’ll validate this with your bank. • Section 18 – Regular Investments and Subscriptions: Regular Investments are a new feature of the Service. They allow you to fund and trade on specific dates each month.

What dose this mean; checking your new debit card with your bank? What happens if they is no bank in the first place? (like my newly ASDA cash master card). I may wish to pay or withdraw via a cheque 

A prepaid debit card probably won't work, the T&Cs say it needs to be a debit card linked to your nominated account.

Do you think it wont work (the pre paid debit card) now or after the change has taken place?

wmb194 said:

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

But what they are saying is

• IWeb Share Dealing will become Scottish Widows Share Dealing on 18 October. • You’ll be able to invest regularly using our new, free regular investment plan service, without paying the usual £5 commission charge. • We’ve also updated our data privacy notice. To understand how Scottish Widows will manage your information, please view the full data privacy notice here.

You'll still receive the same Share Dealing service, with new features: • Free regular investing - invest monthly through our new regular investment plan without paying any commission. • No account fee to hold your investments in a Stocks & Shares ISA or Share Dealing Account. • A £5 dealing commission per online trade. • Commission free international trading - with a 1.5% Foreign Exchange rate. • Access to the Scottish Widows app to trade on the go – available to download later this year. You can find out more information here.

So one minute they are saying it now free to trade and then they are saying the 5 pound fee still applies From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

• Section 4 – Applying for an Account: If you add a debit card to your account, we’ll validate this with your bank. • Section 18 – Regular Investments and Subscriptions: Regular Investments are a new feature of the Service. They allow you to fund and trade on specific dates each month.

What dose this mean; checking your new debit card with your bank? What happens if they is no bank in the first place? (like my newly ASDA cash master card). I may wish to pay or withdraw via a cheque 

Isn't it terrible that they make it so hard for you to launder money. /s

https://share-dealing.iwebsharedealing.co.uk/Sharedealing/Public/DynamicContent/IWeb/IWebTermsAndConditions.pdf

Is it a crime to launder money? If you dont answer this one (like you did not answer before) Then I will presume that it is not and you are trying to accuse me of something I have not done in favor of your masters the Big6 on hear. And there on I will empasize how important it is to get out of there curupt system on go back to paper certificates locked away in our safes

GringoGoesToVagas

eskbanker said:

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

[...]

From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

Are you under the impression that you signed up with (and presumably deposited into) a regulated investment company without accepting their terms of business?

Yes, but I have not excepted there "new terms of business" that is called intrapment and is a prionable offence. These bankers need jailing!

eskbanker

GringoGoesToVagas said:

eskbanker said:

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

[...]

From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

Are you under the impression that you signed up with (and presumably deposited into) a regulated investment company without accepting their terms of business?

Yes, but I have not excepted there "new terms of business" that is called intrapment and is a prionable offence. These bankers need jailing!

Er, I think you'll find that the Ts & Cs (and the law) will allow reasonable changes but that, as above, if you don't wish to accept them then you can walk away instead.

Edit: yes - clauses 16.11 to 16.14 cover this.

david72

If you already have an account with IWeb, as you presumably do, you will have already agreed to the terms and conditions of the account (which can of course vary from time to time) when you opened your account.

They are explaining how your account terms will change as a result of becoming part of Scottish Widows (notwithstanding that we all know they are essentially the same company anyway). You are free not to accept any changes and close your account, but continuing to use the account is deemed acceptance. So far, so normal.

The £5 trading free still applies unless you make a trade via the (new to IWeb) automated regular monthly investment scheme (whereby presumably all investments in the same fund or share by all relevant customers are processed in bulk in one go, saving IWeb/Scottish Widows multiple transaction costs, so they therefore absorb the fractional trading cost that would otherwise be yours - saving through bulk buying, essentially).

Checking your debit card presumably means that they use some system to check that the debit card belongs to you (often card payment processing is done by a third party processor, so it is possible that IWeb might not otherwise "see" the card details and you could otherwise deposit via anyone's debit card (if you have the necessary card details and their permission!)). Probably all part of ever-tightening anti-money-laundering checks?

I don't know what "ASDA cash" is, but if it's a "top-up" payment debit card rather than one directly associated with a corresponding current account, it is possible that they may then no longer accept these, again presumably for anti-money-laundering reasons?

masonic

I feel this thread is leaning heavily on Article 10 of the Human Rights Act.

GringoGoesToVagas

eskbanker said:

GringoGoesToVagas said:

eskbanker said:

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

[...]

From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

Are you under the impression that you signed up with (and presumably deposited into) a regulated investment company without accepting their terms of business?

Yes, but I have not excepted there "new terms of business" that is called intrapment and is a prionable offence. These bankers need jailing!

Edit: yes - clauses 16.11 to 16.14 cover this.

And what are they then?

eskbanker

GringoGoesToVagas said:

eskbanker said:

GringoGoesToVagas said:

eskbanker said:

GringoGoesToVagas said:

Just had an email from them stating the above. Well first off (as we learnt before in an earlier post). This is not a contract and I have not agreed to it so defently no contract hear

[...]

From 18 October 2025 you can log in and view your account(s) on the Scottish Widows website. Your log in details and account number will stay the same. If you’re happy with these changes you don’t need to do anything. If you feel these changes aren’t for you, you can close or transfer your account at any time. There’s no charge to transfer, but any outstanding fees must be paid.

But I never agreed to them in the first place so they are irelivent

Are you under the impression that you signed up with (and presumably deposited into) a regulated investment company without accepting their terms of business?

Yes, but I have not excepted there "new terms of business" that is called intrapment and is a prionable offence. These bankers need jailing!

Edit: yes - clauses 16.11 to 16.14 cover this.

And what are they then?

The paragraphs within the Ts & Cs that you originally agreed to (however implicitly), permitting them to change those terms for various (but not unfettered) reasons.

GeoffTF

GringoGoesToVagas said:

And there on I will empasize how important it is to get out of there curupt system on go back to paper certificates locked away in our safes

"The government therefore intends to:

• Legislate to end the issuance of paper shares and require companies to replace paper share registers with digitised share registers. The government aims to deliver this by the end of 2027 at the latest, with a precise date to be determined by the recommended Technical Group."

https://www.gov.uk/government/publications/digitisation-taskforce-july-2025/government-response-to-digitisation-taskforce-final-report