iii introducing quarterly £20 charge

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  • miller
    miller Posts: 1,626
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    I have switched my dividends to not reinvested. The Centrica final dividend of 11.11p should cover my first quarterly fee without them raiding my current account via my debit card (without authorisation). Gives me some time to plan my next course of action.
  • Optimist
    Optimist Posts: 4,556
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    There seems to be a standard response to people who complain to III. I would suggest this is because people are not marking their complaints as "Formal Complaints"

    I have made a formal complaint both via secure messaging and direct to the CEA to which I have not yet had a response, although they are allowed a certain time to do so.

    The main point of the complaint is that they are making a fundamental change in their T@S without giving me the option to leave with no or minimal cost.

    This is contrary to the Unfair Terms in Consumer Contracts Regulations 1999 and is also contrary to FSA guidelines

    http://www.fsa.gov.uk/static/pubs/guidance/fg12_02.pdf para 3.16 refers

    They haven't responded yet, if and when they do and it is in the negative I will go to the Ombudsman.

    Not sure when everyone else got their notice but mine was received yesterday afternoon and they don't seem to have noticed that there are 2 bank holidays this month ergo they haven't fulfilled their legal obligation of 20 working days notice.
    "The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."

    Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)
  • Optimist
    Optimist Posts: 4,556
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    edited 1 June 2012 at 8:19PM
    kfm wrote: »
    How much does it cost III when a complaint (whether or not it is upheld) is referred the Ombudsman?

    Surely, it's cheaper for them to get rid of us and pay for our transfer than it is for them to have to deal with the FOS?


    I believe it is £300....

    Edit they seem to have had a price rice since the last time I was involved with them. It is now a £500 case fee
    "The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."

    Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)
  • dunstonh
    dunstonh Posts: 116,040
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    How much does it cost III when a complaint (whether or not it is upheld) is referred the Ombudsman?

    Surely, it's cheaper for them to get rid of us and pay for our transfer than it is for them to have to deal with the FOS?

    It is £500 although the FOS can remove it if the complaint is classed as frivolous.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Perelandra
    Perelandra Posts: 1,060 Forumite
    miller wrote: »
    I have switched my dividends to not reinvested. The Centrica final dividend of 11.11p should cover my first quarterly fee without them raiding my current account via my debit card (without authorisation). Gives me some time to plan my next course of action.

    Probably wise. A 3-month delay will cost about £20, and might help avoid moving to someone else who ends up changing their structure as well...
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    Surely this is not what we signed up for but they have a right to charge fees but NOT such high costs for exiting shares. I have 15k worth of shares and do not make any additions anymore just holding this in an ISA and half in share dealer due to them being AIM etc.

    We MUST write to complain and hope that they waive the fees.

    I will be transfering to HL who i hold some funds with
  • gingellr
    gingellr Posts: 47 Forumite
    edited 1 June 2012 at 10:06PM
    Selftrade today have changed their charges, now there is no admin charges if you make 1 deal or more per quarter, they also reimburse transfer exit fees upto £100 per account max of £300.

    My exit charges from my ii isa will be £135 but I will get £100 back from selftrade so at least it will only cost me £35 to move my stocks then zero admin fees, they also do regular investments of £1.50 per deal.

    I have made an official complaint to II but cant see it doing any good by what they said on the phone.
  • RAFFin
    RAFFin Posts: 1 Newbie
    Anyone know roughly how much it costs to transfer out and close an iii ISA account please? I can't find the info on their site and I am just sick of their appalling treatment of me since about last November. They were taking weeks and weeks to pay a dividend, then weeks and weeks to (DRIP) reinvest them. They completely ignored my messages so since January I have been selling shares when possible (not easy given the state of flux of the market). I still have 2 lots of shares with them but this last £20 charge, with hardly any time to transfer out before the first payment hits (1st July I think). They are a total shower and I advise anyone not to touch them with a barge pole. I may yet make a complaint to the OFT/FSA. I have already complained to iii. Many thanks.
  • guitarman001
    guitarman001 Posts: 1,052 Forumite
    Conflicting messages regarding the cost of exiting the iii accounts.....

    FURTHER, what about TRADING HISTORY. Is that 'send along' to any new account? Or had you best print it off?

    I'm on holiday until next week so can't take any immediate action with this.

    Thanks!
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    edited 2 June 2012 at 5:40PM
    Conflicting messages regarding the cost of exiting the iii accounts.....
    No closure fee as such.
    £10 per item to sell shares. And the spread.
    £0 to sell funds at present, £10 per item from 1st July. (Edit: no sorry that's not right.)
    £15 to transfer as stock.
    FURTHER, what about TRADING HISTORY. Is that 'send along' to any new account?
    Nope. And your profits/losses are likely to be reckoned by the new broker from the transfer value, not from what you originally paid.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
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