Have been trying to move to iWeb since the beginning of December after years of poor service. Am still waiting so now know I have made the right decision. The straw that broke the camels back was the added charges on the linked accounts.
Two weeks now gone in January and still waiting for the transfer . So it has taken six weeks and counting
I think that I can honestly say that in the many years (10+ at least) I have never suffered the platform being down and being unable to trade. Occasionally at the weekend I have encountered the site being down for maintenance for a period, but its always been back up sometime the same day.
I cant really compare it with ii as I have never used ii. I invest only in stocks and investment trusts. For me the process of doing a trade can be summarised as follows:-
1. If selling press the green (buy / sell) button next to the stock in your portfolio. If buying search for the stock using the search facility, select it to get to the "Factsheet" and select the green "deal" tab.
2. This will bring you to a page where you have to select "Buy" or "Sell" using radio buttons (Sell will be greyed out if you dont currently hold the stock), enter a quantity and your trading password.
3. You will then be presented with a box containing a summary of the trade together with all of the components of the pricing, stamp duty, commission etc. This box contains a countdown timer which runs for 15 seconds and you have to press Accept during that time to execute the trade. If you let it time out then you have the option to Requote or Cancel.
4. If you Accept the trade then you account balance is immediate debited/credited and the stock appears or disappears from your portfolio.
5. Trades are performed at what appear to me to be best execution prices. On completion of the trade they tell you how much that process has saved you.
6. On my PC its all very quick and efficient, no significant delays at all. But then I have as fast PC and 100MBit broadband, cant speak for how it works if you are working with something less capable.
I think HL are known for offering a very wide range of investments (Funds, ETFs etc.) that you can invest in. In the last few days this set has been reduced quite drastically as a result of the introduction of MIFID 2 & PRIIDS probably due to the investments not having KID documents. Hopefully this will be resolved over time and these documents get supplied.
Customer service over the phone is very good, never been kept waiting. There is also a secure messaging facility and on most occasions any issues I have raised via that route have been resolved within 2-3 business days.
Hope that helps. If you have any other specific questions dont hesitate to ask.
Re: iWeb They were taken over by Halifax Sharedealing in 2003, and became part of Lloyds Banking Group in 2009. I've not used them myself but might check them out. Currently very annoyed with III as I've missed a sell opportunity this a.m. Not a large sum of money but a 3% profit from a stock I bought on Friday afternoon so would have been a nice quick win.
Yes, I think getting your new Broker to deal with the ISA is the best route. As for the cash, this can be done in a day if they want to. If after your instruction, they haven't completed the transaction within 1 week, I would call customer services, and give them 24 hours to get the transaction completed otherwise you will contact the Financial Ombudsman. Any spurious reason the give about only being able to transfer a certain amount is garbage. How much commission do you pay them? They are notorius for telling you that another department has to do something or someone is not available. One week or else and mean it.
Sorry for all of the problems you guys on ii are having, must be really frustrating.
Sounds like Hargreaves Lansdown (my broker) may do well out of this situation gaining new accounts from dissatisfied ii clients - as indeed they did when Barclays introduced their new platform late last year.
For what its worth I would say that HL are excellent at customer service, paying dividends and things like that, I am very happy with them as my broker. But anyone thinking of transferring needs to make sure that they are happy with the charges, particularly those listed at the link below:-
Anyone holding funds should take particular note of the charges levied for holding funds in your portfolio and the currency fees that apply if you invest in overseas stocks, which are quite significant I think. Personally I dont invest in funds at all, I only hold shares and investment trusts (to which these charges do not apply) so the fund charges do not affect me. However the overseas share dealing fees are significant enough to have personally discouraged me from investing in stocks denominated in other currencies. But these are just my personal views, others might think differently.
I am sure though that there are many cheaper brokers out there these days.
I'm also thinking of moving. Been II customer for nearly 10 years, really hated to have to change platform, but the system instability since the merger leaves me no choice but to go elsewhere. I've been doing a bit research on the alternatives and shortlisted the following two:
I still reckon you will have to wait weeks for any ISA transfer away from III. I commenced transfer 25/10 & it took till mid December for the transfer & only after I constantly got in touch with them. No funds involved just straight shares and IT's. Delay included the cash part.
Also I am still in limbo as shares with dividends that held the record date when still at III are still being paid to III even though the accounts are closed. I have to keep contacting III to see where the dividend payment has gone & request transfer to my new provider IWEB. I reckon it will be end of Jan when I can finally totally break free from III.
I have raised a formal complaint with III but not confident they will follow the strict regulation timescales for dealing with it.
Transferring your ISA will not lose you the tax free status. I transferred my share ISA from II as it is not competitive. It takes a while (in normal conditions) but it is a tried and tested process. It is 'pulled' by your new chosen ISA provider.
Your cash should be no problem just depending on the bandwidth they will allow you for transfer. It may be possible to do it in one lump but sometimes they impose a limit, eg 10K so it takes a few goes if you have a big wad.
Re the ISA, I'd give the problem to your new broker, they have everything to gain and being in the business may have better inroads to sorting matters.
"None of this majorly surprises me. You should look to switch away but BEWARE it will take you ages and you will constantly be advised by III that any delay is your new provider fault.
Wouldn't surprise me if III are looked at by the regulator. Certainly not a company i would trust to hold my investments. Hence my decision to switch away."
This tallies with others' experiences. Many are left in limbo with no access to their accounts or funds for well over 2 months. Some of those who initiated transfers many weeks ago are still being docked quarterly charges.
Today's problems look more worrying than a mere glitch. Something's gone seriously amiss. Their site seems in complete meltdown. Hopefully not a hacking job.
Having logged in some 40 mins ago & seeing my personal details, I find all my investments still missing, my cash balance & my transaction history all gone. I couldn't buy or sell if I wanted to.
This now over 2 hours into a trading day, with some experiencing similar issues on Friday afternoon.
Right now, the only thing stopping me from going for a transfer immediately is that I hold vulnerable CNA shares in profit & my ITV recovering (my BARC shares can sit for longer). I want to take profits on CNA at least before their update on 22nd Feb. So can't risk being in limbo for over 2 months.
As for iii? I'd expect a better service from a discount broker, as one has every right. But for a large broker to see so many problems... never known anything like it before in nearly 9 years of trading! Beyond poor. - All the best!
Finally managed to get on!!! Still will be setting up a test with another broker and seeing how that goes as a prelude to moving. Am I any safer with iWeb or Halifax, I guess the cash compensation rules are still £50K but shares are yours even if the broker goes into administration as they have to place them in a separate protected account. That said I guess at least with Halifax I know the underpinning is Lloyds whereas no idea who owns iWeb.
FYI - iii have posted something up on Twitter, as below:
"Sorry, we are experiencing website issues so customers are unable to login. We are working urgently to fix this. Please call us to trade."
The Twitter feed appears to be actively monitored, that might be the best route to express real-time views, etc, on the situation?
There is no shortage of trading platforms, and they will know these (recurring) issues will cost them business, clients... possibly even their viability, if their act remains distinctly ungotten-together. I would imagine, customers are in a pretty strong position when it comes to seeking redress, compensation, etc... don't hold back!
On a selfish note - as an avid user of these boards but not actually a trading client of iii - I merely express the hope that if any similarly active board members choose to take their trading business elsewhere (and who would blame them), they will continue to retain an active and valuable presence on here.
Can't believe this is still broken, I couldn't trade for the last hour on Friday, come back expecting everything to have been fixed over the weekend and it's still broken! I never had any problems like this with TD Direct, this is so disappointing!
In 2007 I had exactly the same problem with TDW. This should be done within a week, at most. Phone the financial ombudsman, explain the situation. He will tell you to write an email. Remember to point out, 'the loss of opportunity'. I got £500 compensation.
Remember TDW understand two things: 1) Customers leaving 2) Paying out compensation.
Patently, their call centre is woefully understaffed
So I have I now. But all my investments missing, my cash balance missing, I couldn't buy or sell even if I needed to. In other words, hopeless! I'm on Mac using Chrome. Never has these issues with other financial sites. - All the best!
Oops, spoke too soon. Apologies.
I had the login loggo. Entered details then posted message. When i switched back to trading page it told me i had entered the wrong details. Repeatedly.
Tried another account and can't get past the user name page.
Now checking out IWeb.
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