Confusing costs & poor customer service

Interactive Investor www.iii.co.uk
★★☆☆☆
1.8
21.0% of users recommend this
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Guest's review of Interactive Investor www.iii.co.uk

“Confusing costs and poor customer service”

★★☆☆☆

written by on 03/06/2016

I've been a (small) monthly investor with II since 2007. I've had very little reason to contact them although when I did I got the impression they thought I was remedial. They might be right as I haven't been bothered enough to work out the pricing structure since it changed to a periodic fee. Which you may get back via trades. But might not. And some trades are a one price and regular trades are at another. Did I benefit from the lower regular trading fee or the commission rebate linked to trading? No idea. The order and trading history detail never seemed to specify or maybe its clear somewhere on the website and I just looked in the wrong places. However, apathy made me stay with them until they really annoyed me on three recent fund sales. I instructed them to sell the entire holdings of three funds but after the disposals I found I was left with nominal amounts of all three funds. When I challenged this they unapologetically blamed it on a rounding issue in their system which could not be remedied. They then offered to sell the holdings for a charge (why didn't they do this in the first place then????) or generously suggested I could relinquish the holdings at no cost. How kind. Again, I've no idea what happens to the nominal holdings after they are relinquished. Perhaps they pay for the II Christmas party. What I do know is I've sold lots of holdings through II and I don't recall ever having this problem before. As a result of this I'm going to give an alternative provider a try although I suspect II will make it difficult to close my account. It will probably involve charging me an incomprehensible fee which I'll be too lazy to understand.

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