Incompetent staff

Interactive Investor www.iii.co.uk
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White-rose's review of Interactive Investor www.iii.co.uk

“Incompetent staff”

★☆☆☆☆

written by White-rose on 14/07/2016

Before I transferred a maturing employer SAYE to my iii ISA, I asked iii about the price that will be used to determine the contribution for the annual allowance. Their reply was iii uses the previous year allowances and the current share price so I transferred the share holding.

The full holding was credited to my account, then two days later 95% was transferred out of the ISA! I queried this, told it was an admin error, and iii put 90% back into the ISA. Again queried why only 95% when shares X price on date of transfer less than ISA allowance. Told it was based on the share price on the day they received the transfer request. However, by the time the transfer actually took place the share price had fallen 15% due to Brexit vote.

If my first enquiryhad been answered properly I would not have applied to transfer the shares as I could have worked it out that the market value of the shares was just over the annual ISA allowance. I even mentioned this in my first enquiry!

Their complaint settlement was I can have a free share transfer from the ISA account to the Trading account, but I will lose the 2016/17 ISA allowance! I am going to report this to HMRC but won't hold my breath.

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