First Direct share dealing

In the past 2 weeks, I used first direct share dealing for ISA and regular transactions, and it deals UK stocks only, forget other markets. Online transactions frequently fail (transferring money to ISA), and in the last week they failed to settle share transactions to my bank account for 4 consecutive days. Never had such problems with other providers.

To add insult to injury, first direct locked my online access to my own money when I repeatedly complained about first direct's share dealing service playing up (accounts not settled for several days, transfers to ISA repeatedly refused due to first direct's online system problems), and as usual, I requested return response by secure electronic message.

First direct then called me FROM A WITHELD NUMBER, and requested my security details. I even gave them DOB but then realized it could well be a phishing call (no telephone number to verify who called me), so I pointed out to first direct that I had no way of verifying who is calling, once again requested them to respond by electronic message, hanged up the phone, and thought no more of it. I have security dongle for online access, and use internet banking only, I do not even remember my telephone passwords anymore.

The next day when I tried to see my bank account, my online banking access was locked out (with a message to call showing only after I typed in my secure dongle sequence and password), and you guessed it, the only way to reset online security is by using far less secure telephone system.

Frankly, when my wife and myself joined first direct 14 years ago, it used to be the best online internet banking service around. Now, I cannot recommend strongly enough that you avoid it if you can, these people must have lost the plot and show utter contempt for customers.

I tried to buy a stock that is listed on the AIM market today using my First Direct stocks and shares ISA. Despite the government’s change of rules that now allow you to hold AIM stocks in your ISA, First Direct won’t let you! But why? Well I called them up and I was told that the ‘fund manager’ had chosen to ignore the new rules and decided AIM stocks are too risky. My response was; I have a self-select product as I don’t want a fund manager making decisions for me.

I will therefore be closing my trading account with them as soon as I can open a new ISA elsewhere.

p.s it is also a very clunky online platform.

First Direct share dealing:

With a service like this there aren't a huge number of things on which to pass judgement. Have they ever cocked thinsg up? No. Do they execute my trades in a timely fashion? Yes. Are the good avlue for money? Well a couple of quid off each trade would be nice....

Only other thing is that it's an online service, but things like 2 for 1 rights issue notifications come in the post, and if you are like me and don't open letters from your bank then sometimes you miss the offer.