Iweb woes

[Gerry557]

Tried to do a top up this morning with Iweb on the tablet. Unfortunately I ended up funding the trading account not the ISA by mistake. Both accounts look the same. So ended up buying in the wrong account.

Unfortunately I'm now stuck with the problem of rectifying the situation. What makes this worse is its the second time this month I've made the same mistake. Fortunately on that occasion the error was spotted before the buy and I was able to make a second transaction in the ISA account.

There is no way to transfer between the accounts and Iweb's suggestion was to sell and rebuy with additional associated costs. Currently I'm in profit so potentially ctg issues but there is time before any dividends are paid.

The other solution suggested was to set the ISA account to default. This is already the case. So what more can I do to prevent this mistake from happening again.

Obviously in human factors terms, a website redesign or some differential such as colours might help identify accounts or the ability to hide the trading account.

I suspect the only option is to raise it further with the fca.

[BobbyD]

There is no way to transfer between the accounts and Iweb's suggestion was to sell and rebuy with additional associated costs.

That's not IWeb that's da law!

I've made that mistake once before, as it happens on a different site. My solution was to stop placing trades when I have a migraine. I also make a point of trading on a PC with ample monitors, so I can have one full screen window per transaction even when buying on one side of a tax wrapper and selling on the other, and I'm not above going back a page to confirm details which for some reason don't show up on the trade confirmation screen.

If any of the brokers I use do much more to differentiate their account screens than changing the account display name I'm not aware of it. IWeb do display the remaining subscription on the portfolio page.

I'm not sure what remedy you are hoping for from the FCA, and suspect you will have far more luck modifying your trading routine to avoid the issue you have clearly identified. Tablet apps are great, but I'd start by trading from a full size monitor where the information you need is laid out more clearly in an easier to process format.


What is slightly annoying about IWeb is that there is currently no way to transfer cash from dealing account to ISA without using online chat to ask them to do it for you which is frankly just weird.

[SPURLEY]

I would think if your Iweb account is set to ISA by default then how can you fund the share dealing by mistake . I opened an account with Iweb about 2 years ago and being new to the site I bought about 4 different shares and a few days later realised I had bought them in the share dealing account . I phoned them to complain that when I opened the account I only opened it to buy shares into an ISA . Their response was that I was set up on the dealing account outside of isa by default , and that several new clients made the same " mistake " . They sold the shares free of commission and re bought them into my ISA account again free of commission and also without having to pay stamp duty . I always then made sure I was on my ISA account when adding funds to buy .

[Gerry557]

There is no way to transfer between the accounts and Iweb's suggestion was to sell and rebuy with additional associated costs.

That's not IWeb that's da law!

I've made that mistake once before, as it happens on a different site. My solution was to stop placing trades when I have a migraine. I also make a point of trading on a PC with ample monitors, so I can have one full screen window per transaction even when buying on one side of a tax wrapper and selling on the other, and I'm not above going back a page to confirm details which for some reason don't show up on the trade confirmation screen.

If any of the brokers I use do much more to differentiate their account screens than changing the account display name I'm not aware of it. IWeb do display the remaining subscription on the portfolio page.

I'm not sure what remedy you are hoping for from the FCA, and suspect you will have far more luck modifying your trading routine to avoid the issue you have clearly identified. Tablet apps are great, but I'd start by trading from a full size monitor where the information you need is laid out more clearly in an easier to process format.


What is slightly annoying about IWeb is that there is currently no way to transfer cash from dealing account to ISA without using online chat to ask them to do it for you which is frankly just weird.

Thanks Bobby. Yes when I use the pc it's a lot easier to see which account is which. Unfortunately that isn't very portable or necessarily a quick option. Yes being able to transfer from the dealing account would have been useful. I don't know how long it normally takes to ring through although I might give it a try later today to see what can be achieved.

Modifying my trading routine is the assistance I was hoping for. Having made the mistake only a few days before and it was on my mind, I still made the mistake again. Human error I agree but it can be designed out. That is where the fca might agree plus if it helps someone else, including me great.

[Gerry557]

I would think if your Iweb account is set to ISA by default then how can you fund the share dealing by mistake . I opened an account with Iweb about 2 years ago and being new to the site I bought about 4 different shares and a few days later realised I had bought them in the share dealing account . I phoned them to complain that when I opened the account I only opened it to buy shares into an ISA . Their response was that I was set up on the dealing account outside of isa by default , and that several new clients made the same " mistake " . They sold the shares free of commission and re bought them into my ISA account again free of commission and also without having to pay stamp duty . I always then made sure I was on my ISA account when adding funds to buy .

Mine is defaulted to ISA yet the funds went to the trading account. I've had it for years. Its probably something to do with the website's interaction with my tablet and the default settings not defaulting. I hope my call goes as well as yours.

[absolutezero]

I suspect the only option is to raise it further with the fca.

I don't think the FCA would be interested in your error.

[Gerry557]

Well the phone call didnt help much. Basically I can instruct them to sell and rebuy over the phone.

Sell fee (£5) + Small Spread + £25 charge ?? + Buy fee (£5) + Stamp duties.

I said it would be cheaper to do that online but apparently they would save me 2 days waiting for the transaction times. Although this wasnt a problem for me as I would have just funded the ISA (hopefully correctly this time)

Anyway I sold the lot online instead.

[mc2fool]

Well the phone call didnt help much. Basically I can instruct them to sell and rebuy over the phone.

Sell fee (£5) + Small Spread + £25 charge ?? + Buy fee (£5) + Stamp duties.

I said it would be cheaper to do that online but apparently they would save me 2 days waiting for the transaction times. Although this wasnt a problem for me as I would have just funded the ISA (hopefully correctly this time)

Anyway I sold the lot online instead.

I'm a little surprised they didn't offer you a "Bed'n'ISA", which I know they do (at least, did). It's basically as above but they only charge you one fiver, and there's no £25 charge (wossat?!?)

[BobbyD]

Well the phone call didnt help much. Basically I can instruct them to sell and rebuy over the phone.

Sell fee (£5) + Small Spread + £25 charge ?? + Buy fee (£5) + Stamp duties.

I said it would be cheaper to do that online but apparently they would save me 2 days waiting for the transaction times. Although this wasnt a problem for me as I would have just funded the ISA (hopefully correctly this time)

Anyway I sold the lot online instead.

I'm a little surprised they didn't offer you a "Bed'n'ISA", which I know they do (at least, did). It's basically as above but they only charge you one fiver, and there's no £25 charge (wossat?!?)

Admin charge for telephone dealing?

[mc2fool]

Well the phone call didnt help much. Basically I can instruct them to sell and rebuy over the phone.

Sell fee (£5) + Small Spread + £25 charge ?? + Buy fee (£5) + Stamp duties.

I said it would be cheaper to do that online but apparently they would save me 2 days waiting for the transaction times. Although this wasnt a problem for me as I would have just funded the ISA (hopefully correctly this time)

Anyway I sold the lot online instead.

I'm a little surprised they didn't offer you a "Bed'n'ISA", which I know they do (at least, did). It's basically as above but they only charge you one fiver, and there's no £25 charge (wossat?!?)

Admin charge for telephone dealing?

Maybe as a special case, but IWeb don't normally have any charge for telephone dealing.

[BobbyD]

Well the phone call didnt help much. Basically I can instruct them to sell and rebuy over the phone.

Sell fee (£5) + Small Spread + £25 charge ?? + Buy fee (£5) + Stamp duties.

I said it would be cheaper to do that online but apparently they would save me 2 days waiting for the transaction times. Although this wasnt a problem for me as I would have just funded the ISA (hopefully correctly this time)

Anyway I sold the lot online instead.

I'm a little surprised they didn't offer you a "Bed'n'ISA", which I know they do (at least, did). It's basically as above but they only charge you one fiver, and there's no £25 charge (wossat?!?)

Admin charge for telephone dealing?

Maybe as a special case, but IWeb don't normally have any charge for telephone dealing.

They only have 2 things on their charge sheet which cost £25 Admin Fee (Voiding/Repair ISA), and CHAPS same day payment.

I might have been tempted to try again in a few days and see what a different CS agent suggested if I were the OP, but I'm not entirely sure what solution he is chasing. There's literally no way to correct what, whatever mitigations there might be in site design etc, was his own mistake. I'd eat the small cost and move on.

[ten0rman]

Both my wife and I have IWeb accounts and only use the S&S ISA. Recently, in order to transfer funds from my account to my wife's account, I sold the appropriate share from my account, then two days later transferred the cash to our associated joint current account (a different company by the way), and then we told my wife's ISA account to debit the current account, following which we bought shares for her S&S ISA. It worked like a dream.

Having said that, I don't know what charges have been applied. Frankly, I wasn't bothered as my only desire was to transfer money from my S&S ISA to her S&S ISA.

Could you have done something similar?

ten0rman

[Gerry557]

Both my wife and I have IWeb accounts and only use the S&S ISA. Recently, in order to transfer funds from my account to my wife's account, I sold the appropriate share from my account, then two days later transferred the cash to our associated joint current account (a different company by the way), and then we told my wife's ISA account to debit the current account, following which we bought shares for her S&S ISA. It worked like a dream.

Having said that, I don't know what charges have been applied. Frankly, I wasn't bothered as my only desire was to transfer money from my S&S ISA to her S&S ISA.

Could you have done something similar?

ten0rman

I think in your scenario the funds might have gone into the trading account not the ISA. Its not the transfer but connection to the correct account that was the issue.

It was thought that the call to Iweb would correct the mistake without incurring additional costs never mind extra costs. In fact waiting for them to action the trade over the phone in some ways cost me a bit as the share price dropped. If I had just sold after the initial online discussion when I had a reasonable profit. After todays markets movement though I could rebuy cheaper but have lost heart and don't trust myself to put the cash in the right account. So I did two buys with a different broker.

I will wait until I have pc access as the bigger screen and website style make it less likely I will repeat the mistake with Iweb.

I will have the trading account cash available on Monday too.

[ten0rman]

Hi,

Just to clarify my situation, at no time did we use a Trading Account. The funds went from my S&S ISA, into our joint current account, and from there, directly into my wife's S&S ISA from which she bought £20K's worth of IT's, ie the current year's ISA allocation.

The only paperwork involved was a form from IWeb, which apparently is an HMRC requirement, checking all her details. According to the accompanying letter, if there were no changes, which there weren't, she didn't even have to return the form.

Cheers,

ten0rman