# Sharewatch change to ODL Securities



## RedDevil

Sharewatch have entered into an agreement                              with _*ODL Securities Ltd*_                              to serve their execution needs and services through Direct Sharedeal will cease on 12th                              August 2010.

This means that private clients are required to move to ODL Securities or it will cost them.

Does anyone have any views on this


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## 8till8

I'm glad that there is a escape route away from Sharewatch and can't wait to get away from them. I've no idea who ODL securities are but they couldn't be much worse than Sharewatch


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## mercman

Plenty of bad comment on ODL on the Web?  Google it and do your own research.


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## Gulliver

The email which they issued had all of the characteristics of an elaborate scam.  Financial institutions never email to ask you to fill in your details.  So I had almost binned it before checking whether it was genuine.  I wonder how many people did bin it.

By the way, 8till8, you are not getting away from Sharewatch under this arrangement.  It is just a change of service provider for the Sharewatch service.


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## OnDeBanks

The default option is "Transfer to ODL GROUP LIMITED to be held in the appropriate ODL GROUP LIMITED Account".  Does this mean that my holdings will no longer be in CREST.  If so is there any broker who still provides CREST accounts?


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## Gulliver

My understanding is that the service provided through ODL should be virtually identical to that currently provided through Direct Sharedeal ... and that the Crest arrangements would transfer seamlessly to the new arrangement.  Am I right???????


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## smiley

Gulliver...no i am afraid you are wrong. Your shares will no longer be held in crest but in odl's nominee account.

I moved as i have no choice really other than spend a fortune moving my companies. I imagine odls platform and customer service will be way above direct sharedeals who were poor.

I will miss receiving the company accounts and ability to vote my proxies. Will just have to read the accounts on-line!


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## Draigean

OnDeBanks said:


> The default option is "Transfer to ODL GROUP LIMITED to be held in the appropriate ODL GROUP LIMITED Account".  Does this mean that my holdings will no longer be in CREST.  If so is there any broker who still provides CREST accounts?



This is my concern too.  When Goodbody's had their downgrade away from CREST a few years ago the reason I chose ShareWatch was because of CREST. Given the turmoil of the last three years (we're nearly upon the Northern Rocked anniversary, aren't we) and the uncertainty of the future, I'd trust shares held in CREST.  Or maybe it's time to go back to paper certs?


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## Tentman

i got an email a week ago from Sharewatch. Just like Gulliver, I thought it was a scam. I'm so busy at work, I have'nt time to ring them. Ringing them would be my last option,as their service was/is absolutely brutal. I have'nt traded with them since early last year. Can anyone throw any more light on the whole subject.


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## smiley

Draigean said:


> This is my concern too.  When Goodbody's had their downgrade away from CREST a few years ago the reason I chose ShareWatch was because of CREST. Given the turmoil of the last three years (we're nearly upon the Northern Rocked anniversary, aren't we) and the uncertainty of the future, I'd trust shares held in CREST.  Or maybe it's time to go back to paper certs?



Draigean, maybe it is time to go back to share certs. I much prefer the security of my name listed on the share register.

Does anybody remember the fiasco a few years back with the Cork broker who went bust. It took years to sort out the mess afterwards with their nominee account.


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## Munsterbhoy

Folks,

Like many of you on here I have been two bloody busy to look into this in some detail until this evening. Having dealt with Sharewatch for the last two years I also share many of the concerns raised, though it must also be said that their online trading platform improved greatly around August last year.

My main concern is also the possible loss of CREST which was the primary reason I went to S'watch in the first place. I am putting down a number of questions to them overnight and will advise when (if !) I get a response. 

I have been tempted to set up another account with someone like TD Waterhouse and compare the two platforms for a number of months but apart from doubling my admin costs, I really don't have the time. Anyone here move from S'watch to another platform and can give a comparison ? 

One other thing is the new platform, which I downloaded on a trial basis fro ODL. "Information Overload" is my first impression and I think I would be too afraid to trade on it for fear I would crash something !


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## foreigndub

Hmmm, this has me all so confused!!

Few years ago I bought shares (€2000.00) with Sharewatch in AIB and BOI using their €50 Small Trade Service.
Few days later got some certs from AIB and BOI in the post.
Registered with Computershare to keep track of these and deal with correspondence.

Pretty sure I never actually opened an account with Sharewatch (no need to with their €50 Small Trade Service).

I am right in presuming this change to ODL does not affect me?
If I want to sell my shares I then sign up with ODL / Computershare Investor Services or another broker to get them sold. Correct?


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## OnDeBanks

Draigean said:


> This is my concern too. When Goodbody's had their downgrade away from CREST a few years ago the reason I chose ShareWatch was because of CREST. Given the turmoil of the last three years (we're nearly upon the Northern Rocked anniversary, aren't we) and the uncertainty of the future, I'd trust shares held in CREST. Or maybe it's time to go back to paper certs?



I was in exactly the same boat.  When Goodbodys moved away from CREST I moved to Sharewatch.  It was a good decision, especially when AIB were in trouble and could have dragged Goodbodys down with them.  The last thing I want is a receiver coming in and selling my holdings to pay the broker's debts as in the Morroughs case.

In a separate but related correspondence I filled in the feedback form on the Sharewatch site to answer a question about SCRIP dividends.  One of the companies I have shares in are changing from a DRIP scheme to a SCRIP scheme and they have said "CREST participants cannot be automatically transferred into the Scrip Dividend Scheme and any CREST participants should contact their CREST sponsor who will be able to take the appropriate action on their behalf."  I wanted Sharewatch to do this for me.  I got the following reply from someone at ODL (I haven't even decided if I'm moving to them):
"Unfortuantely we do not offer SCRIP dividends.  Your shares are held in a nominee account at CREST but we are not a sponsored crest member."

Following this I asked them who my CREST sponsor is and I got the following:
"All shares are held in a nominee account at CREST under ODL Securities name.  Client protection is exactly the same but the system is more efficient and leads to cheaper commissions charged."

I'm even more confused.

I had a look at the Euroclear website and found the following:
Private individuals have two choices if they wish to take advantage of our secure, efficient and low-cost settlement services:

    * join the thousands of individuals who have become personal members. Personal membership allows residents of the European Economic Area to hold securities in the Euroclear UK & Ireland system while retaining full legal title. You can attend and vote at AGMs, and receive corporate information directly from the issuing company.

    * transfer their securities into a stockbroker's or a bank's nominee. The nominee will hold the securities in the Euroclear UK & Ireland system and will be their legal owner. Most nominees offer additional portfolio management and advisory services.


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## OnDeBanks

--


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## smiley

OnDeBanks said:


> * join the thousands of individuals who have become personal members. Personal membership allows residents of the European Economic Area to hold securities in the Euroclear UK & Ireland system while retaining full legal title. You can attend and vote at AGMs, and receive corporate information directly from the issuing company.



I take it that is the present situation with sharewatch members? We are personal members only sponsored by Sharewatch (directsharedeal)??


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## OnDeBanks

smiley said:


> I take it that is the present situation with sharewatch members? We are personal members only sponsored by Sharewatch (directsharedeal)??



As far as I know yes.  Direct Share Deal are listed on the Euroclear website as someone who offer CREST personal membership (mind you so are Goodbodys).


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## OnDeBanks

I got a further reply from ODL.
 As an equities account your account is segregated.  This means that all holdings in the account (cash and equity) form no part of ODL's Balance sheet or trading equity.

We hold cash balances with either National Westminster Bank in London, or with Wachovia Bank in the US.  Both are again held in segregated accounts.  Furthermore, the Investors compensation scheme covers 100% of the first Â£50,000 held per person, per firm.

Your shares are held in ODL Nominees Ltd nominee account.  You remain the beneficial owner.  The Nominee account is a custody account which guarantees the assets held there in.

I hope that this letter clarifies the nature of the security of you holdings and give you comfort.


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## Gulliver

I have talked to Sharewatch having seen the previous posts.  I complained about the lack of clarity in their letters.  There is no mention of the word "Crest" or the word "nominee" in the letters.  It was therefore, I think, reasonable for me to assume that there was no change in relation to the service under these headings.  I should have been on guard when they said that they would maintain "the majority of the existing features of your Sharewatch accounts".

Alas, as mentioned by many AAMers, the ODL arrangement involves transferring my shares into a nominee company

For me, the primary feature of shareholding is to be able to hold shares in my own right, to have them recorded in the register of the company, to be able to attend meetings and express my view, to have the right to receive information from the company, to have the right to have my vote recorded at an AGM or EGM. No assurances about segregation of accounts, beneficial ownership or custody accounts make any difference if they come between me and the complete and outright ownership of my shares.

I do not know of any company now providing a full Crest service and targetted at serving investors in Ireland (I am aware that the actual sharewatch service was in fact coming out of Scotland), and I am reluctant to go to a UK-based stockbroker with no Irish representation.  Accordingly, I have reluctantly gone for option 3, and will use share certs in future.

By the way, Sharewatch was prepared to negotiate, and has reduced (considerably) the charge stated as €30 per line for this transfer.


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## kfpg

Not sure what is going on here since I have received no notification of this change at all. It is only by chance that I saw this on askaboutmoney. Am I correct in my understanding that I now have 4 working days!!! to do something by their deadline.

I really want my shares to stay in CREST - anyone know what I can do.

Also at this stage there is no way I can get another broker / online platform etc set up - what are these guys playing at???

Has everyone except me who has commented on this threadd been notified directly about this change?


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## smiley

Odl told me today they 'dont do' dividend re-investment plans. I have about 10 mof these on the go and now ill have no alternative but to accept a cash dividend.

The funding mechanism of your account also changes...with perhaps extra charges for transferring money?

None of this was mentioned in those letters. Very poor really.


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## smiley

kfpg...surely you received two emails/ a copy of the agreements in the post??


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## kfpg

Smiley - I received absolutely nothing..........

Did everyone else get 2 e-mails and a copy of agreements in the post?

Smiley - what dates were the e-mails / letters???


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## Gulliver

Kfpg.... The first email came about 3.00pm on 29 Jul and headed "Exciting times at Sharewatch".   I did not get very excited!!!!!


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## smiley

I cannot check my post as i am away but i got two emails. My dad also has an account with sharewatch and he can confirm he got no post and is re-checking that he got any emails.

Is this an early April Fools day joke?????


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## Tentman

I also know someone who got no email. I think all this non-effort by Sharewatch is just falling short of sharp practice. Absolutely no explanation of procedures or protocols that will apply to this transfer. Just is not good enough.


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## Munsterbhoy

Gulliver,

Thanks for the additional information.  By selecting Option 3 (transfer to the main register of the investment), does this mean that you are terminating your relationship with Sharewatch and therefore need to find a new broker in order to future sell those share ?  Also, in transferring to the main register, will you be getting actual share certificates or will you continue to have it electronically recorded in some way or another ? 

I am thinking of going this route myself as I am keen to remain on the register and more importantly want to reinvest my dividends through DRIP\SCRIP where possible, but I am also wondering where that will leave me going forward as I do want to invest further and it looks like any future purchases with anyone will also have to be through a nominee account.


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## OnDeBanks

I can also confirm that I got no letter or email.


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## Gulliver

Munsterboy, 
Yes I have terminated my relationship with Sharewatch and also with the Crest system.  I will use another broker.  After transferring to the main registers of the companies, paper share certs will be issued to me, which I will have to deliver to my chosen stockbroker if I want to sell.  Stockbroker commission will be higher, but I will have absolute ownership of the shares, and all of the rights that go with it.

It seems to me that the concept of Crest-type electronic holding is all but dead for those who do not wish to dilute their rights.  We are back again to pre-Victorian technology.  

If you look at the UK Shareholders Assoc (www.uksa.org.uk) you will find that they express major concerns about CREST also.

As regards re-investment of dividends, quite a number of companies provide an option for this as a service to their own shareholders.


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## kfpg

Update for those people who received no notification - of which I am one!

Just rang Sharewatch and even though when I log onto the online platform and look at my personal details the e-mail address shown is current and correct.

However!!! when I asked the girl on the phone to call out my e-mail address from her screen she had an e-mail address for me which is now 3 years old! Of course this wont surprise all those who have known for a long time that this company's IT and website services rate about 1 out of 10.

As regards the posted copy of the ODL news it's difficult to trust 100% that they even tried to post this to me.

Moving on can I just say that the reason I was with Sharewatch is that my shares were held in CREST in my own name. The last few posts seem to express concerns about CREST. Can anyone elaborate as to the issues? Surely it is better than in a nominee account which is what I am forced to accept now from Sharewatch (since I cant get a new broker with CREST between now and their Thursday deadline).


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## MfS

I emailed ODL and the told me that the Investors compensation scheme covers the first 50K which if effective would be more than adequate for me.

Does this scheme pay out to foreign investors, I am currently a resident of Australia


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## eggerb

Just rang to enquire about what is the annual charge is with ODL Securities. They are telling me there is no annual charge. That is €60 cheaper than Sharewatch.


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## RedMadra

Has anyone had the holdings in their account transferred from Direct Sharedeal to ODL?  

According to correspondence I received from Sharewatch it was supposed to happen on the 13th August, but lo and behold it didn't.


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## RedDevil

I would like Peter Byrne of Sharewatch to post on this particularly the CREST issue


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## Chevalier

I received neither an email or letter in the post regarding these changes. The first I noticed was when I logged onto their website earlier as I wanted to transfer money to them to trade with - "Sharewatch Ltd is regulated by the Financial Regulator", I'll be calling the Financial Regulator tomorrow to get their input.
From what I read, CREST accounts are no longer maintained and if you had one with SW it was closed and your shares are now in an ODL nominee account - I believe I'm correct in saying you name will no longer show on the companies registrar as it would have before.
A few points I'll be bringing up with SW are:

Why didn't I receive notification of this change - it's hardly a small one.
ODL is based in the UK, how much will it cost to have money transferred to an Irish EUR account.
If I fully migrate to ODL do I pay ODL fees or SW fees
Am I covered by the UK(100% upto 50k) or Irish(90% upto 20k) compensation scheme
Do SW really feel 9 Q&As addresses all the questions investors have regarding such a fundamental change


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## Munsterbhoy

Yes, I transferred in the middle of last week after strongly considering taking actual certificates for all of my stocks and terminating my relationship with Sharewatch.  The main reasons I didn't go that route are:- 
1. I didn't have enough time to investigate a replacement stockbroker offering what I want; and
2. I got somewhat more comfortable with the security of my shares being held in a Nominee Account (I still don't like it for the reasons outlined below).  

Despite being informed at the time I authorised transfer that my new ODL account would be set up within 48 hours, only this morning did I receive a notification that my account was set up with ODL, login etc. but also that my securities would be transferred on "Friday 13th" i.e. last week.  I presume it is some sort of automatic message that has not been updated because my shareholdings and cash balances are still not showing on my new ODL account and I cannot trade.  Sharewatch are putting the blame on Direct Sharedeal Limited for this delay but it is very annoying that this process is nowhere near as seamless as advertised.  For anyone who didn't notice, online trading has not been possible through DSL since at least August 9th and possibly before that, despite the notice on the Sharewatch website that trades would remain possible through DSL until accounts were transferred to ODL !  

To answer a few other comments, your holdings wil not longer be held in CREST, they will be in an ODL nominee account.  Sharewatch have tried to assure me that this system is as secure as CREST because the the nominee account is actually a separate company from ODL themselves and cannot be accessed by ODL's creditors in the event of any solvency issue.  I am not happy with this situation but there are not many brokers offering sponsored CREST membership out there at the moment.  A second issue with the Nominee structure is that you will no longer be on the share register and will not be able to sign up for DRIP\SCRIP schemes for dividends, nor will you be able to vote at AGM's.  ODL have advised that they will facilitate any shareholder wishing to exercise voting rights but all future dividends will have to be paid by cash into your account.


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## TIPPSTONE

Very worried about all this change, there appears to be no transparancy in any of this . I rang sharewatch on the 17th august to see what is happening they told me it was to late as option 1 will now be default. I explained to them that there web site says that this is now extended until further notice and asked for a date , they said we now have till the 26th of august. Also the sharewatch web site says ODL is there new partner but from what I see when you go to ODL you a with ODL and sharewatch is gone.Rang ODL to see how long they in business they said 10 years but were trading under another name. This is all very worring I feel someone need to explain to us. Does anyone know if there has been a press release in the paper or news. Please help.


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## lemeister

I'm just after finding out about all these changes and I had got no emails or letters from Sharewatch either.  Atrocious performance by them.

In a quandary now as to what to do myself.  There seems a fair amount of negative comment about ODL from 2009 but I haven't seen anything more recent and so not sure if things have improved since then.  The negative comments also seemed to stem more from the spreadbetting and/or day trading side.


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## Tentman

I logged in to my ODL account tonight, only to find that nothing has transferred from Direct Sharedeal to ODL yet.


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## Gulliver

I got my share certificates today, having closed my account with Sharewatch. I can now once again feel that I have restored my position as a true and genuine shareholder with my name and details inscribed in the registers of my companies and all of the rights of a true shareholder. 

My objection to the Sharewatch changeover is that they proposed transferring my shares to a nominee account. In principle, I am opposed to the concept of nominee shareholders.

Nominee accounts may be considered simpler from an administrative point of view, but they are an abomination. They deny the shareholder of many of his rights. The directors of a company with nominee shareholders have no idea of the wishes of the shareholders they represent. Nominee companies vest the voting rights in a small group of powerful trustees who may be very remote from both shareholders and companies, but may make major decisions with major outcomes for both.

Is there any organisation out there (in Ireland) which represents the ordinary small shareholder who takes an interest in the shares held?


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## smiley

I transferred all my holdings over to the ODL nominee account. It all went very well. No hiccups yet anyway. I really dont like the concept though and any future shares i buy i may do through another method and hold the share cert.

I really like also been able to operate drips/scrips and odl dont offer this service which is a right pain in the rear end.

I still cannot fathom how they never posted out a paper version of the two emails to their customers. It beggars belief.

The positives though are that the services available from odl seem to be far superior to those offered from direct share deal. At least it looks like we can buy international stocks now without too much hastle.


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## Rory Gillen

Perhaps I can add some light here. ODL Securities are a medium sized London-based broker and we (www.investrcentre.com) have had dealings with them since 2005. When we started the ILTB 1-day investment training seminar (as it was known then)we needed an online broker offering to highlight to seminar attendees and ODL ticked most of the boxes from an Irish investor's viewpoint.

they deal online in UK, Irish, US stocks and European stocks & options over the phone. The deal in investment companies and ETFs also, which means they pretty much cover what the majority of investors may need to access online.

they take Euro transfer and provide decent fx conversion spreads.

they offer telephone dealing services as well as online.

As with all stockbroking companies, ODL is required, by law, to keep your shares with an independent global custodian (UK & Irish shares are kept in crest). They are also required to keep cash balances with banks. Hence, the stockbroking industry, and ODL, is obliged to keep your assets safely away from their balance sheet - referred to as 'Security of Client Assets'.

In our 5 years of dealing with ODL there has been no major complaints (every busines will have some customer dis-satisfaction). ODL has a banner advert on our website and hundreds of Irish people who have attended our 1-day seminar have an account with them. I doubt if their are perfec but we have found the service more than satisfactory.


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## Tentman

Got an email from ODL last Friday to explain that the transfer from Direct Sharedeal was taking longer tha first thought. They could not give a definite date when the transfer would take place. More non-performance by Sharewatch/Direct Sharedeal.


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## kfpg

Rory Gillen said:


> As with all stockbroking companies, ODL is required, by law, to keep your shares with an independent global custodian (UK & Irish shares are kept in crest).



Rory - can you clarify please. Most people are under the impression that ODL hold shares for clients in a nominee account. Your comment in parenthesis seems to indicate that Irish shares are kept in Crest. Did you mean to imply this, are you certain that is correct??


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## thlint

sharewatch.com/odlqa.php
The above link from sharewatch seems to answer questions. Even though I am a sharewatch customer today 24th Aug is the 1st I heard about the changes when I rang to access account - on phone I was told they could only sell not  buy and that the whole thing might last another 2 weeks -- unfortunately I am totally confused about the implications of the change -- Is it possible to get a pro and con of the situation


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## Calico

Does anyone know what happens if you just do nothing? Will they mail out share certificates and just leave it at that? I want out of sharewatch at this stage. They have been awful from day dot, and this is the last straw as far as I'm concerned.


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## RedDevil

Received E Mail from ODL today want me to exercise options
Do not feel I have to exercise their options
Feel Sharewatch are obliged to maintain a Crest account somewhere for me
or send me the Share Certificates at no cost to me
Have they indicated to anyone how we are obliged to exercise their options?


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## Gulliver

Calico
If you do nothing, they will exercise option 1 - transfer to ODL. I have opted out of Sharewatch, and have got my certs from them.

RedDevil
Sharewatch will not do it at no cost to you. They did, however, reduce their charge by 66.6% for me


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## Ravima

has anyone tried to transfer funds to ODL?

They tell me that one cannot transfer via debit card unless one has a post code. As most places in ireland do not have these, there would appear to be a problem?

The 'old' sharewatch account in Cork is of no use.


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## Tentman

Try IRE 123 as a postcode. May be an issue again,though, if it does not match the address on your debit card.


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## Neves

*ODL transfer*

Has anyone succeeded in opening an ODL account that works, with the correct amount of shares transferred from Direct Sharedeal? I have only just discovered from ODL that doing nothing is not an option, and you must go to the link on the Sharewatch page which allows you to apply for an ODL account (odlmarkets.com/resources/odl-securities-ltd-account-transfer-form.odl).
It appears that Direct Sharedeal still expect to be transferring into September.
Does anyone know if you can still deposit money through the old Ulster Bank Douglas account? It appears ODL want deposits by IBAN to HSBC.


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## Ravima

problem now seems resolved and visa debit card will work from ireland. you cannot use the old Ulster bank douglas account at all. If all else fails, you can do IBAN transfer from your bank to theire, but it takes a few days and a detailed application form to be ompleted


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## smiley

Well i must admit i am finding dealing with ODL a far more pleasant experience than directsharedeal.

Its easy to fund your account if you do an iban bank transfer in euro. No charges here at all, and the money went through in about 2 days.

They also answer your emails!! and quickly! which is a great relief.

So far so good.


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## Ravima

Must agree with Smiley - great email responses and even better, there's a live chat thingy where you can chat away to try to answer your query.


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## guzzler

Hi All,

Received this evening a mail from ODL, the first contact since I transferred from Sharewatch a month ago(though I was in no panic tbh). I had an account with my brother in Sharewatch, the mail tonight is asking
*ODL to offer services to you and to meet ODL’s customer identification requirements, please complete the applicable form depending on whether you are applying for an individual, corporate or trust account*
I know I am not corporate, but our (my brother and I) joint account is it individual or trust

Thanks
Guzzler


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## Ravima

Its INDIVIDUAL.


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## guzzler

Thanks Ravima


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## TIPPSTONE

The Odl log in platform seems to always be wrong with figures, does anyone else find this. Also it does not seem to be as simple as just buy and sell beside your shares and see the value in different currencys as it was with direct sharedeal platform. Opinion please thanks.


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## smiley

Tippstone...hi...i must admit i dont find those problems at all.

Are you coming from the perspective of a day trader?


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## djustoe

kfpg said:


> Rory - can you clarify please. Most people are under the impression that ODL hold shares for clients in a nominee account. Your comment in parenthesis seems to indicate that Irish shares are kept in Crest. Did you mean to imply this, are you certain that is correct??



ODL hold shares for clients in a nominee account within Crest. (all Irish and Uk listed companies are held in someone's depot at Crest, with the exception of the small percentage of people who hold in physical form) 

Im not 100% on the following but...  I believe with the nominee acc, your holdings will be in the name of ODL securities on the actual share register, not your name. This is why all communication from the company such as those regarding dividends go direct to ODL instead of yourself.
As opposed to having 'your own crest account', as its often termed.. You dont actually have your own crest account. It will be ODL's depot where your securities are held, but on the share register, your name will be stated as the beneficial owner of the shares. This way, all communication from the company comes direct to your door.

So I think what it comes down to and what worries people, is who the beneficial owner is at the end of the day, say for example in the event that ODL were to go under. I'd prefer having my name on the share register  

I'm open to correction on (all of) the above


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## 8till8

Has anyone made a complaint to the Financial Regulator about this whole matter?  Any results / problems solved?

I had an account with Sharewatch and opted to get shares in cert form which I received except for an ETF which they said could not be put in cert form so would have to be transferred to ODL. 8 weeks passed and nothing from sharewatch/ODL, just called Sharewatch now and they said call ODL. Very poor service from sharewatch, it seems they are abandoning their customers.


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## borisbrus

I transferred from Sharedeal to ODL as requested. I bought Bank of Ireland shares under the rights issue and was assured these would be transferred. They weren't and despite numerpous requests all I get is excuses about problems with crest - 3months later! This means I have been unable to trade these shares before they plummetted. Also I found out from Capita Registers that my Ryanair dividend was sent to Sharedeal on 1st Oct. I still haven't received it. Anyone else encounter these problems? Any suggestions? borisbrus


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## kev53

I have only heard about this transition to ODL securities!! I only received a letter from ODL securities this monday to concent to the account transfer and their terms and conditions. Though it was a scam until read about it here. I received no notification by post or emial what so ever!!
Where do I stand now?? Can I still get share certs??


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## Centaur

I've been trying to get Eur 74 that they owe me off them for the last seven months. I've never seen such a crowd for giving a run around - it's actually quite funny. they're real good at it.  I'm now going to take my complaint formally to the Ombudsman.


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## emptyhead

Has anyone tried withdrawing money from their ODL trading account since transferring from SW? Their help operators keep directing me to their parent site FXCM (not allowed post the URL yet) and instruct me to put in my ODL account info, but this doesn't work, even after resetting my password. Nobody there seems to know what the problem is so they've instructed me to request withdrawals via e-mail.


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## rescue16

If anyone is looking to buy shares i would look at dragon oil for some reason the shares have been going up !!


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## hblock21

Hi,

Only just discovered this change over last week.

I used share-watch's small shares services a few times last year. I would deposit money into there bank account then ring up and buy the stock. Great service. Then got the share certs in the post.

My question
Can I no longer do this with sharewatch / ODL ?

If not; with which broker can I now do this?

Also, I know nothing about share's, etc -  the share cert's I got from sharewatch last year - when I want to sell them, I just ring up a broker and quote the number??

Complete Beginner !

Thanks


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## NDynamite

*ODL Commission rates.*

Hi there I went through this process and all has been fine with ODL. They reply to emails and sort stuff out!

What I have noticed though is their commision rates are quite high...

1-1.5percent trailing, the link is not working now, go to equities and commission and try for the pdf.

So I believe that some of the other uk online brokers just charge a flat fee per trade? If I make a large transaction I am paying a couple of hundred pounds in fees with ODL?


----------



## Munsterbhoy

Dynamite,

I think you are looking at the rates for telephone trades as I have done a number of trades over the internet and they have all been charged at 0.3% with a minimum of $15 \ €15.  

Just to add on the performance of ODL, they are very good to deal with and provide prompt response and actions to queries.  When compared to DSL, they are absolutely streets ahead, now I don't think they are that good, it's just that DSL are that bad.  

By the way I still have residual problems with the transfer of dividends that went XD around August\September when shareholdings were being transferred from DSL to ODL.  Anyone else with similar experience ?  Sharewatch have huffed and puffed on my behalf but have proven to be as useful as an ashtray on a motorbike.


----------



## OnDeBanks

I had a similar problem Munsterbhoy.  I was part of a DRIP and the shares were delivered to DSL after all my other holdings had been transferred.  I emailed them without any useful response.  Eventually I used the online chat to contact ODL and they liaised with DSL and I had the shares in my account within a few days.


----------



## smiley

dsl were absolutely brutal. It is such a dream noe dealing with odl. they respond to your queries promptly and no horrendous mistakes are made with your money or equities.


----------



## 8till8

Has anyone made a complaint to Regulator or Ombudsman about this whole affair?   has there been any outcome?

Today I've discovered that my holdings which were transferred to ODL have been cancelled because sharewatch did forward the certs to ODL. A complete farce from the beginning...


----------



## sportbilly

Has anyone tried to contact Direct Share Deal with regards getting share statements or reports?

My accountant has asked me to get these from them but their phone is always engaged.


----------



## dec1892

Did anyone else get an email from odl securities on may 9th saying that they have changed there name to FXCM securities ltd??


----------



## eggerb

Yes; seen that name chnage ... they are shouting it from their home page as well.

The other bit that grabbed my attention in a quick skim (of a letter I got) was paragraph 1.9 "Dormancy fee" of [broken link removed].


----------



## smiley

Yes..i got the email and letter also.


----------



## contact23

has anyone had any joy getting shares returned from  sharewatch-fxcm? , I have contacted them and all they say is that it could take a long time for the administrators to allocate shares??? no good  to me !


----------



## 8till8

I opted for shares in certificate form and received all of them. 
I done some trades with fxcm online and found it trouble free.


----------



## smiley

contact23 said:


> has anyone had any joy getting shares returned from  sharewatch-fxcm? , I have contacted them and all they say is that it could take a long time for the administrators to allocate shares??? no good  to me !



This does not make sense to me.

The transfer of stock from Direct-Share to FXCM took place in August 2010.

Direct sharedeal went into administration in May 2011.

How was it possible for your shares to be Direct-Share deals CREST account for so long after the transfer?


----------



## Rory Gillen

ODL, now FXCM, is an online broker and it is rarely cost-effective for an online broker to offer share certs, Crest option or dividend reinvestment. Nothing unusual in it and if you are wedded to 'Crest' etc then you need to find a broker that offers it - most likely a traditional, higher cost broker.

Rory Gillen


----------



## RedDevil

Having started this thread I should update my own position
For a long time I was got nowhere with Sharewatch
After I went to the Regulator
I got my Share Certificates and some time later got the cash in my account


----------



## shnaek

Anyone get the latest news from FXCM? Form Nov 1st they require 3 trades per month, or face a £25 per month fee. Thought I'd better highlight it here as those charges are pretty huge and I am sure there are lots of former sharewatch clients who now have accounts with FXCM.


----------



## Conshine

Yes, I got it - I was going to call them to find out more. I am not a regular trader, as I am sure many people are not. This doesnt suit my needs, despite finding them very good and very responsive, I guess I just close my account and find another stockbroker that is reasonable for one-off purchases .. Any recommendations?


----------



## TomOC

What shocked me is that it comes into effect in 5 days (2 of which are a weekend).   Possibly notice of it is hidden in a 48 page document emailed on the 27th June, ([broken link removed]) but I can't see it.   They mention on todays email, transferring to Saxo Capital markets and the FXCM transfer fee being waived.  However after searching that site, trading on the ISEQ may not be possible with Saxo.  .  Very unsure what to do.  Where I am is, I have >5000 & <10000 Eur in Irish shares through FXCM.  I do not trade regularly.  The cost of this change is 300 stirling per year.  Any suggestions of where I should transfer too would be great


----------



## TomOC

I read a bit more on it.  Some people seem to have received  a similar notification around the 15th September.  This was posted on boards.ie.  http://www.boards.ie/vbulletin/showthread.php?t=2056689643 
Lots of others didn't get the notification until now.  
There are a few differences between the two notifications.  It seems the charging has been pushed forward by a month and initially they offered to waive the transfer fee to any new account.  Now they are only waiving the fee to saxo capital markets.  
I know in the past I didn't receive notification of the BOI rights issue from FXCM by email which I queried with them.  They said it was sent and they didn't know why i didn't recieve.  That was with a gmail account.


----------



## Ravima

Things get worse! SAXO will NOT accept transfers of portfolios worth less than £10K, per Hayley Hillard, Head of Private Sales (SAXO) London. I had correspondence from her earlier today. 

Anyone got any ideas??


----------



## Calico

Hi Ravima,

I also got an email from Hayley today, however she told me that £2,000 was the limit (see below)

"Please note that Saxo London are currently not accepting stock transfers in for a portfolio value under GBP2000 so please proceed only if you are confident that your stock holdings exceed this value."

I still don't know what their account maintenance fees are or if they charge inactivity fees.


----------



## Calico

From Hayley at Saxo:

"There are no such fees with Saxo – no fees for inactivity, annual admin fees, no penalties or charges besides the commissions for the trades you do."


----------



## smiley

Calico said:


> From Hayley at Saxo:
> 
> "There are no such fees with Saxo – no fees for inactivity, annual admin fees, no penalties or charges besides the commissions for the trades you do."



Cheers Calico...that is good news. There was no information about this on their web site.

It would be nice if Peter Byrne md Sharewatch would have emailed/written to us in a clear manner as to what the heck is happening?


----------



## Piloten

I just viewed my account and I was charged an inactivity fee June-Aug (€15.74). Does anyone know when we received info about this? 
I just rang FXCM and they told me to contact Sharewatch regarding the email sent 26th October. They couldn't answer any of my questions. I can't believe that I have less then a week to organise my share holdings. I've not received any mail before regarding this. I'm not a happy customer and I'll get on to SAXO now.


----------



## Luternau

I got this email outlining the exciting news. I am not very happy with it. Its an appaling way to treat customers.
I replied to them that it was not that exciting from my point of view. I also questioned the short notice given that such a massive change of policy would have been made ages ago. I asked for more info on Saxo ( trading the ISEQ) and asked why they would not waive all transfer fees as a gesture of goodwill to former sharewatch customers.


----------



## sharewatch

Hi everyone, its been a while, great to see so many familiar names. Just a quick note to help explain a few things. 

FXCM 'unexpectedly' sent the email on Friday evening after close of business which was not very helpful in terms of having information on our website. We had expected it to be sent this week.

Yes, FXCM are introducing a new platform and with it comes inactivity fees of £25 per month if clients do not trade at least three times. We did not support this and is very much against our business model so instead we negotiated a much better deal with Saxo. 

In reference to posts above I can confirm there is NO ANNUAL FEE and NO INACTIVITY FEE. The Multi Asset Trading Platform also provides low cost trading fees and multi markets. Example for Share Trading is UK Market: 0.1% (Min £8), Austria, Belgium, France, Germany 0.1% (min €12), US 0.02% per share min $15. Those wishing to move from FXCM to Saxo should visit the following link (just told I am not allowed add link). Go to sharewatch dot com, share trading, open individual account. An automated email will be sent explaining the next steps.

I hope this helps in clearing a few of the queries. Please do not hesitate to email me directly with any more questions. Address is peter.byrne (you know the rest). Best Regards.


----------



## Ravima

Regrettably, the customer service provided in this case is abysmal. We had to actively seek information and answers to queries. From reading posts on this board and another, it is obvious that misleading and oft times contradictory information was given by SAXO, whilst no information at all was coming form FXCM or Sharewatch until later this evening.

Some, including myself have opened accounts with new brokers, non SAXO and expect that Sharewatch/FXCM will transfer holdings and cash free of charge.

I am posting letters tomorrow to Sharewatch and FXCM expressing dissapointment.


----------



## snowdrop

i got this email 18.01 on friday of a bank holiday weekend. a deliberate tactic i assume. VERY upset at the shoddy behaviour.

having looked at saxo, they don't seem to offer share dealing on the irish stock exchange so for example I'd have to sell my aryzta shares on the swiss exchange and then convert back to euros - somehow I suspect I'd lose on that little fx deal. I have about 9K in shares - anyone got any suggestions about where else to go to for services other than saxo? thanks


----------



## smiley

snowdrop said:


> i got this email 18.01 on friday of a bank holiday weekend. a deliberate tactic i assume. VERY upset at the shoddy behaviour.
> 
> having looked at saxo, they don't seem to offer share dealing on the irish stock exchange so for example I'd have to sell my aryzta shares on the swiss exchange and then convert back to euros - somehow I suspect I'd lose on that little fx deal. I have about 9K in shares - anyone got any suggestions about where else to go to for services other than saxo? thanks



Snowdrop...i dont think fxcm ever allowed you to trade on the Irish stock exchange?

Anytime i sold Irish companies it was through their listing on the London stock exchange....this is with fxcm/odl...you could do it with direct sharedeal if i recall correctly.

At first look Saxo looks ok....its just a pain in the rear end having to move 'again'.


----------



## TomOC

sharewatch said:


> Those wishing to move from FXCM to Saxo should visit the following link (just told I am not allowed add link). Go to sharewatch dot com, share trading, open individual account. An automated email will be sent explaining the next steps.
> 
> I hope this helps in clearing a few of the queries. Please do not hesitate to email me directly with any more questions. Address is peter.byrne (you know the rest). Best Regards.



I went through the links mentioned and it opens to an FXCM application form, not Saxo.  Maybe I have gone to an incorrect link on the page.  

Can I trade / hold shares on the ISEQ index on Saxo?  The ISEQ index is not mentioned on this link.   

Please excuse my lack of share understanding but in this case is it possible for me to get share certificates for my shares on ISEQ index and just close my account, hold the shares but not have a share trading account.  If so, what would the cost be.  Thanks in advance


----------



## 8till8

> I just viewed my account and I was charged an inactivity fee June-Aug (€15.74). Does anyone know when we received info about this?



I too was charged £12.50 for June-Aug but was only informed of the charge by email on 26.10.12. I've emailed them demanding a refund and await a reply.

Who regulates this crowd?


----------



## Calico

Hi All,

Just posting to let you know that I've sent all the transfer docs to Saxo. Since there are no account maintenance fees or inactivity charges I can't see any reason not to switch. If at a later date a more suitable platform comes along then we can always switch again.

Hayley at Saxo is very efficient and will get back you quickly. I had to fill in the online application form and also physically complete the transfer form sent by Hayley. This had to be scanned and then emailed. I also had to email scans of my passport, and a recent utility bill (not a mobile phone bill). 

I only trade a small amount of shares for fun - just less than £2,000 worth which is the minimum size portfolio that Saxo will accept. I had to make a lodgement with FXCM to get it over this. This probably won't be a problem for most though.

My transfer is being processed at the moment so it may not go through for some reason. I will post an update if there turns out to be problems.


----------



## Dman35

*Irish holding.*

Hi

I rang SAXO up and they said their have no minimum for someone switching over from FXCM / Sharewatch, however they can't take any Irish holidings.. 

I'm not sure what I can now do with my Irish holdings as they are quite small (irish banks) so certainly don't want to sell them now as I feel they are at rock bottom. 

Anybody else with similair issues? What are you doing with your Irish holdings??


----------



## dec1892

Calico said:


> Hi All,
> 
> Just posting to let you know that I've sent all the transfer docs to Saxo. Since there are no account maintenance fees or inactivity charges I can't see any reason not to switch. If at a later date a more suitable platform comes along then we can always switch again.
> 
> Hayley at Saxo is very efficient and will get back you quickly. I had to fill in the online application form and also physically complete the transfer form sent by Hayley. This had to be scanned and then emailed. I also had to email scans of my passport, and a recent utility bill (not a mobile phone bill).
> 
> I only trade a small amount of shares for fun - just less than £2,000 worth which is the minimum size portfolio that Saxo will accept. I had to make a lodgement with FXCM to get it over this. This probably won't be a problem for most though.
> 
> My transfer is being processed at the moment so it may not go through for some reason. I will post an update if there turns out to be problems.


 
Was this a 'Classic' Account which you are setting up and has no fees applicable?


----------



## Calico

Just to update, that my account with Saxo is now open and they are processing the stock transfers. However, I have been told that they won't move cash, so it may be an idea for anyone who is moving and has a cash position to either close/trade out of it.


----------



## Conshine

Dman35 said:


> Hi
> 
> I rang SAXO up and they said their have no minimum for someone switching over from FXCM / Sharewatch, however they can't take any Irish holidings..
> 
> I'm not sure what I can now do with my Irish holdings as they are quite small (irish banks) so certainly don't want to sell them now as I feel they are at rock bottom.
> 
> Anybody else with similair issues? What are you doing with your Irish holdings??


 
I'd be interested to know what people are doing with their Irish shares too!
This is a very bad situation.


----------



## TomOC

smiley said:


> Snowdrop...i dont think fxcm ever allowed you to trade on the Irish stock exchange?
> 
> Anytime i sold Irish companies it was through their listing on the London stock exchange....this is with fxcm/odl...you could do it with direct sharedeal if i recall correctly.
> 
> At first look Saxo looks ok....its just a pain in the rear end having to move 'again'.



There are a couple of questions recently on what to do with the Irish holdings as Saxo does not take Irish holdings.  I have holdings in an Irish bank and Irish airline which I had bought through FXCM.  I had always assumed they were bought on the ISEQ index until a few days ago.  As Smiley says above they were in fact bought on the London exchange.  Saxo has confirmed there should be no issue transferring these.  I am in the process now of opening an account with Saxo.
What they said in relation to ISEQ index is : "We do not accept stock that is on the ISEC exchange. We do accept dual listed stock."


----------



## smiley

TomOC said:


> There are a couple of questions recently on what to do with the Irish holdings as Saxo does not take Irish holdings.  I have holdings in an Irish bank and Irish airline which I had bought through FXCM.  I had always assumed they were bought on the ISEQ index until a few days ago.  As Smiley says above they were in fact bought on the London exchange.  Saxo has confirmed there should be no issue transferring these.  I am in the process now of opening an account with Saxo.
> What they said in relation to ISEQ index is : "We do not accept stock that is on the ISEC exchange. We do accept dual listed stock."



That's correct. All of my existing Irish company shares were bought through Direct Share Deal but on the London Stock Exchange. So theres no problem there. I don't think i ever bought an Irish company on the Iseq.

If you check the ticker symbol on the equity you own (use yahoo finance for example) you will quickly determine where your shares are listed.


----------



## sharewatch

Hi everyone, please let try and clarify some of the queries from various posts. Before I do please feel free to email me at anytime, I will receive email through saxo at sharewatch dot com.

As you know FXCM are introducing a New Platform and Inactivity Fees. Sharewatch has always endeavored to deliver low cost trading with the best of technology and security. On learning FXCM's plans we immediately secured a new low cost alternative and signed a contract with Saxo. 

1. FXCM new platform is to be launched in November and the existing one will be shut down. Those who move to the new platform will only begin their inactivity period on that date so if someone moves on 1st Dec the inactivity fee will be payable on 1st Jan. This means existing clients have a month to choose a new brokers if they so wish and not a few days as suggested in posts above.

2. Irish Stocks: most Irish Stocks are Dual Listed on the Irish and London Stock Exchange. By purchasing through the Irish Stock Exchange you will pay 1% Stamp Duty and purchasing the same share on the London Stock Exchange is 0.5% saving clients quite a sum. Our new share trading rates are 0.1% with a min of £8 per trade (prices can change). 
Recent article in Irish Times - 'In the case of CRH, taking its main listing on the London Stock Exchange made sense. About 70 per cent of trades in the company’s shares were in the UK and entry to the FTSE 100 puts the company on the radar of far more investors buying into the UK index.'

3. There is No Annual Fee or Inactivity Fee (prices can change).

4. There is no minimum amount for Sharewatch clients. Saxo provide services to one of the largest banks in the UK and one of the worlds largest software company's, I believe one of those has a minimum and this may have caused mixed messages.

5. Saxo will take cash holdings in the transfer (post above suggests otherwise)


----------



## Dman35

Some good news for those of us who are moving from FXCM and want the option to move to a different broker then SAXO. 

Got the following in an email from FXCM today 

"Please note that the actual charge is applied on December  1, hence you would have a month to transfer your holdings without  incurring any inactivity fee.  In addition, as a curtsey we will waive  the transfer fee which will enable you to transfer your holdings to  different broker free of charge from us".  

With that in mind can anyone give there feedback on Td Direct Investing??
Any other broker anyone would recommend? 

There charges look fine as long as I can over €5000 in my portfolio, as there is no inactive charge.


----------



## 8till8

sharewatch said:


> 1. FXCM new platform is to be launched in November and the existing one will be shut down. Those who move to the new platform will only begin their inactivity period on that date so if someone moves on 1st Dec the inactivity fee will be payable on 1st Jan. This means existing clients have a month to choose a new brokers if they so wish and not a few days as suggested in posts above.



I have been charged inactivity fee for June-Aug'12 and complained to FXCM, they replied as follows;

_"Regarding the quarterly inactivity fee assessed on September 27, 2012, please note that we sent you an email announcing such charges in June 2012. You might wish to check your spam archive folder if you do not believe that you received this message"_

So why are you stating above that clients have a month?


Regarding FXCM reply, I did receive an email in June'12, it was informing me of  updated terms of business and contained a link to a 49 page pdf document, when I search that document for the keyword "inactivity" I get no results.....so are they trying to pull a fast one?


----------



## sharewatch

Hi 8till8,
FXCM announced a three month inactivity fee commencing 1st August and this has been replaced a higher monthly inactivity fee commencing 1st December. While you say you did not receive the info I can assure you all clients were sent this information and it was also on the website for two months in advance. 
The first inactivity fee was starting in the third quarter (Jul-Sept) whereby if a client did not trade once in July, August and September they were charged a £12.50 inactivity fee. 
The second inactivity fee was announced by FXCM last week. It is £25 per month if a clients does not trade more than three times. The inactivity term begins on the 1st of December. We debated this with FXCM for some time before securing an alternative low cost provider. 
The cost per trade is 0.1% with a min of £8 per trade, trades are executed through the London Stock Exchange where stamp duty is 0.5% versus 1% here. I believe all Irish companies on the main ISEQ list are available bar three. Two of these (Aryzta and Patroceltic) are available on other exchanges provided.


----------



## 8till8

sharewatch said:


> Hi 8till8,
> While you say you did not receive the info I can assure you all clients were sent this information and it was also on the website for two months in advance.
> T



I've just scanned the 49 page document to check what you claim. 


There is no mention on any inactivity fee.
There is extensive mention of a "rate card" but no rate card was included in the terms of business document nor included in the email.

However I'm glad that I took the time to read the document because I find deep within it (page 11) 
14 Client Money
14.2 (c) *the client expressly acknowledge that any money the client transfers to the company will not be segregated from the company's own money and that the client will rank as a general creditor of the company in the event of insolvency or an equivalent failure.*

I consider myself lucky to be alerted to a £12.50 charge so that I can get as far away as possible from operators like this. 
Its a salient lesson for me, keep well away from financial services providers, nothing is as it appears.


----------



## Dermot

8till8. Would it be your contention having read the document that the £12.50 should not have been charged. I have not the patience to read their document at the moment. I just always understood that there was no inactivity and if there was to be a change I would have expected an email on this precise point not buried in a big file. I have been charged the £12.50 as well.  From the other side of the argument is there anyone out there  who can show FXCM are entitled to make this charge.


----------



## smiley

8till8 said:


> I've just scanned the 49 page document to check what you claim.
> 
> 
> There is no mention on any inactivity fee.
> There is extensive mention of a "rate card" but no rate card was included in the terms of business document nor included in the email.
> 
> However I'm glad that I took the time to read the document because I find deep within it (page 11)
> 14 Client Money
> 14.2 (c) *the client expressly acknowledge that any money the client transfers to the company will not be segregated from the company's own money and that the client will rank as a general creditor of the company in the event of insolvency or an equivalent failure.*
> 
> I consider myself lucky to be alerted to a £12.50 charge so that I can get as far away as possible from operators like this.
> Its a salient lesson for me, keep well away from financial services providers, nothing is as it appears.



Sorry, but this is for 'professional' clients only.

Money is segregated for 'retail' clients (us) as stated in article 14.1.

These are FSA rules.


----------



## Luternau

I contacted FXCM again about this, saying I never got any email from them that clearly outlined a new charge of 12.50 for inactivity. They replied saying they were a customer focused company and therefore disappointed that I was unhappy with their service...however, we sent an email in June that set this out please check spam...
I replied saying I got that email but it contained no information on this charge. I specifically asked them to send me the actual wording, but one week later, this customer focused company had not replied. 
I am really annoyed at them over the way they communicate, how they bury charges in fine print (allegedly) and then won't come up with the explanation:information to back up their claims.


----------



## smiley

Luternau...the new charge was on the 'rate card'.....but you had to go and find the 'rate card'.....which is not the easiest thing to find on their website.
Its a very sly way to do business.


----------



## robd

As a separate problem.

Has anyone else run into the same issue I have?

I sold all my holdings recently on FXCM after they were transferred there from Direct Share Deal.

Now I need to know what prices I paid for them and other sales that were made at a loss so I can sort out tax return.

Email online@sharewatch.com.  Aloof response from FXCM.  We don't have the info, Direct Share Deal never gave it to us and you probably won't be able to get it as they are in liquidation.


----------



## smiley

When you purchased these securities through direct share deal/sharewatch you were sent statements each time you bought or sold.

If you didn't keep these i guess it is tough luck.


----------



## superhooper

Anyone else get this questionnaire from FXCM. Seems dodgy to me if its not phishing!! I can't believe you would be made disclose this info.




To get started, please select an account type:
Account Type

Account Number

Multiple account numbers are acceptable if they are the same account type.
SECTION 1: MAIN CONTACT DETAILS
Title

First Name

Last Name

Email

Confirm Email Address

Telephone

Address

(for Corporate accounts this is the registered address)
City/Town

Country

Postal Code

SECTION 2: PRIMARY ACCOUNT HOLDER
Citizenship

Date Of Birth

Date Format: dd/mm/yyyy
Gender

Select this option if the Primary Account Holder's Address, City/Town, Country, and Postal Code are the same as the main contact. 
House Number and Street Address

(P.O. Box Addresses are not acceptable)
City/Town

Country

Postal Code

Telephone

Mobile Telephone

Employment Status

Nature of Business

Occupation

Have you ever declared bankruptcy within the past 10 years?

Are you a US Taxpayer?

SECTION 4: TRADING EXPERIENCE (APPLIES TO THE MAIN TRADER ON THE ACCOUNT)
What is your experience trading securities?

What is your experience trading options?

What is your experience trading futures?

What is your experience trading currencies through interbank or OTC foreign exchange?

What is your experience trading CFDs (Contracts for Difference)?

What is your experience trading Spread Bets (UK residents only)?

Have you carried out 10 transactions per quarter, over the previous four quarters (40 in total). This must be in the same product that you are opening your account for?

Do you work, or have worked in the financial services sector for at least 1 year in a professional position requiring knowledge of transactions or services related to the same product that you are opening your account for?

PLEASE PICK A SECURITY QUESTION AND ENTER AN ANSWER FOR ADDED PRIVACY PROTECTION
Security Question

Security Answer

SECTION 5: FINANCIAL INFORMATION IS A TOTAL FOR BOTH ACCOUNT HOLDERS IF AN ACCOUNT IS JOINT
Total Annual Income

Net Worth (Assets minus Liabilities)

Liquid Assets (Quickly Disposable)

Do you have a personal assets portfolio, including cash and/or other financial instruments, of at least €500,000?

I represent that the above information is true and accurate and I acknowledge I will notify FXCM of any changes to my address or other contact details.*

High Risk Investment Warning: Trading foreign exchange, contracts for differences, or spread bets on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by FXCM you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. FXCM provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. FXCM recommends you seek advice from a separate financial advisor. Please click here to read full risk warning.

The price and value of investments and their income is not guaranteed and you may get back less than the amount you invested. The past performance of an investment is no guide to how it may perform in the future. If you are in any doubt about investing, you should consult a financial adviser.

FXCM Inc., a publicly traded company listed on the New York Stock Exchange (NYSE: FXCM), is a holding company and its sole asset is a controlling equity interest in FXCM Holdings, LLC. FXCM Securities Limited ("FXCM Stock Trading") is an indirect operating subsidiary of FXCM Holdings, LLC. All references on this site to "FXCM" refer to FXCM Inc. and its consolidated subsidiaries, including FXCM Holdings, LLC and FXCM Stock Trading.

FXCM Stock Trading is a trading name of FXCM Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority (Registration No. 171487) and is a member of the London stock Exchange and of NYSE Liffe.

FXCM Securities Limited is a registered company in England and Wales (Registration No. 02926252). Registered address is Northern & Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD, United Kingdom. VAT number 904 4506 46.

The information on this site is not directed at residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use


----------



## dec1892

yeah I got that questionnaire from FXCM as well.....


----------



## eggerb

robd said:


> As a separate problem.
> 
> Has anyone else run into the same issue I have?
> 
> I sold all my holdings recently on FXCM after they were transferred there from Direct Share Deal.
> 
> Now I need to know what prices I paid for them and other sales that were made at a loss so I can sort out tax return.
> 
> Email online@sharewatch.com.  Aloof response from FXCM.  We don't have the info, Direct Share Deal never gave it to us and you probably won't be able to get it as they are in liquidation.






smiley said:


> When you purchased these securities through direct share deal/sharewatch you were sent statements each time you bought or sold.
> 
> If you didn't keep these i guess it is tough luck.



I've been in contact with both FXCM and Peter Byrne (Sharewatch) about this. FXCM said they were never passed that information so don't have it. Peter was helpful as usual and advised me to to go through the Financial Services Compensation Scheme to get copies of the trades. Peter also said that after Direct Sharedeal went into liquidation, the administrator did their job and then forwarded their reports and all files to the Financial Services Compensation Scheme.

I don't envisage having any CGT liability for a long time so I'm not in a massive hurry but if you could let me know how you get on, it would be appreciated. I had Anglo as well so I don't even have a record of losing  them let alone acquiring them. If it was me wiht an imminent return, I would make a good stab at estimating what/when you paid for them and worrying about a piece of paper if you are audited.


----------



## Draigean

I followed this link from the Sharewatch ([broken link removed]) website:

[broken link removed]

I filled the application and got this message on the last tab:

"Thank you for submitting your application for a trading account. Your application has been sent to the relevant department to be processed."

How long does it take for the Saxo account to be setup?

Do I then get FCXM to move my portfolio to Saxo?

Sorry, this sounds rudimentary I know.  I haven't bought a share since I was with Goodbody's (moved to Sharewatch to remain in CREST).
I didn't even realise that my dividends were no longer going to my Irish current account and going to a FCXM account instead!!!  Now there's "Buy & Hold" for you!


----------



## smiley

Draigean said:


> Sorry, this sounds rudimentary I know.  I haven't bought a share since I was with Goodbody's (moved to Sharewatch to remain in CREST).
> I didn't even realise that my dividends were no longer going to my Irish current account and going to a FCXM account instead!!!  Now there's "Buy & Hold" for you!




How were your dividends paid directly into your current account just because you were in Crest?


----------



## Draigean

smiley said:


> How were your dividends paid directly into your current account just because you were in Crest?



I don't think it was because I was in CREST.
For the first few years of my portfolio dividends were paid by cheque.
Then I mandated the dividends into my current account, and more or less forgot about it.
Then when I was preparing my tax return this year, I was checking (no pun intended) my current account and could find no evidence of the dividends being lodged.  I put this on the long finger to be investigated later and used company websites and the ISE website to calculate the dividend tax owed.

The absence of dividends being lodged roughly coincides with one of the Sharewatch/ODL/FXCM transfers.  And only when I logged into my FXCM account yesterday, trying to find my portofolio, did I come across a cash account with much dosh in it!  (I haven't traded since I was with Goodbody so I'm assuming the money is probably from dividends).

Incidentally, I occasionally get a demand from Goodbody for the annual account fee, despite closing the account years ago.


----------



## TIPPSTONE

*transfer not easy*

I have only small holdings in petroceltic, ormonde mining, bank of ireland and independent news and media. I have used the link on sharewatch page to transfer to saxo but have received an email being denied. Can anyone advised me on what to do as I can not get through to sharewatch.


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## TIPPSTONE

Phoned saxo application declined because i have no time done tradeing with a company?????? Not acceptable that sharewatch can just drop us in it like this . There has to be loads of small or once off traders like myself. Sharewatch phone not working.no alternative. €25 per month will eat into my small investment.
Is taking a sharecert the best option and hope for the future???? Sharewatch advertised as the low cost alternative.
€1000 in inm now worth €57 sharecert €25 .


----------



## Rory Gillen

TIPPSTONE said:


> I have only small holdings in petroceltic, ormonde mining, bank of ireland and independent news and media. I have used the link on sharewatch page to transfer to saxo but have received an email being denied. Can anyone advised me on what to do as I can not get through to sharewatch.


 
Your account is with FXCM in London, not Sharewatch who is an agent for FXCM. You could try and call 'Customer Services' in FXCM in London. The recently introduced £25 monthly inactivity fee reflects a 13-year bear market which has sapped volumes, and online brokers (FXCM, not ShareWatch) need volumes as their transactions fees are so much lower. No magic answer I'm afraid.

FXCM has a banner advert on my website so subscribers to my website who use FXCM have been similarly affected.

*Rory Gillen*
*Founder
Gillenmarkets.com*


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## TIPPSTONE

THANKS RORY

(1) If i request paper certifacates from FXCM am I the only holder of these certs.(2)If I lost them have i to request directly from the companies that I hold the shares in. (3) Is there any problem with this apart from having to look for a broker to cash them in when I want to sell. (4) any other unforseen circumstances????

Thanks


----------



## smiley

TIPPSTONE said:


> THANKS RORY
> 
> (1) If i request paper certifacates from FXCM am I the only holder of these certs.(2)If I lost them have i to request directly from the companies that I hold the shares in. (3) Is there any problem with this apart from having to look for a broker to cash them in when I want to sell. (4) any other unforseen circumstances????



1) of course 'yes'
2) from the companies registrar 'yes'
3) the companies registrar should be able to do this for you
4) no....dont lose your share certs!


----------



## Conshine

Has anybody been able to contact fxcm on the phone? Number seems permanently engaged.


----------



## shopkeeper

Conshine said:


> Has anybody been able to contact fxcm on the phone? Number seems permanently engaged.



Yes, I got through to them of an evening last week.  It was a waste of effort again - the agreed callback from them hasn't happened.


----------



## Dermot

I cannot get through on any of the Tel No's provided for the past week as I want to close my account and withdraw money. I need to speak to some person on another matter. I have emailed queries over the last week without reply.


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## Ravima

Well don't hold your breath on Sharewatch. I wrote to them a fortnight ago, by reg post and to date, no response. Pity.


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## TIPPSTONE

Fxcm told me it will take about 3 weeks to process paper certs. Will have to hold my breath till then. This whole transaction has being dealt with very poorly.


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## Ravima

contact tonight via email from sharewatch.


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## TomOC

Account opening with Saxo took about 3 weeks for me. I have now been told that share transfer will take two to four weeks from when I sent the request (a week ago). I would be raging if FXCM try to charge me for having an account in December or for share transfer.


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## Ravima

I've moved to SVS but note that FXCM have charged a fee to move stock, despite telling me that they would not charge. I have taken thsi up with FXCM and Sharewatch. I will report back on hearing from them


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## Dermot

Does anyone know or have an opinion if there would be any point in making a complaint to the British Financial Regulator about the way this has been handled by Fxcm. It is impossible to get through on phone/ not responding to emails/ the delay in transferring the account to saxo etc. I sold some shares online but I cannot get their their system to recognise two other symbols of shares which I want to sell. Cannot get them to answer phone or emails. I want to get away from them but I am facing another £25 charge for December because I could not make contact with them to liquidate all and withdraw the cash before the end of this month.


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## smiley

Ravima said:


> I've moved to SVS but note that FXCM have charged a fee to move stock, despite telling me that they would not charge. I have taken thsi up with FXCM and Sharewatch. I will report back on hearing from them



Wasnt if free if you moved to 'saxo' only??


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## Ravima

Smiley: That was the case, but SAXO didn't want me, so I had to make alternative arrangements. I made a complaint to FXCM and they agreed to transfer free of charge. I have written again to them re the charge that they have now applied to my account. However, all is now transferred and SVS have confirmed receipt. Happy days!!!!!!!!!


----------



## smiley

My transfer of equities and cash is now complete. I have found the staff in 'Saxo' to be very helpful and very fast in replying to emails.


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## Dermot

Would some poster kindly let me have the Tel No including the code that they have successfully made contact with FXCM.


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## shopkeeper

*FXCM phone no.*



Dermot said:


> Would some poster kindly let me have the Tel No including the code that they have successfully made contact with FXCM.



+44 (0)207 903 6100 (the no. on the front page of the website).  Its a a couple of weeks ago that I got through - I tried unsuccessfully for a while last Friday evening.

I have also used this no. previously to contact FXCM: +44 (0) 20 7903 6350


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## shopkeeper

Dermot said:


> Does anyone know or have an opinion if there would be any point in making a complaint to the British Financial Regulator about the way this has been handled by Fxcm.



Don't know, but will find out one way or the other in due course unless my difficulties are resolved soon.


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## Dermot

Thank you very much shopkeeper


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## OnDeBanks

Recieved from Saxo today.



> *IMPORTANT NOTIFICATION REGARDING YOUR SHAREWATCH ACCOUNT*
> Dear *,
> We have recently received your application to open a Saxo Capital Markets UK Limited (SCML) trading account which is currently being processed.
> We are aware that one of the main reasons that you wish to open an SCML trading account is to transfer your current cash and equity holdings from your existing broker Forex Capital Markets Limited (FXCM) following their intention to implement an inactivity fee.
> Currently SCML does not charge an inactivity fee, however our parent company Saxo Bank A/S will be implementing an activity fee which will to come in to effect from February 2013.  As a wholly owned subsidiary of Saxo Bank A/S, it is likely that SCML will implement a similar fee in 2013 and further details will be communicated once a formal decision has been made in accordance with our General Business Terms.
> To ensure the fair treatment of our clients we would like to take this opportunity to notify you that SCML is likely to implement an inactivity fee during the first quarter of 2013 and therefore provide you with sufficient time before transferring any cash and / or securities from your current broker or if you believe that an SCML  trading account is no longer appropriate for you to provide you with sufficient time to consider other alternative brokerage arrangements.
> In view of the above, I would be grateful if you could *reply to this email and confirm if you would like to SCML to continue to process your application for a trading account*. If we do not receive any reply from you we will place your application on hold until we receive confirmation from you.
> If you have any questions please do not hesitate to contact us on +44 (0) 207 151 2222.
> Kind regards
> UK Client and Partner Support


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## sammya

Would anyone recommend anyother broker with no inactivity fee? Saxo is out of the list??


----------



## Draigean

I got a similar email.
AAM user sharewatch suggested earlier (page 6?) that Saxo would be free/low cost, but it seems that this is not that case.  I'll PM sharewatch, and email too.

Surprised that so many other users that were enthusiastic about Saxo a few weeks ago haven't come back to this topic.  Christmas shopping/drinking/partying I guess


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## TomOC

OnDeBanks said:


> Recieved from Saxo today.



Sounds like my time spent transferring to Saxo (account opened but transfer ongoing) was a huge waste of time.


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## Conshine

TomOC said:


> Sounds like my time spent transferring to Saxo (account opened but transfer ongoing) was a huge waste of time.



Same here!!

Where else can you go if you are a now and again trader?
I have three batches of shares that i want to keep for the medium term.

I intend to buy another batch in the next month or so, was waiting for my fxcm to saxo transfer to go through. No plans to buy or sell any more this year.


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## smiley

Campbell O'Connor would be a good option i think.


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## extramild

Emailed Peter Byrne at Sharewatch about this omnishambles - no reply - the man is a disgrace.


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## extramild

Hi folks,

Got a reply from Peter Byrne - thanks Peter.

What he said is that it is costing FXCM and Saxo to host account and he feels that Saxo fees are not unreasonable.

While I am happy to get a reply I would still wish to have an account where I do not pay inactivity fees -anyone got any ideas?

Regards

Extramild


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## smiley

Hi extra...did Peter give you an idea of what the fees could be? cheers.


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## extramild

*Sharewatch*



smiley said:


> Hi extra...did Peter give you an idea of what the fees could be? cheers.



Hi Smiley,

No would be the short answer. I did say he thought they would be reasonable but nothing in terms of a concrete answer.


----------



## Luternau

I emailed SAXO about their email and seeking more information. This is what I got;

".......Our parent bank Saxo Bank A/S is putting the attached charges in place

This is NOT confirmation of our charges, we may choose to do something different, the same or not pass on a charge at all. At the moment it is uncertain. We will be sending out communication as soon as we do know but this will be in a few weeks’ time. "

I would agree that the UK Regulator should be told about the behaviour of FXCM. Their behaviour and underhandedness in how they imposed the new fees in Jun is shocking.

As for brokers in general, it would seem to me that small traders or inactive traders are not something brokers want to cater for free anymore.


----------



## extramild

Hi Laturneu,

Accorrding to Amanda Harrison at Saxo it is 99.9% certain they will impose an inactivity fee.


----------



## Luternau

extramild said:


> Hi Laturneu,
> 
> Accorrding to Amanda Harrison at Saxo it is 99.9% certain they will impose an inactivity fee.



That email was from Amanda. She is being deliberately vague on whether or not they will be introduced. If you ask me, she knows exactly when they will and what they will be, time will tell.
Meanwhile, I need to get the hell away from the FXCM, the company that prides itself on it's customer service levels. So, goon with Saxo seems the best place for now.


----------



## smiley

Luternau said:


> I would agree that the UK Regulator should be told about the behaviour of FXCM. Their behaviour and underhandedness in how they imposed the new fees in Jun is shocking.



Do we do this individually?

It was shockingly bad allright.


----------



## Draigean

This is the reply I got from Peter at Sharewatch:

Many thanks for your note below. Yes Saxo HQ decided to introduce an Inactivity Fee but starting in Feb 2013. I must admit while I was disappointed to learn of their decision I was also not a bit surprised and leave me explain why.



Anybody I spoke to recently will verify I have expected all Brokers to introduce this type of fee because of new increased charges from the Compensation Scheme. Quoting Fundweb 'Advisers say funding the Financial Services Compensation Scheme has become “unsustainable” after it announced higher than expected compensation costs are set to push up adviser levies by £28m. In its Outlook newsletter, published last week, the FSCS forecast a £25m minimum levy on the investment intermediation class for 2012/13 due to claims relating to the collapse of Pritchard Stockbrokers and spread-betting firm Worldspreads. Investment advisers have already been levied £66m this year'.



If you click the links below it will give some more details and explains how some brokers Compensation Scheme fees have doubled.



http://www.moneymarketing.co.uk/aif...ipe-out-40-of-adviser-profits/1059736.article



http://www.fundweb.co.uk/home/fscs-levy-hikes-are-unsustainable-say-advisers/1062624.article



In addition there are new ongoing costs to monitor all accounts for risk and compliance on an annual basis. As a result the more accounts a stockbroker has the more staff they need to monitor them. So in other words Inactive Accounts are now costing the Stockbrokers.



So to answer your question are the days of low cost trading behind us I would have to say I expect the days of holding clients investments for long periods of time without any fees are over. One will have to look at the overall costs. For example brokers who are charging 1.65% plus Annual Fees may not charge an Inactivity Fee because they are covered by the Annual Fee.



While we do not have the proposed Saxo inactivity rate yet I still think they will offer incredible value at 0.1% with a min of £8 per trade. Only a few years ago we were charging €60 Annual Fee and 0.3% with a min of €30 per trade and were seen as great value.



Sorry if this was a bit long winded but these are the reasons for inactivity fees.



Have a good weekend.



Best Wishes,

peter




In fairness, I cannot complain really.  I haven't bought a share since 2005, and I've had my portfolio with/moved from Goodbodys, Sharewatch, ODL and FXCM in that time.  Free of charge.

Well, mostly free of charge.  Despite closing my Goodbody account years ago they still bill me an annual charge!


----------



## Dermot

Arising out of the Sharewatch/ODL/Fxcm/Saxo debacle I have sold my portfolio of shares at a loss as I am not prepared to go through this type of mess again. I have posted off the completed withdrawal form since last Friday and asked them to acknowledge receipt of same by email. Nothing yet. I personally have found FXCM particularly difficult to make meaningful contact with. My brother had a small amount of shares with Sharewatch and despite numerous emails to FXCM to identify the account code that they have them under he is not getting any replies. Maybe someone has a good news story about them


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## Draigean

Dermot said:


> Arising out of the Sharewatch/ODL/Fxcm/Saxo debacle I have sold my portfolio of shares at a loss as I am not prepared to go through this type of mess again.



Sometimes these things are more hassle than they are worth.


----------



## Draigean

smiley said:


> Campbell O'Connor would be a good option i think.



I agree and I've decided to open an account with them.  They're based in Ireland with a "physical address", hold CREST accounts and the annual charge is only €50 per annum.  That's less than two month of inactivity with FXCM.

If they turn out to be another annoying debacle, then I'll just sell up and buy prize bonds!


----------



## Calico

I've just seen the updates to this thread about fees from Saxo. I have to say, having had so little time to consider this, I am now feeling misled. Saxo should have been up front about their intention to charge inactivity fees. Especially this was something I specifically asked for clarification on (see below).

I guess we'll just have to wait and see what the fees actually are. If I recall correctly Sharewatch charged an annual fee of €50 or something, which I was happy to pay. If the inactivity fees amount to around this then I suppose that's fair enough. Really don't want to change brokers again.....only just gotten used to Saxo's platform!

_Email from Hayley at Saxo about fees:

Hi xxxxx,

There are no such fees with Saxo – no fees for inactivity, annual admin fees, no penalties or charges besides the commissions for the trades you do.

If there is anything further I can assist you with, please feel free to ask.

Kind regards,

Hayley._


----------



## Rory Gillen

Draigean said:


> I agree and I've decided to open an account with them. They're based in Ireland with a "physical address", hold CREST accounts and the annual charge is only €50 per annum. That's less than two month of inactivity with FXCM.
> 
> If they turn out to be another annoying debacle, then I'll just sell up and buy prize bonds!


 
Perhaps, but the transaction costs with traditional Irish stockbrokers are higher as you are no doubt aware. I understand Campbell O'Connor have a decent offering, but it is not as low on transactional costs as most online brokers.

As background, and as a possible explanation as to why online brokers are starting to levy an inactivity fee, I think the following is relevant;


It is possible that a 13-year bear market is taking its toll, and in particular the past two years where constant fear and increased volatility has seen volumes traded on stock markets drop significantly. Online brokers offer incredibly low trading costs but they need volume. Otherwise, they are out of business. The absence of volume may partially explain such moves.
Traditional brokers rarely have a levy but they have substantially higher transactional charges.
Every company is different and I can't say the above reason is the only reason but it might shed some light. My understanding is that Saxo charges a percentage custodian fee on your underlying assets, but I'm not sure of that. It is worth checking nonetheless.

My understand is also that TD Waterhouse has an annual admin fee but it is less than the one just introduced by FXCM. Sharewatch has no say in it, if that is where you signed up originally. Sharewatch is not an online broker but an intermediary. They switched their relationship to ODL Securities in 2010. ODL Securities was then taken over by the US-based, and Nasdaq listed online fx trader, FXCM. This American influence, in a downturn, might also shed some light on the introduction of an inactivity fee. Personally, I think the 13-year bear market is having the greater influence.

I do hope that helps, but it is just my understanding, and not fact.

Rory Gillen


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## jcb

I have'nt seen any comment on Danske Bank online share dealing. It appears they have an annual fee of €40 and €20 per transaction.If one is only dealing a few times a year it does'nt seem too expensive and if you have a current account in the same bank it might be easier to switch from FXCM.


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## Redsetanta

First post here and delighted to find this thread as I am in similar situation to many here with FXCM. I have shares that I do not intend to sell and don't intend to trade or buy in the near future. Can I nominate a stock broker and then get to keep my shares in a Crest account. I was sponsored by DSD. I have Crest membership but it will close at the end of the month unless i can nominate a stockbroker that will act on my behalf. 
This all baffles me. 
I also thought about getting share certs however i have some shares in Horizon and it will cost me €900 to get a cert which is almost the value of the shares.
Totally confused as to what to do.


----------



## vjoc

Looking to change broker from FXCM due to inactivity fees.

Options based on my research:

*Online Broker - Minimum Fee - Annual Fee*
TD Waterhouse - €20 - €60 (€15 per Qtr if inactive /< €5k)
Dankse Bank - €20 - €40 (Acct Maintenance Fee)
Campbell O'Connor - €25 - €50 (Annual Fee)

Thining of going with TD waterhouse. Anybody found a better deal?

Thanks in advance


----------



## RichInSpirit

vjoc said:


> Looking to change broker from FXCM due to inactivity fees.
> 
> Options based on my research:
> 
> *Online Broker - Minimum Fee - Annual Fee*
> TD Waterhouse - €20 - €60 (€15 per Qtr if inactive /< €5k)
> Dankse Bank - €20 - €40 (Acct Maintenance Fee)
> Campbell O'Connor - €25 - €50 (Annual Fee)
> 
> Thining of going with TD waterhouse. Anybody found a better deal?
> 
> Thanks in advance



TD Warehouse were recommended to me in the past. 
They're even cheaper if you live in the UK.


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## Ravima

SVS Securities have low fees and will take ROI clients.


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## Dman35

Hi Folks, 

I'm currently in the process of trying to transfer my holdings from FXCM to SAXO and it's taking for ever and now I find I can't transfer my AIB holding as it's Irish. 
I've transferred all the rest of my holdings... 

My AIB holding is at rock bottom so don't want to sell it right now and just want them to give me back my share cert and I can just hold it and them sell (in many yrs time). 

does anyone have email address for Peter Byrne at Sharewatch

Thanks


----------



## shnaek

Dman35 said:


> Hi Folks,
> 
> I'm currently in the process of trying to transfer my holdings from FXCM to SAXO and it's taking for ever and now I find I can't transfer my AIB holding as it's Irish.
> I've transferred all the rest of my holdings...
> 
> My AIB holding is at rock bottom so don't want to sell it right now and just want them to give me back my share cert and I can just hold it and them sell (in many yrs time).
> 
> does anyone have email address for Peter Byrne at Sharewatch
> 
> Thanks



I'm having the same issue. Also, they won't take Elan shares either.


----------



## Redsetanta

Danske bank offer as good a deal as anyone else and are advertising heavily here at the moment so I would think they intend being involved in the market for the long term.
Anyone on here with them???


----------



## TomOC

Dman35 said:


> Hi Folks,
> 
> I'm currently in the process of trying to transfer my holdings from FXCM to SAXO and it's taking for ever



Me too.  Mine is the in process of transferring for nearly the past two months (It took about a month to open the account before that).  This was despite repeated emails.  I have been repeatedly been told by email that transfer documents were received and correct and that it is in progress and taking time. Then last week I got told that they do not have the transfer document on file.  Still no idea of if / how much inactivity fee will be with Saxo


----------



## Draigean

I used an online form on the FXCM website to ask them to transfer shares and cash.
No response.
Now I've emailed them.
I fear it will be a waiting game.
Will they be charging me an "inactivity fee" due to their inactivity?  I fear so.


----------



## Tentman

I also have a now very small portfolio with FXCM. Emailed them last night to enquire about closing the account and sending me the share certificates. They replied this morning with a list of fees for issuing the the certs that, quite frankly, are a rip-off. The fee for getting American certs are a whopping $900..


----------



## Draigean

Draigean said:


> I fear it will be a waiting game.
> Will they be charging me an "inactivity fee" due to their inactivity?  I fear so.



Alas, no waiting game.
They sent me a "transfer form".  It was one of the handy PDF files where you can type in the fields.  Alas, if you try saving it, it will only save it blank.  And it's preset to print to file, but fortunately I saw the check-box for that in the print dialog.

Filled it up, printed it off, then scanned it, sent it off to them.  I've received transfer notifications and am waiting for my new broker to confirm this.

The BIG BAD news if the transfer fee, £20 per holding.  Expensive but cheaper than the inactivity charge per month.


----------



## OnDeBanks

I've had my cash & holdings moved to Saxobank successfully.  Now however they are taking 10% tax off my dividends (I presume UK dividend withholding tax).  They will not change this even though I am not tax resident in the UK and have directed me to one of their "partners" who will get me my tax back if I pay them.  I never had this problem with FXCM.  I just paid income tax on my dividend in my annual return.


----------



## Draigean

Rory Gillen said:


> I do hope that helps, but it is just my understanding, and not fact.



Yes, I would agree with you, and I think you're not far off the fact.

It's a bit like the banks.  During the boom they were pushing us to "free online banking".  Later this year they'll be charging us for such online banking.  It's climate induced.


----------



## Calico

Does anyone know if it is possible to get trade details of a trade made with Sharewatch in 2008? The initial trade info never got sent across to ODL, FXCM or Saxo, and now I'm wondering how I will prove a loss to Revenue if trying to offset a gain later in the year. I can't remember the share price or date. 

I've contacted online@sharewatch.com and have received a reply saying Direct Share Deal are in administration so I can't get the info. Any advice?


----------



## TIPPSTONE

TIPPSTONE said:


> Fxcm told me it will take about 3 weeks to process paper certs. Will have to hold my breath till then. This whole transaction has being dealt with very poorly.


 
Got paper certs today.


----------



## Draigean

Draigean said:


> am waiting for my new broker to confirm this.



Shares and cash all transferred.  No more FXCM for me.


----------



## Draigean

Do you not even have the approximate date?  If you're honest with your overall tax return the Revenue tend to be flexible.  The approximate share price around the time, ie that month, should do.


----------



## NDynamite

Contacted Halifax, they don't accept ROI residents.


----------



## rob oyle

Received a notification today that my FXCM account was to be closed ('with immediate effect') but that the company would waive the typical fee of £20 per position for transfer requests to other brokerages received by FXCM on or before 24 May.

Thing is, after the mess-up with SAXO last year I was charged E20 for each transfer to Davy Direct... if I hadn't been proactive I would've been able to transfer for free now but would probably have paid more in inactivitiy fees in the meantime. They get you either way!


----------

