Alliance Trust Savings to Interactive Investor

[wickham]

Alliance Trust Savings is transferring my investment, ISA and pension accounts to Interactive Investments. I don't know if ii.co.uk is financially secure.

Please confirm that my shares, gilts and unit trusts will be held in a nominee account and secure if ii.co.uk goes into liquidation.

Will cash deposits also be held away from the hands of ii.co.uk?

During transfer of funds into or out of shares, presumably my cash will be at risk of seizure by ii.co.uk.

I don't know why ATS is doing this. If ATS can't make a profit then how will ii.co.uk make a profit as charges will be almost identical?

What is ii.co.uk's reputation? ATS has been very reliable and not especially money-grabbing. Is ii.co.uk a money-grabbing type of company?

[Alaric]

Will cash deposits also be held away from the hands of ii.co.uk?

There are statements about how it works on the ii site. I don't think ii has a banking licence, so all cash is placed with a spread of banks which is the normal method. The FSCS compensation kicks in anyway, although you might want to check how it works if there was ever a likelihood of having cash with ii above the compensation limit.

Otherwise there are a number of people on this site with holdings at ii, either from when it was a separate operation or from when it was merged with TD Direct. It's among the major players in the platform sphere.

[TedSwippet]

Alliance Trust Savings is transferring my investment, ISA and pension accounts to Interactive Investments. ...

Currently being discussed in this thread:

Alliance Trust Savings taken over by Interactive Investor - The Lemon Fool

[Dod101]

One thing the OP should know is that it is not ATS that is doing the transferring to II. It is II that is moving the customer assets of ATS to its platform after it bought ATS at the end of June. Otherwise yes, reading the other thread and continuing the discussion there would be sensible.

Dod