On Monday, for the umpteenth time, the AJBell/Sippdeal/Youinvest trading platform crashed.
Sitting down at 8am to sell large parts of my shareholdings in order to buy back when I felt more inclined, I eventually managed just two trades before the AJBell platform crashed completely, for everyone. I watched as the FTSE100 slipped away, unable to do anything. I rang AJBell and all they could say was the they were "working on it but unable to say when it would be fixed". By the time it was fixed, I had lost a significant amount. Past experience tells me they won't bother to reply to my complaint and if they do, it will be to tell me they have no liability for my losses.
Today, AJBell's website says that if you are trying to withdraw cash, they are sorry but they can't do it at the moment. Why?
A very short straw poll amongst investors suggests that although HL is sometimes slow, it continues to work. Is this an accurate reflection in your experience and is there a better platform for SIPP investors who want to make frequent trades?
In 2008 my Accountants recommended that I open account with AJ Bell for my SIPP. Aside from not being able to place bargains with ease, the site was clunky and riddled with problems, INCLUDING THE FAILURE TO LOG OUT PROPERLY and inability to attend to holdings. After some 22 emails, 4 letters, 6 notes sent by Special Delivery over a 10 week period in 2012 culminating in the issue of a Statutory Notice was I able to eventually able to transfer my account to a different platform.
I was genuinely concerned that the company was bankrupt and would not permit me to access my pension pot. it was not helped that my correspondence was never answered. I sacked my accountants did not bother to seek indemnity for the losses and costs suffered let alone the worry, but I was able to move my account to Charles Stanley Direct.
Insofar as HL is concerned, I hold a tiny dealing account plus the SIPP accounts that I administer for my children. Although HL are very tardy in reconciling dividends to accounts, I have found that the platform is, for the most part solid and reliable. there have been occasions when it is swamped. I am not keen on the reliance that HL have on open ended pooled funds. Performancewise, investment trusts are far better.
Thanks for that Alas_Smith. Not so keen on investment trusts but of course they play a role.
Biggest concern for me is that AJB platform (1) seems to crash whenever the volumes rise significantly and (2) can't get quotes for trades in small-caps.
In point of fact, I tried to register with HL yesterday but can't as their application process hangs at 'FIND ADDRESS'. Emailed them to say so but had no response as yet. Wouldn't it be great to find a platform that does what it says it will, all the time.
I have been with A J Bell for a year and am very unhappy. Here is why: The site is a dog – times out after 15 minutes and nothing you can do about it – tired of logging in and seeing that sad lady with a cup of tea looking out the window You just get a menu, so it is double click on everything – no news or detail on home page. Company look up is tedious, you have to enter all name, no ticker and no memory of past searches Poor research and added value most of which is third party Print out of portfolio is limited and does not reflect sequence of your columns I suspect the spreads are not competitive but cannot prove it as don’t have a comparison Price per trade is OK but so are many others Often can’t buy even a meagre amount of stock but they are small caps so maybe understandable WORST ISSUES Over recent weeks the site has been inaccessible for long periods with no reason stated Warning recently that paying back cash is subject to delay – again no explanation I wrote complaining of last two issues a week ago and have got no reply! Many seem to be happy but maybe they are not so discerning or don’t trade often Hope this is helpful. I common with others I am looking for a more responsive and better designed site maybe with better spreads. I have asked for recommendations on here but got no reply. Will definitely second source. ii has been recommended elsewhere for good spreads. In the end one has to use a site for a while to experience how good it is.
I do hope that you have all managed to resolve your issues with the AJBell platform. One of my gripes that I had at the time (and returned to focus on the RDSB board) was the very disarming email service for RNS issued. The choice of wording used and (if I am not mistaken from memory) in capital letters had a sense of urgency of high importance - "Corporate Action".
The implication was something untoward, a whiff of scandal, the start of some legal proceeding had occurred, whereas it was simply the issue of a regulatory news statement.