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IG needs to implement DRIP as soon as possible.

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I was very surprised to see IG does not offer DRIP. It's almost a deal-breaker for me. When is this going to be implemented?

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I do find it odd that this pretty basic feature hasn’t been implemented. 

I know all the ESMA stuff must have taken up a lot of time but that’s not an excuse... they’ve had the stockbroking offering for years.

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And to hide how long they've been refusing to bring in the resources required to solve it, the old thread has been closed down, which is a cringe-worthy attempt at censorship at minimum ?

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IG refused to answer this question in many posts and I have also called them. After Xmas I will be taking my ISA investments elsewhere. I have phoned a few competitors and they have both features that IG is lacking, DRIP and ultra-low cost automatic investing within my ISA (stocks or ETFs).

 

This really makes a huge difference in terms of lost opportunities and compounding. 

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May I ask why you even considered IG for your Equity Investment ISA in the first place?

You all are fortunate to have enough good options available. I for example only use IG for spread betting to take advantage of the tax free profits and leverage. I don't use them for any other part of my investing or trading portfolio and nor am I obliged to. 

You can all use what ever broker you wish for which ever part of your portfolio. There really are quite a few good options out there. No broker is perfect and there will be pros and cons but you will need to weigh these up and make an informed decision. 

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Hi all. Just an update to say I will put my money where my mouth is.

I spoke to IG today on the phone and requested a direct and sincere update on this topic once and for all.

No more dangling the carrot that it is in development or imminent.

 

DRIP is not actively being implemented. The project has taken a backseat due to other priorities such as the new European regulations around leverage. They have no resources to commit to implementing DRIP

 

I have given them my feedback that I will be transferring our my ISA and Share Dealing to a competitor mainly for two reasons

 

- No DRIP

- No Automatic monthly investing unless it is a smart portfolio

 

The bonus the competitor had was that if you Auto invest, it costs £1 per transaction not the full £10

Also if your Dividend is reinvested it also costs £1.

 

This will save a lot of money, make sure I benefit from Compounding and automate my buying and dollar cost averaging by keep buying every month for a decade or two.

 

Thanks for all your help. I am now content with my decision and my frustration is over.

 

 

Edited by theshidoshi

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@theshidoshi,

There you go. Well done.

I use several different platforms and brokers within my investment and trading portfolio. It also helps to diversify your wealth rather than have it all in one broker account. Also some platforms will be better in certain areas than others. 

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On 15/01/2019 at 05:33, TrendFollower said:

@theshidoshi,

 There you go. Well done.

I use several different platforms and brokers within my investment and trading portfolio. It also helps to diversify your wealth rather than have it all in one broker account. Also some platforms will be better in certain areas than others. 

Hi TrendFollower

 

The only thing is now I am paying custody fees with more than one provider until I get my account consolidated. trying to reduce my fees as well :)

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@theshidoshi,

Yes, I can understand you trying to reduce your fees and that is a valid point. However, your main reason for choosing a certain platform / broker should be that it offers assets that you wish to invest/trade in, the execution on the platform is good, offers good level of customer service, fees are reasonable for the value you are getting, etc. 

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3 hours ago, TrendFollower said:

@theshidoshi,

Yes, I can understand you trying to reduce your fees and that is a valid point. However, your main reason for choosing a certain platform / broker should be that it offers assets that you wish to invest/trade in, the execution on the platform is good, offers good level of customer service, fees are reasonable for the value you are getting, etc. 

 

Very valid argument. Thanks for the sound reminder :)

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On 15/01/2019 at 09:34, theshidoshi said:

Hi all. Just an update to say I will put my money where my mouth is.

I spoke to IG today on the phone and requested a direct and sincere update on this topic once and for all.

No more dangling the carrot that it is in development or imminent.

 

DRIP is not actively being implemented. The project has taken a backseat due to other priorities such as the new European regulations around leverage. They have no resources to commit to implementing DRIP

 

I have given them my feedback that I will be transferring our my ISA and Share Dealing to a competitor mainly for two reasons

 

- No DRIP

- No Automatic monthly investing unless it is a smart portfolio

 

The bonus the competitor had was that if you Auto invest, it costs £1 per transaction not the full £10

Also if your Dividend is reinvested it also costs £1.

 

This will save a lot of money, make sure I benefit from Compounding and automate my buying and dollar cost averaging by keep buying every month for a decade or two.

 

Thanks for all your help. I am now content with my decision and my frustration is over.

 

 

What Competitor are you using? DRIP is very important to me.

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