Jump to content

IG needs to implement DRIP as soon as possible.

Recommended Posts

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?

Share this post


Link to post

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.

Share this post


Link to post

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 ?

Share this post


Link to post

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. 

Share this post


Link to post

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. 

Share this post


Link to post

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

Share this post


Link to post

@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. 

  • Like 1

Share this post


Link to post
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 :)

Share this post


Link to post

@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. 

  • Like 1

Share this post


Link to post
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 :)

Share this post


Link to post

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • IG ISA Season

  • Member Statistics

    • Total Topics
      6,387
    • Total Posts
      28,389
    • Total Members
      37,262
    Newest Member
    Yvon
    Joined 20/03/19 17:32
  • Our picks

    • APAC brief 20 Mar
      Another trade-war headline downs sentiment: There’s some news floating through the wires that sentiment has taken a hit overnight courtesy of some unfavourable trade-war headlines. It’s been reported that Chinese officials aren’t co-operating with their US counterparts, as it applies to certain sensitive elements of trade-negotiations. The S&P500, which had been developing some intraday momentum prior to the release, has retraced throughout trade, consequent to the news. It’s closed flat for the day, but despite this fall, moves in rates and bond markets suggest the fundamentals currently remain the same. The all-important balance between financial conditions and growth expectations is still there, ultimately supporting the bullishly inclined, as markets now prepare for tomorrow morning’s meeting of the US Federal Reserve.


      The unresolvable issues: It’s perhaps an assumption alone, but the (very vague) report leaked to the market about trade negotiations surely pertains to one of the well-understood, seemingly intractable issues embroiling the US and China. Those, at its core, unrelated to economics, but to strategic, and somewhat philosophical differences. These are intellectual property theft, currency manipulation, and Chinese military posturing in the Asian region – especially the South China Sea. These differences are relevant because they boil down to brutal power-politics, and an essential clash of ideologies. This isn’t to suggest a trade-deal, and future bilateral cooperation can’t exist between both parties; but that whatever deal is struck, it’s unlikely to put an end to geopolitical tensions.
      • 0 replies
×
×