complaint about a brokerage provider

[breadman]

I am having problems with a uk stockbroker with regards to selling some Australian shares. they have now sold them after taking 40 days to transfer them from a Issuer sponosored holding statement in my name into my trading account. I cannot hold Australian dollars in my account so they have transfered the proceeds into Sterling. they charge me upto 1.5% above the interbank rate at the time of the sale. well, they have now charged me more than 1.5%. my question is, if they do not resolve this matter to my satisifaction who do I need to complain to. I bet I am not the only one who has paid more than 1.5%. maybe I should get someone to check all their foreign currency transactions.

thanks,

breadman

 

[grantx]

Bread,

From pervious experience, Australian stocks could be a nightmare - registered, traded, delivered, transferred in separate Australian locations before they even get to the UK. For the time and work, 1.5% seems reasonable.

Grant.

 

[breadman]

grantx,
your not wrong,between what they charge to buy and sell. the fx cost involved when buying and sell currency, before buying and after selling the shares, the fact you cannot trade live prices but have to leave orders.
Best avoided in the future.

 

[grantx]

Breadman,

Tell them to get a decent price feed.

Grant.