IWEB trading platform, service review

I had a frustrating experience today with my UK trading platform, IWEB. Upon logging in this morning, I was startled to see a message that my account was restricted and to call a provided number. I was perplexed about what could have triggered this. I called customer service, who speculated that an expired debit card on file may be the issue. After updating my details, I was told access would resume shortly. However, I remained unable to access my account the entire day, which was aggravating.

While I understand technical problems occur, clearer communication and urgency from IWEB would have been appreciated in resolving this issue faster.

IWEB is one of the ISA providers and shares dealing platforms in the UK, part of Lloyds Banking Group. I have been with them for several years. Customer service is usually friendly, and there is a web-chat service which I like. They offer the most competitive 'cost per trade' without a minimum number of trades per month (that I know of), and in general, I have had no problems with the service.

Today, however, the service I got was appalling. 

No explanation why the account was restricted, no warning or phone calls, and the account was frozen. I could not get through to web chat all day (unusually busy), and the issue did not resolve after I called them.

After trading hours, I finally had enough and called to raise a complaint. For a trading platform, errors like this can cause customers financial damage. I got through to a service agent, who finally located the problem, and the issue turned out to be an internal error. The service agent helped me to raise the complaint and said senior management would review the mistake and possibly offer me a small compensation.

Overall the customer service I received was still quite good. However, there are telltale signs that IWEB's internal processes have other problems. I hope they maintain and improve the standard of their service. It would be disappointing to switch providers after so many years.

The first lesson learnt- it pays to complain sometimes (for genuine errors caused by the provider). The second lesson learnt is always to have an alternative backup platform to use if you are a serious investor. I am glad I had other accounts to fall back on.

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