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  • Allots
    Allots Posts: 62 Forumite
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    Imnoexpert wrote: »
    II Fund Conversions

    Does anyone know what is supposed to happen when funds are converted? Are there rules for how II ought to be doing it?

    I innocently thought the dirty funds would be sold on the same day as the clean funds were bought. This happened with he first conversion. Subsequent ones show the new funds being purchased the day before the old ones are sold (according to my trading account).f

    An earlier poster is checking them all and I guess I'm going to have to but it's a job I really don't want to have to spend time doing.

    The date showing as 'trade date' on the 'Trading History' tab is actually not the trading date itself. It is the date that II posted the transaction to clients' accounts. This explains why some dates fall on a Sunday. Therefore unless we are told the actual date of conversion we cannot check the conversion rate. If II have a backlog, which is very possible, then the post date could possibly differ by several days or weeks from the actual conversion date. I have complained about this and asked II to provide me with the Actual Conversion date! Their secure message confirming the conversion, quotes a rate but does not confirm the actual conversion date....how pathetic!
  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
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    Hi,

    I checked my account early on Monday morning, and my trading account showed no change, but when I looked at my Isa page, there had been a clean conversion on one holding, easily noticed by the ludicrous book cost, but still not listed in trading account.

    As I take a screen shot every morning just now during this clean conversion, I was able to compare to Saturday morning shot (Friday close), and check the figures.

    Another thing meaning conversion of a fund is imminent, the trading box at right hand side is empty, they don't seem to send an email now.
  • grey_gym_sock
    grey_gym_sock Posts: 4,508 Forumite
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    Allots wrote: »
    The date showing as 'trade date' on the 'Trading History' tab is actually not the trading date itself. It is the date that II posted the transaction to clients' accounts. This explains why some dates fall on a Sunday. Therefore unless we are told the actual date of conversion we cannot check the conversion rate.

    you can't check it with complete precision, but you can get very close. just find out the prices of the dirty and clean units on some day close to when the conversion must have taken place, and use those to calculate how many clean units you should have.

    the point is that, while the prices can change significantly from 1 day to the next, the ratio of the clean price to the dirty price will change very little. for instance, if the clean units charge 0.75% p.a. less than the dirty units, and your estimate of the conversion date is a month out, then the error should be about 0.75% / 12 = 0.0625%.
  • Allots
    Allots Posts: 62 Forumite
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    Yes, as you suggest this will give you a rough guide but why should we need to go through this rigmarole when there should be a clear "audit trail" for the conversions and all accounting entries. Surely it is not rocket science to include the date of the actual conversion in the email confirming the conversion ratio. There is a lack of transparency which from experience could be open to abuse, particularly for the those that do not check what II does. I have entries that appeared on statements downloaded from the online account a year ago that have mysteriously vanished when I download an updated statement. Fortunately I regularly post all transactions on my account with II, including the II reference numbers as well as the date/time of postings so that I can challenge them when entries vanish. The fact that entries go missing without an explanation does worry me somewhat.:D
  • Imnoexpert_2
    Imnoexpert_2 Posts: 340 Forumite
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    As I take a screen shot every morning just now during this clean conversion, I was able to compare to Saturday morning shot (Friday close), and check the figures.

    Very thorough! I could have done this when I was working but now I'm retired I don't have the time:)

    Seriously though it shouldn't be this difficult.
  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
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    edited 11 February 2016 at 6:36PM
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    Hi,

    whoopee :j,

    I'm clean,

    all my funds are now clean, only took 5 weeks, and a lot of close scrutiny.
  • masonic
    masonic Posts: 23,275 Forumite
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    frugalmacdugal wrote: »
    Hi,

    whoopee :j,

    I'm clean,

    all my funds are now clean, only took 5 weeks.
    Congratulations! The pain isn't quite over yet though because you'll still have outstanding rebates to reconcile.
  • frugalmacdugal
    frugalmacdugal Posts: 10,077 Forumite
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    Hi,

    yes, was thinking that, due in April, unless they decide to pay them early.
  • Nocto
    Nocto Posts: 177 Forumite
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    Three of my eight ‘dirty’ funds were converted this week. So far no mistakes…

    I have a copy of my portfolio on Trustnet (originally just for analysis), which is proving very useful for comparing the value of my old units with the new ones.

    I’m also taking a screen shot every time I login to II just in case they mess anything up…
  • LHW99
    LHW99 Posts: 4,216 Forumite
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    One dirty fund converted - shhhhh - looks correct!

    Still trying to find out why a fund dividend paid in May 2015 has been listed in the 2014-15 tax certificate as paid on 04/04/15. Never mind - all adds to the fun.
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