OEIC Late cancellation

mickbrow

Hello all, I am new to the forum and would appreciate any help with this problem.
Dec 1 (Thursday) Took out OEIC with Axa.
Dec 2 Tried to cancel by phone to Rep. when I got through he said he would ring me back, but never did.
Dec 5 Contacted Rep. Informed him I wish to cancel, he said it is now proceeding.
Dec 8 I Sent recorded delivery cancellation.
Dec 13 Axa cancelled.
Difference to fund from phone cancellation to actual cancellation (8 days) £325 loss.
If they had cancelled when I phoned, they (Axa) would have been in profit, and I would have received full refund.
My question. Should Axa have cancelled as I requested, by phone.
Axa rules state if the cancelled fund is in profit on cancellation they keep it, (fair enough) and if the fund has made a loss, I lose, (again fair enough), but they seem to have waited, expecting (hoping) the fund to increase, if it falls (as it did) they have still lost nothing.
I am sure this question must have been asked in prvious posts, and I must apologise if it has, I have tried several searches but I got nothing.
Thanks in anticipation.

Ark_Welder

Cancellation needs to be done in writing, either by returning their Cancellation Notice or by a letter. From AXA's T&Cs:

3.3 Cancellation

a) In certain circumstances (as set out in the Simplified
Prospectus) you will have the right to cancel your
application within 14 calendar days after receiving notice
of your cancellation rights from us. If you exercise your right
to cancel by returning the cancellation notice to us,.......

b) If you want to cancel before you receive the cancellation
notice, please notify us of your decision in writing.

http://retail.axa-im.co.uk/en/c/document_library/get_file?uuid=88305d1c-18ce-4b56-b761-d6698fa7247b&groupId=10805

dunstonh

My question. Should Axa have cancelled as I requested, by phone.

No. Cancellation rights is normally given in writing.

but they seem to have waited, expecting (hoping) the fund to increase, if it falls (as it did) they have still lost nothing.

That isnt how it works. They dont decide. They deal with it on the day the paperwork is received or they apply that date (in case it processed later)

I didnt think AXA operated reps any more.

mickbrow

Thanks for your replies.
I gave notice in writing on the 8th. (recorded delivery) should have received it on the 9th. Axa have the "order date and time" as 13th. "transaction date and time" 13th.
My investments are mainly with C.I.S. and they are "shoving" their customers to Axa, C.I.S. say Axa can give a wider choice.
I did not expect to get anythiong back but it was worth asking. Thanks.

Thrugelmir

mickbrow wrote: »

I gave notice in writing on the 8th. (recorded delivery) should have received it on the 9th. Axa have the "order date and time" as 13th. "transaction date and time" 13th.

There's no guarantees with 1st class post. Did you send by guaranteed next day delivery?

8th was a Thursday. Christmas post could have delayed slightly.

mickbrow

Thrugelmir wrote: »

There's no guarantees with 1st class post. Did you send by guaranteed next day delivery?

8th was a Thursday. Christmas post could have delayed slightly.

No, sent first class. As you say, could have been delayed. Ahh well.
Thanks anyway.

dunstonh

I gave notice in writing on the 8th. (recorded delivery) should have received it on the 9th. Axa have the "order date and time" as 13th. "transaction date and time" 13th.

That would indicate they got it over the weekend or Monday and used the next available price which would have been Tue 13th. OEIC/UT are traded once a day. Not real time.

My investments are mainly with C.I.S. and they are "shoving" their customers to Axa, C.I.S. say Axa can give a wider choice.

The AXA Wealth platform has around 17,000 investment options. CIS had around 10.