Changes ahoy at the HSBC Global Investment Centre

SnowMan

SnowMan wrote: »

HSBC are now calling me back later today so we will see what they have to say then.

HSBC have called me back. They don't have the figures but are going to supposedly send me out a correct consolidated tax certificate.

There is every chance they will just send out another consolidated tax certificate with just zeros which is what happened when they told me last week they would send out a correct consolidated tax certificate (I know because it arrived today).

There seems to be an extraordinary level of bureaucracy, incompetence, lack of responsibilty and lack of training at the HSBC GIC.

As was mentioned earlier in the thread, a Senior Customer Services Manager, Martin Oates, sent out letters threatening to freeze my and others accounts unless we told them our nationalities, even though we had given them that exact information before then when they rang us up. When I rang to complain about this, I was told they were sending out that standard letter, which also stated that they didn't have my nationality, regardless of whether they did have the investor's nationality as that was easier to do than to check which investors' nationalities they had. They seemed to think that was a reasonable approach.

SnowMan

SnowMan wrote: »

HSBC have called me back. They don't have the figures but are going to supposedly send me out a correct consolidated tax certificate.

As expected the correct consolidated tax certificate showing the notional distribution did not arrive.

I rang up HSBC GIC again and they can't give me the figures (it is 3 weeks since I informed them of their original error).

I had already posted in a complaint on Thursday but they seem unable to trace that also.

Complete and total shambles at every level.

Update: they have now rung to say they are going to email me the consolidated tax certificate this morning as a pdf, sounds vaguely promising.

Further update: And amazingly it has arrived and looks correct as it shows the July 2012 notional distribution and splits it between equalisation and the net taxable dividend.

(Edit: 4 weeks on and still no sign of the May 2012 tracker long report that I requested. However HSBC have mentioned to me that the enhanced disclosure of charges for the HSBC trackers can be found here)

SnowMan

I've received a letter from HSBC GIC today saying they've set the date for the introduction of the platform fee for clean share classes.

HSBC GIC are introducing the 0.39% platform fee for clean share classes such as the HSBC C class on 18th August 2013.

Mentioned on the HSBC website here (scroll down to how much does it cost)

Student_of_£

Hi everyone, firstly my apologies for being a nuisance!
I'm looking into HSBC GIC to start investing and I was wondering about payments.
The site says the minimum lump sun is £100 and that they won't allow regular payments.
So say I have 10 funds and put the required £100 in each, does that mean that I won't be able to add any more money for a year or so? I was hoping to add to my investments from month to month.
Again my apologies

Wywth

Student_of_£ wrote: »

Hi everyone, firstly my apologies for being a nuisance!
I'm looking into HSBC GIC to start investing and I was wondering about payments.
The site says the minimum lump sun is £100 and that they won't allow regular payments.
So say I have 10 funds and put the required £100 in each, does that mean that I won't be able to add any more money for a year or so? I was hoping to add to my investments from month to month.
Again my apologies

You can invest more whenever you like, but you will need to manually do this.

Where it says no regular payments, it means you can't agree in advance in invest £100 per month and expect it to happen automatically. But you can manually invest £100 (or any other amount) if that's what you decide to do.