Sippdeal shocker (& link to template complaint letter)

westy22

I'm dithering no longer! My transfer forms for an in specie transfer from HL to Youinvest are now in the postbox, so no going back.

Lokolo

I do have a question though.

Moving from Provider A to Provider B after the ex-div date but before div payment date. How do you get your dividend payment?

(I realise this isn't really related but I think most of the regulars are reading here anyway...)

SnowMan

Lokolo wrote: »

I do have a question though.

Moving from Provider A to Provider B after the ex-div date but before div payment date. How do you get your dividend payment?

(I realise this isn't really related but I think most of the regulars are reading here anyway...)

My mum re-registered an income fund (between ex dividend and payment) recently to a platform that had previously been held direct and was subject to automatic reinvestment. The dividend got paid to the old provider account and reinvested in that old account. She spotted the money sitting with the old provider some time afterwards. She had to tell the old provider to re-register that over as well. Had she not done so I suspect it would still be sitting there now.

So I think the answer is to keep an eye on any holdings that are between the ex-dividend and payment date. The platforms seem to be too busy chasing new business to do simple administrative tasks for funds being re-registered away correctly, or in a timely manner.

One of my own re-registrations was done incorrectly with a bogus fund with 1p appearing in the new account, which would have cost me £10 to sell and remove. The new platform initially said they couldn't do anything about it, as it was the old platform that had moved it across.

westy22

Lokolo wrote: »

I do have a question though.

Moving from Provider A to Provider B after the ex-div date but before div payment date. How do you get your dividend payment?

(I realise this isn't really related but I think most of the regulars are reading here anyway...)

The forms I completed for my transfer to Youinvest specifically stated that the losing provider was responsible for collecting any dividends and income due and remitting it to the gaining provider.

I would still check that I received was what I was expecting!

grey_gym_sock

it might simplify the process to disable any automatic dividend reinvestment on the old platform. then only some extra sweeps of cash may be needed to complete the transfer.

so far, i've only played the "in specie transfer" game with shares, not funds, but i imagine it's similar.

rail.link

I take it there is no charge, besides dealing costs, for dealing and holding shares in a Youinvest dealing account ?

Lokolo

rail.link wrote: »

I take it there is no charge, besides dealing costs, for dealing and holding shares in a Youinvest dealing account ?

I think I put all the charges on my doc

https://docs.google.com/document/d/1jaZ7SctoiShcIjoNEso8us2GU000zd8WDDM8B8QywZE/edit?usp=sharing

I don't have access at work to view it so I am not 100% sure I did put it on there last night...

Linton

rail.link wrote: »

I take it there is no charge, besides dealing costs, for dealing and holding shares in a Youinvest dealing account ?

According to their price list here, that is correct. The ISA charges seem to be the same.

SnowMan

Youinvest sent me a summary of my complaint which wasn't quite right so I rang them up.

In the course of that conversation they said they were expecting to be able to reply 'sooner rather than later' and it would be based on a general approach that they were taking to similar complaints.

rail.link

Many thanks, Lokolo & Linton.