Iii

JenniferK

stringer_bell wrote: »

I notice that funds get updated at 11pm in II, is there a site I can visit which shows them earlier?

Interactive Investor update about 9.30pm.

Freecall

Just to keep people up to date, I received a response to a secure message today which began :

Thank you for your secure message dated 3 August 2015.

I apologise for the delay in our response, we are receiving an increased volume of contacts which is unfortunately impacting our response times.

Which is presumably a standard opener. A response time of 17 days does seem a bit excessive. I wonder what the 'increased volume of contacts' is?

le_loup

I suspect that they may be having a staff shortage problem due to it being the holiday season.
Who'd have guessed that people would be taking holidays in August?
Clearly, not these people!

masonic

8 week deadline on my formal complaint about missing tax credits has now expired. It seems iii is not even willing to come up with a defence. "We are still investigating your case and we are working our hardest to achieve a resolution. However, as 8 weeks have passed, you now have the right to refer your complaint to the Financial Ombudsman Service, although naturally we hope you will give us a little more time to resolve." Naturally.

It seems to me that, in addition to paying the tax credits I am due, the only resolution that is appropriate in the circumstances (circumstances being that iii are not in a position to reclaim tax paid on interest within an ISA on a forward basis) is for me to request a penalty free in specie transfer to an alternative provider. I really can't understand why they couldn't even let someone look into this and come up with a reasonable compromise. This is going to become a lot more expensive for them now...

xylophone

circumstances being that iii are not in a position to reclaim tax paid on interest within an ISA on a forward basis

What do you mean by a "forward basis"?

I hold a couple of REITS within my II ISA - as you probably know, part of the pay out from these vehicles is a PID which for tax purposes is treated like interest - II claim the tax credit and it appears in the account about six weeks after the payment date - so far, none have been missing.

With regard to the divs due at the end of August, two received so far with three to go....

masonic

xylophone wrote: »

What do you mean by a "forward basis"?

I hold a couple of REITS within my II ISA - as you probably know, part of the pay out from these vehicles is a PID which for tax purposes is treated like interest - II claim the tax credit and it appears in the account about six weeks after the payment date - so far, none have been missing.

I mean that they have told me that they don't have any idea when they will be able to process the overdue credits and they do not have any specified timeframe for processing such payments in the future either. The implication in an earlier secure message was that this was completely out of their control. Like many other things, this seems to relate to the funds platform outsourced to FNZ and does not affect their sharedealing service.

This goes back to at least September 2014 for me, so I have been waiting almost a year now for my first tax credit.

xylophone

You do seem to be having a rough time with II.

I had a query with them recently which it took three secure messages to resolve - the messages were answered promptly (within a couple of days) but it seemed as though the person reading my messages just didn't read them properly!

Finally I was contacted by telephone with a reasonably clear explanation of what had happened ( although none as to why such an opaque means had been used to attempt to correct an accounting error) and apparently I will receive an explanation in writing once compliance have checked it....

As I said, my tax credits have all been received after six weeks from dividend payment.

It seems utterly unacceptable to me that they cannot track down and pay your missing credits - a formal complaint to the powers that be seems to be your only option unless you want to wait indefinitely for II to sort it out.

juliamarsh

I am tearing my hair out with them too. They just don't reply to secure messages, and then when they eventually do - weeks later - they do not reply with a sensible answer, it is clear that they have failed to pay attention to what you have written and you have to start all over again from square one. I am still battling with them over the commission rebates and have been since January. In May I thought it was finally resolved, they agreed there were 3 funds that I was due rebates on which they had not received from FNZ. They said that they would calculate these each quarter and add them to my account. When I checked at the end of July once the fund rebate statement was available, guess what? They hadn't done it. Since then I have been trying to get them applied. At the end of July they sent me a duplicate of the message they sent me on 15th May, referring to my message of 14th May. On 13th August they advised me that the reason I wasn't getting any rebates was that they were clean funds (despite the fact that they had already agreed I was due a rebate, they had paid them up to 30th April and I had always been paid a rebate by Hargreaves Lansdown). I replied to tell them their information was incorrect, gave them details of the clean versions (which all had much lower charges than mine) and sent them copies of their secure messages. That was on 15th August and I am still waiting for a response. I too have battled with them over tax credits - they have always paid them eventually although I am chasing one now that should have been paid in August. When I queried its whereabouts they thoughtfully replied - 9 days later - and told me about the one that was paid in July! A classic example of them not reading the messages properly and wasting even more time. I have been intending to fire off an email to Julie Baxter but I can't seem to summon up the energy - I am worn out with it all. As to the end of August dividends, I have only received 2 so far, there are 6 more outstanding, one of which was due on 26th and the rest on 31st. Hell, I hate them!!!!:mad:

Allots

I too had requested a free in specie transfer to another provider as III are completely incompetent in most areas of their admin. Ok they are cheap but it simply not worth the hassle of dealing with them.

I think that they fear that should they allow one client to transfer 'free' to another platform, the news would spread quickly via forums such as this and the flood gates would open.

Might I suggest that you post complaints on the Facebook page and contact the ombudsman. The more complaints the regulators received from clients the greater the likelihood that II will be forced to up their game.

xylophone

They just don't reply to secure messages,

This has not been my experience - reply within a couple of days usually.

they do not reply with a sensible answer, it is clear that they have failed to pay attention to what you have written and you have to start all over again from square one

Certainly true of my experience in the latest rigmarole - see above.

As to the end of August dividends,

Three still outstanding.......

But those waiting for CTS should take comfort - it was in the process of preparing these that the errors on my account occurred apparently....