Iii

lejog2003

I thought I'd let you the latest in the sorry saga of my account closed in December 2014. I registering a formal complaint before Christmas re the £49 remaining unpaid in my account and an unpaid tax rebate.

I just received a final decision letter offer stating a cheque for £89 was enclosed to cover the amount owed PLUS £40 goodwill. They contested the unpaid tax rebate.

Enclosed was a cheque for ....... £49!

They continue to get nothing right.

stringer_bell

Is it possible they can mess the conversion up, or is it automated? My biotech fund showed a gain of 180 percent, now its converted to a clean class, its showing +20. I do realise it has suffered recently, but surely not this much?

Nocto

stringer_bell wrote: »

Is it possible they can mess the conversion up, or is it automated? My biotech fund showed a gain of 180 percent, now its converted to a clean class, its showing +20. I do realise it has suffered recently, but surely not this much?

I think they do the conversions manually on a spreadsheet - at least that’s what I seem to remember reading on someone's post who had called them up with a problem.

Does the value of your units look about right? Clearly if your investment was worth £10,000 before conversion & £5,000 afterwards then something went horribly wrong!

If the value of your investment looks about right taking into account price movements since the conversion, then they’ve probably converted your units correctly for you. You can check exactly by looking up the dirty unit price on Trustnet and multiplying by your old number of units. Just make sure that you’re comparing unit prices from the same day. Trustnet seems to update between 4pm & 6pm, and II closer to midnight, so checking them in the morning should give you the correct figure (both being the previous days price).

If the value is correct but the percentage gain is wrong, do you just need to re-enter the book cost? You can edit this yourself, which I had to do after transferring into II. I read on another thread that some are finding after conversion that their book costs are incorrect.

Three of my funds were correctly converted last week (cross checked with Trustnet), and although I’m worried about II converting all my funds correctly, I guess that ultimately any errors made during the conversion process (and not immediately spotted by their customers) would come to light when II’s nominee account doesn’t balance exactly with the fund managers accounts. At least that’s what I’d like to think! I’m keeping a very close eye on things…

stringer_bell

Nocto wrote: »

I think they do the conversions manually on a spreadsheet - at least that’s what I seem to remember reading on someone's post who had called them up with a problem.

Does the value of your units look about right? Clearly if your investment was worth £10,000 before conversion & £5,000 afterwards then something went horribly wrong!

If the value of your investment looks about right taking into account price movements since the conversion, then they’ve probably converted your units correctly for you. You can check exactly by looking up the dirty unit price on Trustnet and multiplying by your old number of units. Just make sure that you’re comparing unit prices from the same day. Trustnet seems to update between 4pm & 6pm, and II closer to midnight, so checking them in the morning should give you the correct figure (both being the previous days price).

If the value is correct but the percentage gain is wrong, do you just need to re-enter the book cost? You can edit this yourself, which I had to do after transferring into II. I read on another thread that some are finding after conversion that their book costs are incorrect.

Three of my funds were correctly converted last week (cross checked with Trustnet), and although I’m worried about II converting all my funds correctly, I guess that ultimately any errors made during the conversion process (and not immediately spotted by their customers) would come to light when II’s nominee account doesn’t balance exactly with the fund managers accounts. At least that’s what I’d like to think! I’m keeping a very close eye on things…

I had two different classes of shares before it was converted, the first one was up 180 percent, next one 10 percent, im wondering if the merge took them both into account, obviously if they are merged they wont be up 180 percent.. but a 20 percent gain seems a bit less than I thought

grey_gym_sock

stringer_bell wrote: »

I had two different classes of shares before it was converted, the first one was up 180 percent, next one 10 percent, im wondering if the merge took them both into account, obviously if they are merged they wont be up 180 percent.. but a 20 percent gain seems a bit less than I thought

look up the prices of all 3 kinds of units (2 old, 1 new) on trustnet. it doesn't matter which day you use, so long as all 3 prices are on the same day.

old value = (number_of_units_in_class_A x price_of_A) + (number_of_units_in_class_B x price_of_B)

new value = (number_of_units_in_class_C x price_of_C)

and the old value should be very close to the new value.

Nocto

stringer_bell wrote: »

I had two different classes of shares before it was converted, the first one was up 180 percent, next one 10 percent, im wondering if the merge took them both into account, obviously if they are merged they wont be up 180 percent.. but a 20 percent gain seems a bit less than I thought

Seems a bit of a drop, but it depends on the values of the holdings of each unit class prior to conversion. If your units with a 180% gain were worth a lot less than the 10% ones then that would explain it.

If you still have a copy of your holdings before conversion then just divide the combined profits of each holding by the total book cost (both holdings) and times by 100 to get your percentage gain.


Units A profit + Units B profit
____________________________

Book Cost A + Book Cost B



X 100 = Total percentage profit


(I think I’ve got my maths right at one in the morning!)

xylophone

Good news to report- not only was a share dividend received today on time (these usually are, in fact) but so was a fund dividend!:T

planteria

after all this time i still have Trading, ISA and SIPP accounts with iii...

i have been simplifying my holdings, taking some profits and averaging down some buying prices.

my SIPP (with iii) is all in Marlborough Special Situations fund.
http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=FMSS&univ=U
i am tempted to move it into my Managed Fund with Wesleyan and not require a platform for my pension investments. any thoughts re. this? https://generate.financialexpress.net/Factsheet/WSLYN/FS/WL01_en-gb.pdf

and my iii ISA is now just 7 Individual Companies [with wildly differing fortunes] and 2 Funds. again, with being busy with other things, and on decidedly mixed form, i am tempted to sell out of these as & when the timing feels right, and move into a managed fund. i have about 35% of my ISA investments in a very cautiously managed Friendly Society, alongside what would be classed as 'risky' for the remainder, with the specialist funds and direct holdings in mention above. any thoughts re. this?

i will be joining a new employer's pension scheme in June. no details at all yet, but i will put in as much as they will match.

if still requiring a platform, now that the dust has settled, are folks considering iii to be a reasonable, well-priced, option? where else do folks here recommend?

SilverShopper

juliamarsh wrote: »

Is anybody else unable to access the trading history on their SIPP? It has been saying there is a system error for 2 days. IT is supposed to be trying to fix it but it is very annoying when I want to keep an eye on these conversions that are going on! :mad:

I too am getting this error - on my ISA, but not on the trading account.
After an initial total collapse I'm now getting the last couple of clean conversion items, but nothing going back more than a few days!

Has anyone had a complete recovery yet?

On conversion problems. Before the history dissapeared. II sold one of my funds and bought it back clean in two chunks. On another they bought back the original dirty fund - for a day or two it doubled the value of that holding until I got them to fix it.

Arn't II a caution.

xylophone

Arn't II a caution.

Aren't they just! Having covered themselves with glory, (see above) a fund dividend normally received very promptly is still somewhere other than in my account...

However, they are cheap......