Iii

Nocto

Imnoexpert wrote: »

A while ago I asked III to explain about fund conversions from dirty to clean as I was concerned that the 'bought' and 'sold' dates on my trading statement sometimes differed and I was interested to find out if this meant I was out of the market for a few days on some funds and therefore potentially suffered a gain or loss due to that.

After being told they would give me this information and waiting a good while I chased them up and they now say the conversion was a corporate action not a sale and buy and so they can't give me any information other than the conversion rate. On the other hand they have used the terminology 'sold' and 'bought' and have now provided a conversion date which differs from both dates in one case I have checked. They also say there was 'minimal movement' (whatever that means). and there was no 'real transaction' (whatever that means).

Can anyone explain this? Am I wasting my time trying to check this?

Given II’s impressive ability to mess things up, I did check very carefully the conversions of my funds (using Trustnet to compare the value of my new units vs the old ones immediately after conversion), and I was satisfied that they were all correctly converted.

It’s only a pity that they correctly converted two of my funds into the wrong clean units… D’oh!

I am still waiting for them to re-convert these two funds. I chased them up on Monday, and apparently they are still waiting on the fund manager.

As far as I understand it there is no ‘real transaction’ during conversion - the fund manager just swaps the units. I guess that a ‘sell’ and a ‘buy’ is the only way for II to represent what happened on their system.

xylophone

I had thought it was going to be onwards and upwards but it seems more like backwards and downwards......I suppose worse things happen at sea - think Titanic!:(

LHW99

Titanic! - that's a pretty long way downwards - still I'm sure II can find a deeper hole .....

xylophone

Titanic! - that's a pretty long way downwards - still I'm sure II can find a deeper hole

I can't disagree with that.....

Allots

To all II clients, do check your statements regularly. I am aware that having paid a dividend to a client, II systems have the ability of reclaiming the dividend by posting a reverse entry using the same date of the original payments several months later. By way of an example, let's say II credit a dividend payment on a particular date, say 31 March 2015. You download a statement for 31 March 2015 which will show that particular entry, HOWEVER is you the download the same statement for the same period several months later, you may notice that another entry has been retroactively posted cancelling the original payment!!!

xylophone

II systems have the ability of reclaiming the dividend by posting a reverse entry using the same date of the original payment

It's not that they take back the money - (indeed I withdraw when the divs are (finally) paid and I always keep a spreadsheet recording the payments).

But yes, the system can then duplicate/reverse etc.

At the moment, they have credited a tax reclaim they say I'm owed and I know I'm not.......

I wish I could get to the bottom of what on earth they do and why payments are so inconsistent.

Allots

I have no issues with reversing an entry, however the date of the reversal cannot be backdated!! When an error is noted it should be posted on the date that the error is noted and if necessary a new entry posted on that same dated. i.e.

Original entry 01/04/2015
(Error noted 31st May 2016)

Reversal dated 31st May 2016
New correct transaction also dated 31st May 2016

Cancellation or duplicates should NEVER be backdated.

The reversal of an entry will reduce the account balance by the amount of the reversal and therefore yes, II are clawing the dividend back.

Allots

I download a statement from II on a month by month basis onto excell to review. It is when I download a statement for 6 months that I note that the sum of the "individual monthly statements" does not reconcile with the "6 monthly". For each month that does not reconcile, the difference is due to a reversal of a dividend that was originally paid to me, with no explanation and a "back dated" transaction. There are no additional entries reinstating the dividend due. My dividends are being clawed back!

xylophone

My dividends are being clawed back!

Mine definitely are not - I withdraw as soon as I receive them.

Indeed, at the moment, they are trying to pay me a tax reclaim which I have received and withdrawn!

Nocto

xylophone wrote: »

Mine definitely are not - I withdraw as soon as I receive them.

Indeed, at the moment, they are trying to pay me a tax reclaim which I have received and withdrawn!

Sounds like II in their wisdom have decided that you are a more deserving recipient of the money than Allots..!:D