Iii

masonic

Seems you gave them a lot of notice of your intention to place the order, and they did not follow the correct process for making the security available for you to trade. Had they followed the correct procedure (which included instigating the removal of the block on the intermediate account) within a reasonable time of having received your message, then they would have been able to successfully execute your original order. The situation was not beyond II's control, which it demonstrated when it later rectified the situation.

juliamarsh

masonic wrote: »

Seems you gave them a lot of notice of your intention to place the order, and they did not follow the correct process for making the security available for you to trade. Had they followed the correct procedure (which included instigating the removal of the block on the intermediate account) within a reasonable time of having received your message, then they would have been able to successfully execute your original order. The situation was not beyond II's control, which it demonstrated when it later rectified the situation.

I suppose they would claim that it was not their fault as they did not know about the block on the account until FNZ wrote to advise them of it. I can't imagine this happening with any other fund platform though - you really couldn't make it up, could you?! When they say 'on the back of a request the account has been closed down' I wonder on whose request it was closed down and why they were not aware of it - surely they would have been notified and if they had been on the ball they would have taken steps to reopen it when a customer gave notice of their wish to trade a Luxembourg based fund?

Does anyone know if they charge to move cash to an alternative SIPP provider?

masonic

juliamarsh wrote: »

I suppose they would claim that it was not their fault as they did not know about the block on the account until FNZ wrote to advise them of it.

I'm sure they would and of course they are at liberty to recover the costs of compensating you from FNZ if they believe they have grounds to do so. It has no bearing on your claim though.

gterr

Since this is a general III thread can I ask if anyone who holds Vanguard Lifestrategy inc funds with them has had their dividend payments yet? I have received dividends for my VGLS 40% inc, but not my VGLS 100% inc.

Malthusian

juliamarsh wrote: »

although it was a different class than the one available on HL's platform with higher charges because they said that the one I enquired about had a minimum investment value of 30 million (despite the fact it is available to HL's clients with a minimum investment value of £100!)

This is pretty common. If you look on fund factsheets you'll often notice that the shareclass you can invest in via platforms is listed with a ludicrous minimum investment (£1 million or suchlike). But they're available to retail investors via platforms because the fund manager treats the platform as being the investor. Or they just waive it.

Since 2012 it has also been fairly common for some funds to offer special low charges to certain platforms but not all - AXA clearly has a deal with HL (hence why HL were so happy to flog the fund to you) but not with II.

The delay in investing - this is sort of common. Investing in offshore funds is quite unusual and some platforms don't even make them available. After all there are dozens of onshore funds that invest in the UK. So their explanation does make sense to me. What doesn't make sense is the lackadaisacal approach to sorting it out. It shouldn't take 11 days since placing the deal to tell you it couldn't be settled and it shouldn't take another 10 days to get the account back online with the custodian.

Could it happen with anyone other than II - very easily, special deals on fees are common and when an investor makes an unusual request (like buying offshore funds) it may take some special work to do it for them. Could anyone other than II be as incompetent and slow at sorting out these fairly simple issues - quite possibly not.

xylophone

Since this is a general III thread can I ask if anyone who holds Vanguard Lifestrategy inc funds with them has had their dividend payments yet? I have received dividends for my VGLS 40% inc, but not my VGLS 100% inc.

Isn't this just par for the course whatever funds you hold?:)

For example, I have received my Invesco Perpetual Distribution but not my Invesco Perpetual Global Distribution......

Nocto

My two Newton funds have finally been converted to ‘W’ units. I’ve checked them very carefully and I am satisfied that my units have been correctly converted.

So far I’ve received two of my four end May dividends - just waiting on the Newton ones now (always the last to arrive), and hoping that II doesn’t mess them up due to their re-conversion.

xylophone

and hoping that II doesn’t mess them up due to their re-conversion.

Hope springs eternal in the human breast
Man never is, but always to be blessed: (Pope)


We must accept finite disappointment, but never lose infinite hope. (M.L.King)

Life as a client of II makes me wax philosophical.....:(

Araky

I can't specifically answer your questions as I have just recently completed my transfer forms moving from H-L to II when I hand-delivered them to their spanking new offices in West Regent Street, Glasgow (very nice indeed!). I have contacted them by phone on several occasions and they have been friendly and efficient. On Friday, the day after I handed the forms in they phoned to welcome me and I was given the name of a person to contact in future if I had any queries. They also said they would send me a secure message though I have not yet checked my account.

Over 10 years ago I set up a portfolio on III which contains all the investments held by my DH and I as well as all our Savings/Cash ISAs under the 'Other Assets' category. I have to say that I refer to this daily rather than our linked H-L accounts as it shows everything at a glance. However, I have noted that there is some discussion on the site where people are complaining about changes that have been made (on the Trading Platform I think) but so far it has not affected me in what I do. If it does, in future, then I will keep phoning until they take notice and, if the worst comes to the worst, I can always travel from Edinburgh to Glasgow and harass them in person!

juliamarsh

xylophone wrote: »

We must accept finite disappointment, but never lose infinite hope. (M.L.King)

Life as a client of II makes me wax philosophical.....:(

I could probably cope if there was a chance that disappointment with II might be finite, but 2 1/2 years experience sadly leaves me with the distinct impression that it will be infinite - I am quickly losing infinite hope or maybe I suffer from infinite stupidity in attempting to persevere with them!:o