Iii

planteria

thanks badger and ll, i am sure you are right, and that HL either will, or will be persuaded to, play fair...i'll just be keen to have this sorted. i have had a message from iii today telling me that they are ready to charge me my £20....but i still don't have any of my 3 accounts fully transferred, so im not really in a position to actually Do anything.

DiamondLil

planteria wrote: »

thanks badger and ll, i am sure you are right, and that HL either will, or will be persuaded to, play fair...i'll just be keen to have this sorted. i have had a message from iii today telling me that they are ready to charge me my £20....but i still don't have any of my 3 accounts fully transferred, so im not really in a position to actually Do anything.

Me too - I even have a letter from Jupiter, dated 17th. April, informing me that they (Jupiter) have transferred my holdings as per my instructions...... And still that particular fund isn't showing on II despite several phone calls and messages from me..... And there are four other funds transfers still not showing in my II account. All in all, of seven different funds, only two have moved over after 14 weeks.....
Am so, so tempted to send a strongly worded reply to Ms. Julie Baxter....

masonic

planteria wrote: »

i have had a message from iii today telling me that they are ready to charge me my £20....but i still don't have any of my 3 accounts fully transferred, so im not really in a position to actually Do anything.

Well, you can do anything you like with whatever has transferred so far and/or new money.

planteria

you are right, i can. but none of my cash has moved from HL to III yet. and i am not planning to do this year's ISA allowance until January.

lejog2003

DiamondLil wrote: »

Me too - I even have a letter from Jupiter, dated 17th. April, informing me that they (Jupiter) have transferred my holdings as per my instructions...... And still that particular fund isn't showing on II despite several phone calls and messages from me..... And there are four other funds transfers still not showing in my II account. All in all, of seven different funds, only two have moved over after 14 weeks.....
Am so, so tempted to send a strongly worded reply to Ms. Julie Baxter....

I really urge you to read this post by malfesto and my reply which I've copied from the leaving HL thread. FCA regulations state that it is up to the originating firm to execute the client's request in a timely manner and efficiently. Execute in this context according to my dictionary means put a plan into effect, complete, accomplish. It does not mean we've sent off the forms to the funds manager, so we can wash our hands of your money. Certainly according to my reading of the rules it is up to them to manage your holdings until the funds manager has completed the transfer to iii.

Yes I now realise my moans at iii (documented just a few posts ago in this thread) were wrong and I should have been moaning at Fidelity all along.

malfesto wrote: »

From the FCA’s Conduct of Business Sourcebook under Rule 6.1G (Re-registration of title to retail investment products)

6.1G.1 If a client requests a firm (F) to transfer the title to a retail investment product which is held by F directly, or indirectly through a third party, on that client's behalf to another person (P), and F may lawfully transfer the title to that retail investment product to P, F must execute the client's request within a reasonable time and in an efficient manner.

Given the above, you are justified to make a referral to FOS for potential breach of regulatory rules if the complaint response from both organisations is inadequate.

Additionally, a private person can take an authorised firm to court for contravention of regulatory rules (in any FCA business standard sourcebook/manuals) under the rights of action for damages (for any loss incurred). This little known statutory right is provided by Section 138D (previously Section 150) of the Financial Services & Markets Act 2000.

You can make a Section 7 request (i.e subject access request) under the Data Protection Act 1998 to gather evidence ahead of any potential FOS referral or court action (shouldn’t cost more than £10 per request). The Information Commissioner’s Office website has guides on how to make a Section 7 request.

Regards,

malfesto.

My reply to malfesto.

Thats a really interesting post, but does the regulation actually justify a complaint to both (F) and (P) - it looks to me that your bold clause lays the responsibility solely on (F). This is in line with what I'd expect of legal principles. While most of the posts on this forum have naturally been blaming the platform managers, a lot of the problems are obviously down to the funds managers as funds disappear for several weeks between leaving (F) and arriving at (P).

However investors have no direct commercial relationship with the funds manager - (F) and (P) are responsible for "managing" the funds manager on your behalf. You've agreed ts&cs with the platforms, not the funds managers. Until (P) actually receives the reregistration they have no power to act on your behalf - its up to (F) to "manage" the funds manager until the reregistration to (P) is complete.

I really strongly urge anyone who receives an "its not our problem anymore" answer from HL (or any other platform come to that) to quote malfesto's post of FCA Rules to them.

DiamondLil

Thanks lejog2003 - I have read and saved both threads; and I will update on here when (if) I have any progress to report.

xylophone

Don't forget that H-L will send this by cheque (second class) and then III will take FIVE WORKING DAYS to wait for clearance before letting you play with your money ... that is five days after they have found the cheque in their post room!

The relatives are pleased to announce that their cheques arrived with II yesterday:j - they should be able to use the cash by Tuesday next - of course, when their funds will arrive is anybody's guess but they are not too concerned as they want to keep them.

le_loup

xylophone wrote: »

The relatives

Your constant references to these mysterious people begins to sound sinister! Do they really exist? Have you invented them so that you may launder funds? Is this all a dream? Will we never meet them? Will we meet you? Why did your parents call you xylophone? Are the "relatives" you parents? We must be told.


Do I seem bored?


Anyway, I'm glad they are nearing completion. There do seem to be a number of shell-shocked people here who are beginning to see light at the end of the tunnel of despair. (To mix many metaphors.)

xylophone

Your constant references to these mysterious people begins to sound sinister! Do they really exist?

Certainly they do! And count themselves fortunate that the cash element has transferred so quickly!

Mind you, I am wondering whether it could have anything to do with the fact that one is keeping a Vantage with HL and the other a SIPP -" a loyalty bonus".....:)

To be fair though, I managed an "in specie" transfer out in a little over eight weeks.

Do I seem bored?

Oh surely not! Wait for the next riveting instalment......when will the funds arrive.......:D

le_loup

xylophone wrote: »

Wait for the next riveting instalment......when will the funds arrive.......:D

I will. I will.