Iii

masonic

DiamondLil wrote: »

However, as I have previously said, it is the lack of communication that I find most worrying and it is this that has seriously knocked my confidence in the company.

It's a classic problem. You only get to see the interaction between yourself and II, but sitting above that are interactions between II and FNZ, and above that the interactions between FNZ and the unit trust managers for your funds. II is trying to obfuscate the fact they do not really have any control in the parts of the process carried out by others, and any requests for information have to be relayed up the chain. It's a disappointing situation. I think there is a lot II could do to improve the perception of the process, first of all by being more transparent about who is involved in the process and exactly what is being done.

le_loup

Outsourcing has become one of the major problems of our age. No one is responsible because there are 23 companies in the chain.
The difficulties cause by overseas call centres seems to be disappearing as companies saw their reputation shredded but the sourcing of services to the lowest common denominator roll on.
Frankly, I don't give a toss who II use to clean their toilets if they don't do it themselves but to use the fact that they have chosen someone else to do it as an excuse is pathetic.

2shy

A little update.
Having received a message back from II saying my transfer was marked as complete, despite Vanguard Funds being missing, and that they cannot accept they are at fault regarding the delay in the transfer.
I sent off a complaint to HL, thinking, well they must have sent off a wrong valuation. I have received a letter back from HL saying that they had received confirmation from the relevant fund managers that the stock had successfully transferred on June 3rd. So are unable to comment on where the missing funds have gone. They accept that their initial valuation of the account was not issued in a timely manner and have offered a small sum to cover the inconvience caused.
Having preempted something like this, I have already been in touch with the FOS and have two complaint forms sitting on my desk, one for II one for HL. Obviously if I accept the compensation from HL I would not be putting forward a complaint to them, but tbh, the point isnt wanting compensation, it is wanting things to turn around faster and be finally finished.
Would complaining to the FOS about II produce any result... it appears it might actually be the Fund Managers.... who would I now have to get in touch with to complain about them? Is it Vanguard themselves?

masonic

2shy wrote: »

Would complaining to the FOS about II produce any result... it appears it might actually be the Fund Managers.... who would I now have to get in touch with to complain about them? Is it Vanguard themselves?

It might not be the fund manager. FNZ are the nominee for II, so it may well have reached them, but the news of this has not reached II, or it has been allocated to the wrong account (owing to an error by II or FNZ).

If you believe HL eventually sent the correct valuation to II, then II should know that the fund is missing and therefore should not be telling you the transfer is complete when that fund has not yet been applied to your account. Seems the best thing to do is make your complaint against II for X units of your Vanguard fund, including a copy of the valuation from HL if you can obtain it (Edit: and a copy of the confirmation HL received from Vanguard).

Without a direct customer relationship with either of the intermediaries (Vanguard, FNZ), I don't think a complaint against them would be considered, but it might be worth phoning the FOS, explaining the situation and asking for some advice.

stringer_bell

I have been waiting nearly 4 months now for my cash isa transfer to transfer to II. They keep saying they have recieved no valuation from natwest, but when I ring natwest.. they have not had any contact, any ideas what to do?

xylophone

I have been waiting nearly 4 months now for my cash isa transfer to transfer to II. They keep saying they have recieved no valuation from natwest, but when I ring natwest.. they have not had any contact, any ideas what to do

https://forums.moneysavingexpert.com/discussion/comment/65719774#Comment_65719774 - post 104 Have you initiated a formal complaint?

stringer_bell

xylophone wrote: »

https://forums.moneysavingexpert.com/discussion/comment/65719774#Comment_65719774 - post 104 Have you initiated a formal complaint?

wow, I forgot I posted here before, old age for you. I will do it right now, lets see if that will give them kick up backside

planteria

i am suddenly receiving letters from HL and III by the barrel...2 and 3 received today. in summary: acknowledging (finally) my complaint, informing me that the transfer of my F&S account is completing now, and assuring me that all is in train. III also suggest that i could contact HL to ask them to confirm that they are moving as quickly as they can.

benalder284

I have also raised a formal complaint which has been acknowledged in writing. Not sure whether it is connected, but £100 additional commission/trading credit has also appeared in my account when I log-in; no mention of this in their correspondence. Will wait and see how quickly the non-appearance of funds is after my complaint.


My wife on the other hand went for an exasperated secure message with the implied threat of leaving rather than the formal complaint route. She has been promised resolution by the end of this week......we will wait and see which approach is most effective?

EdSwippet

I have been waiting more than six months for my SIPP transfer to II to complete. Funds holdings in limbo for more than two of those, and still lost somewhere.

I too was promised a resolution by the end of this week. But then, I got the same promise from II two weeks ago, and six weeks ago.