Iii

Imnoexpert_2

Some 5 months in to the transfer I now feel I am in the endgame. I have a named contact at II who seems to be part of a team sorting out problems and knows I shall be hassling her very regularly. M&G seem to be the final problem to sort out. I am now also chasing fund fee rebates and will have to contact HL about loyalty payments.

I can't believe how badly this has all been handled. If UK plc relies on financial services then we should all be worried.

planteria

how did you obtain your named contact?

organic_wanabe

planteria, my named contact was 'Aileen' (possibly spelled 'Eileen') and she ended up helping me sort out difficulties and phoned back roughly when she said she would. Good luck.

Borrowedtune

Hurrah, the first of my Cofunds ISA funds has finally arrived in my ii account. Only 5 more to go, then my SIPP/ISA transfers started in February will be finished. It does feel like the process is nearing completion.


I understood that the conversion to clean funds was planned to happen by October, does anyone know if this is still the case ?

le_loup

Oh, I should think they're well on top of that.


Problem is, which October?

juliamarsh

Do Interactive Investor have any legal obligation to pay out our dividends within a certain length of time? Cannot find anything on google. Just wondered if we have any legal redress against them as this non payment of our dividends is becoming beyond a joke and you never get a sensible response out of them either on the phone or by secure message. Now it is just getting 'passed to their dividends team' instead of 'passed to their transfers team' but I am not holding my breath that their dividends team is any more competent than their transfers team! It is all very well but I rely on these payments to live on - wonder what Tesco's reaction would be if I said 'Sorry Tescos, can't pay for my shopping until Interactive Investor have paid me the money they owe me!!' And my funds transfer has still not completed over 7 months on, I am losing the will to live with this firm.....

sorcerer

i feel your pain, every month my dividends are late, the longest was over 45 days, and it was only paid after I complained. Each month at least two or three dividends don't pay out, within the month, forget about their 10 working days SLA, because this is after they have been paid by FNZ. But sometimes they don't pay out at all. It's been like this since January, so I think they have no intention of improving the situation. I would move but I can't bear another 7 or 8 months of Hassel.


I suspect if I didn't keep up my complaints my dividends would just "disappear" somewhere, just like my funds do sometimes.


So far this month only 4 out of 18 dividends have been paid.


I had a new one the other day when they said they passed mine over to the dividends manager, I was honoured. I suggest you phone to complain and not use the crap secure messaging which they ignore half the time (and no I'm not kidding, I worked out only 50% of my messages get a response).

juliamarsh

That is appalling, sorcerer, it is simply not acceptable for them to withhold money that is rightfully yours in this way. There must be some regulation over this, surely?! I thought my situation was bad but yours sounds far worse, I hope that you have an alternative source of income to live on other than these dividends! I know what you mean about their non response to secure messages - if they respond at all, it isn't for about 3 weeks. I do still use it sometimes though so that I have a written record of what has gone on. And yes, I ring them to complain all the time, I usually don't get paid my dividends unless I do that, but this time I still haven't been paid even after complaining. They always promise they will phone back but guess what....?!?! The last person I spoke to told me I 'didn't have to ring up each time a dividend was due'!! I beg to differ!! The 'dividends team' was a new one on me too, but far from feeling honoured my heart sank, it sounded suspiciously similar to the 'transfers team' and we are all painfully familiar with their level (or rather lack) of efficacy. No matter what method you use to communicate with them the response is the same - sweet F.A. Like you, I cannot even bear to imagine the prospect of liaising with them over another transfer away, even though I utterly despise them. Perhaps that is their intention. And if I ever have to listen to that bl@sted hold music again....just the thought of it raises my blood pressure! I feel there must be something we can do, it is wrong that we should be so completely helpless and they should just carry on getting away with what basically amounts to gross misconduct. But what?!?!?

juliamarsh

I have just phoned the Financial Conduct Authority which regulates Interactive Investor. The person I spoke to was not very well informed but she has logged my complaint and is going to pass it on to Interactive Investor's supervisory team to monitor. They cannot deal with individual cases, that is the job of the Ombudsman, but if they receive enough complaints about a firm then they will investigate their conduct. So I recommend everybody who is having a problem reports it to the FCA in the hope that something might be done.

JenniferK

I have to put in a formal complaint every month. They uphold the complaint and give me commission credits, which I am not interested in. This month I have not been paid 10 dividends within the 10 working day period. My contract is with III so I'm not interested in their blaming other agencies - it is up to them to make sure that they receive the dividend payments and pass them on promptly - they can't claim that they don't know the payment date..
I take the formal complaint route because that then allows the complaint to be escalated to the ombudsman. Currently I'm thinking of ditching III - its not worth the agro.
Thanks for the tip about the FCA.