Iii

xylophone

My distribution was around ten days late but this was a slight improvement on last month's effort!

My relatives report mixed results - some payments more or less on time, others late and still outstanding.

And one of them got into rather a pickle with the transfer of his last remaining fund to HL - it had been in the dirty class that II will take but unfortunately he allowed HL to transfer it into a clean class that II will not accept......:(

The solution seems to be to buy the clean class that II do accept in his II ISA, sell the fund in HL and transfer out in cash...

Nocto

Still no August dividends. :mad:

Calling them every day now - they’re very nice, but I don’t seem to be getting far… Getting to know some of them quite well - you never know, might get a Christmas card. Of course it’d probably turn up at Easter!

These new unit share classes are a pain. It was what started me looking for an alternative to cavendish in the first place. For some funds they’re using a different clean unit class to other brokers. For Invesco funds they’re using Y units, while most other brokers seem to be using Z. Y does have lower fund manger charges, but it’s more expensive if you have to pay a 0.25% service fee on top.

So my cunning plan was to move them to a broker who would be converting them to the unit class I want, then move on when I’m ready to transfer again, probably to iWeb who’ll look after them for me for free! Would have considered staying at II if they’d turned out to be really good & worth £80 a year - don’t think that’s going to happen now…

Don’t want to go to iWeb just yet as they don’t rebate trail commission. Though of course it remains to be seen if II actually do.

Has anyone had problems receiving rebates?

sorcerer

Nocto wrote: »

Still no August dividends. :mad:

Calling them every day now - they’re very nice, but I don’t seem to be getting far… Getting to know some of them quite well - you never know, might get a Christmas card. Of course it’d probably turn up at Easter!

These new unit share classes are a pain. It was what started me looking for an alternative to cavendish in the first place. For some funds they’re using a different clean unit class to other brokers. For Invesco funds they’re using Y units, while most other brokers seem to be using Z. Y does have lower fund manger charges, but it’s more expensive if you have to pay a 0.25% service fee on top.

So my cunning plan was to move them to a broker who would be converting them to the unit class I want, then move on when I’m ready to transfer again, probably to iWeb who’ll look after them for me for free! Would have considered staying at II if they’d turned out to be really good & worth £80 a year - don’t think that’s going to happen now…

Don’t want to go to iWeb just yet as they don’t rebate trail commission. Though of course it remains to be seen if II actually do.

Has anyone had problems receiving rebates?

Rebates from II are sent to you every three months (assuming their systems are working), and not like everybody else who does it monthly, all off course to save them money in administration, since everything at II is done by hand (old school).

Nocto

sorcerer wrote: »

Rebates from II are sent to you every three months (assuming their systems are working), and not like everybody else who does it monthly, all off course to save them money in administration, since everything at II is done by hand (old school).

Thanks sorcerer.

I’m used to getting quarterly rebates from Cavendish, so I don’t have a problem with that - as long as I get the blooming money!

Cavendish stopped giving cash rebates and added units to the largest holding each quarter. As I’ve been using the rebates as an income booster it was a pain in the neck to have to sell the extra units each time. They also started deducting the fees for any clean funds from my largest holding every quarter - rubbish system, it was driving me mad!!

sorcerer

At this point last month, I had about 80% of my dividends had been paid, however for the August I am currently at about 30% paid.

bowlhead99

Sounds like it's time to make a list of all the official payment dates of the ones due to you in August (make sure it's not just that they went ex-div in August) and stick it in as a new complaint. Usual process of wait for complaint resolution, reject their proposed fix of simply paying you very late without compensation, take it to Ombudsman when they don't budge. Together with the repeated habit of this happening every month this is too much hassle to be dealing with.

Different providers can take different amounts of time to recognise and allocate the balances from dividends or corporate actions, and with funds sitting on platforms that may be in reality a white-labeled platform from somebody else, there can be delays. Still, if it's recurring month on month you shouldn't stand for it, as every bit of cash not collected on time is missing you investment opportunities - or just the chance to withdraw and spend it on your personal commitments, if not in a pension wrapper.

I've been using Youinvest/AJ Bell for my SIPP for a couple of years with no major gripes. As an anecdote, dividends on my Lloyds prefs were due on 2 June (as the usual 31 May was a Saturday this time around). By 8.10 am, a few on one of the forums had said their divs were in (someone by 7.45, another using Charles Stanley at 8.05). Halifax was there mid-afternoon. I was waiting for TD Direct and Youinvest and neither had arrived by lunchtime but when I next looked around 4pm, both were in. So, in before close of business day and able to re-invest during market hours.

With funds as opposed to shares I'm not always aware of the exact due dates - as I tend to keep up with announcements on the individual companies, but don't always remember the fine print for funds - I just keep a reasonable buffer in the account anyway. But no problems that I'm aware of with Youinvest on dividends. The 0.2% platform fee (plus transaction fees, mostly 'regular investment' cheap ones) works for me.

As someone mentioned, Youinvest will cover your exit fees up to £500 if you're transferring £20k+ to them (even if you're an existing customer of theirs) so even though it is a hassle to deal with another transfer at least you wouldn't be out of pocket if you kicked iii into touch.

JenniferK

I have just received a reply from Interactive Investor to my latest complaint. Essentially, they are treating it as a continuation of my previous complaint which they have already responded to and consequently are refusing to treat it as a complaint. To me their reponse says tough luck it is not our fault and you will receive payment when we receive it. Great. I have no relationship with FNZ - it is THEIR platform provider and its up to them to ensure that the dividends are paid on the due date. Have now gone to FOS and may also go the Money Claim route if dividends are not paid.


Their response:
Thank you for your secure message dated 15 September 2014.
I can confirm that we have already issued you with our final response letter to your complaint regarding the late payment of dividends. We apologise that you continue to be unhappy about this situation however our stance on this has not changed and we have offered you compensation and advised you of the steps we are taking to resolve this.
I can see that we credited you with your dividend for Insight Equity Income Booster on 28 September 2014. Our service level agreement is to pay dividends to you within 10 days of us receiving the cash for these. To date we have not received the cash for these distributions.
Should you have any other enquiries, you can continue to write to us by secure message. Our response time is usually 1 working day but in times of high volumes we may take up to 5 working days. However, we would appreciate the opportunity to answer your enquiry immediately. You may therefore wish to call us Monday to Friday, from 07:45 am until 9:00 pm on 0845 200 3637.


End.

Nocto

Another day, another phone call, still no dividends…:(

However, the response has now changed from “we haven’t received the money” to “we now have the money, and they will be paid out shortly”.

I asked if that meant the 10 days to pay out now applies, and was told “Yes”. Well, we’ll see…

If nothing else I’ve learnt something from this. As I’ve never had a problem receiving dividends from a broker before, it never occurred to me to include that in my research before transferring. Next time I move I’ll be buying a small holding of a UT that pays out monthly and leaving it a few months to see how things go.

masonic

JenniferK wrote: »

Their response:
Thank you for your secure message dated 15 September 2014.
I can confirm that we have already issued you with our final response letter to your complaint regarding the late payment of dividends. We apologise that you continue to be unhappy about this situation however our stance on this has not changed and we have offered you compensation and advised you of the steps we are taking to resolve this.
I can see that we credited you with your dividend for Insight Equity Income Booster on 28 September 2014. Our service level agreement is to pay dividends to you within 10 days of us receiving the cash for these. To date we have not received the cash for these distributions.
Should you have any other enquiries, you can continue to write to us by secure message. Our response time is usually 1 working day but in times of high volumes we may take up to 5 working days. However, we would appreciate the opportunity to answer your enquiry immediately. You may therefore wish to call us Monday to Friday, from 07:45 am until 9:00 pm on 0845 200 3637.

If that isn't an open invitation to escalate to the FOS, I don't know what is.

DiamondLil

JenniferK wrote: »

Their response:
I can see that we credited you with your dividend for Insight Equity Income Booster on 28 September 2014.


End.

Huh ??
What am I missing here ?