Iii

juliamarsh

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).

I have noticed that their rebates are just quoted as a lump sum with no breakdown like we used to get at HL. So how can we check whether they are paying us the correct amount, as I sure as hell don't trust them to get it right!!

sorcerer

juliamarsh wrote: »

I have noticed that their rebates are just quoted as a lump sum with no breakdown like we used to get at HL. So how can we check whether they are paying us the correct amount, as I sure as hell don't trust them to get it right!!

Check to see if you have any new documents in the admin screens, sometimes they add a new PDF with the details in (and sometimes they don't).

sorcerer

JenniferK wrote: »

Just found out that today they had changed my preferences to automatic dividend reinvestment without my consent. What a rubbish company.

Well that's a bit of a worry, just checked mine and seems ok, but that sounds another thing I am going to need to keep an eye on. It's getting to be a full time job monitoring my account with II (I wonder what I pay them for?).

DiamondLil

Well here I am more than six months since beginning the transfer process and still waiting for the last of my funds to transfer in to II.
It is a small, unwrapped holding of Invesco Perpetual High Income Fund.
Invesco Perpetual wrote to me on the 22nd. July to confirm that they had transferred this holding to II.
Three weeks ago, in response to my secure messages asking when I could expect to see this last holding appear in my II account and the completion of the whole process, I received the following:


"Thank you for your message dated 26 August 2014.

I can confirm that our Transfer Team has chased with the fund platform provider, FNZ. They have confirmed that they have not received the funds from Invesco. After further investigation with Invesco, it was discovered that Invesco had re-registered funds incorrectly. Invesco have advised that they will escalate this matter internally and correct the re-registration. This process could take up to 15 days, however, they will try to process this as quickly as possible."

Oh really ??

On Wednesday of this week I received, by post, a letter from II asking me to complete yet another stock transfer form for this same Invesco Perpetual High Income holding.
This will be the third of these stock transfer forms that I will have submitted for this particular fund holding.
The letter states this is what I.P. have asked for and urges me to contact I.P. if I have any questions; the letter also states that they (II) have included a copy of the letter to them from Invesco Perpetual.

And here's the twist: that letter from I.P. names a different person, a different account number entirely.
So, II have not only no idea of what's happening with my own funds transfer, but have sent me the account details of someone else. And, presumably, have sent my account details to this other person.....

Yet again, I have 'phoned II and, yet again, I have been promised that the matter will be looked into and I will be telephoned within five days.

And, incidentally, I 'phoned I.P. who assure me that they don't require any further paperwork from me as they have already transferred the holdings to II.
So I shall give II the five days to sort this out and then make another formal complaint which, this time, I won't allow them to close.

sorcerer

What a total screw up by II/FNZ and IP. It amazes me that most Fund Platforms say, you don't need to contact your previous provider because they will do all the work. And yet if you don't nothing get's done (and they even ask you to contact them, as they did with me also). Which is why I am dreading doing another transfer of 31 funds, I dread to think how many of those II will screw up.

le_loup

Please people, don't transfer out of III in specie. By doing mine in cash it was all so smooth compared to the transfer in. I know it's a pain to sell and rebuy and may even cost you a bit but you will maintain your sanity ... and I do know how much III can fry your brain.


However, don't let my relatively easy transfer fool you into thinking I have forgiven III, they still have not transferred any of my dividends to my new provider from 15th July, 1st August and 1st September. Nor have they investigated my formal complaint from 22nd August.


I now worry that they will go bust before I get my money.

sorcerer

Don't forget by law II have to store your cash in a separate account, that can't be touched if they go bust. This is sometimes held with another bank, depending on what kind of banking licence they have. Also any money held in Funds is held by the fund group (Aberdeen for example). So even if II go bust, you would be able to register your holding with another provider.


This is off course dependent on II, keeping their systems in order, and don't screw up the paperwork :-(

DiamondLil

When I do transfer out, be assured that I will sell everything first and transfer the cash and then re-purchase when all is moved over.
Any "pain to sell and rebuy" will, (surely?) be just a minor hiccup compared to the last six months.......

JenniferK

Has anyone been to FOS and if so what was the result?

Sparky47

sorcerer wrote: »

Check to see if you have any new documents in the admin screens, sometimes they add a new PDF with the details in (and sometimes they don't).

Thanks for that, I just found one for the last quarters rebate that I didn't know was there.