Iii

sorcerer

interested article on the daily mail


http://www.dailymail.co.uk/money/investing/article-2751848/Brokers-struggling-increased-transfer-requests-leaving-investors-locked-out.html

Nocto

Thanks sorcerer, very interesting article.

It wouldn’t surprise me if the problems with the transfer process are also partly responsible for the late dividend payouts. They’d have to make sure all the units are correctly allocated before releasing the money.

I worked for a bank about ten years ago, and you would be amazed at how much we had to do “by hand”.

Sounds like II use a similarly labour intensive system. What they should have done once they realised they were getting a backlog was write back to people who are requesting a transfer in, informing them that due to high demand it would be a while before the process was started. With an option to cancel if you can’t wait. Of course they didn’t do that because they didn’t want to lose the business.

They now going to lose the business anyway as unhappy customers transfer out again. Which of course creates more work, and just makes the whole situation worse…

The regulator really needs to set some time limits, and stop brokers from starting transfers which they can’t handle correctly.

Glad they’re getting some bad publicity about this, might give them the kick up the !!!! they deserve!

Still no August dividends…:mad:

JenniferK

sorcerer wrote: »

interested article on the daily mail


http://www.dailymail.co.uk/money/investing/article-2751848/Brokers-struggling-increased-transfer-requests-leaving-investors-locked-out.html

Perhaps we should add our own comments on the Daily Mail website.

sorcerer

JenniferK wrote: »

Perhaps we should add our own comments on the Daily Mail website.

just added my comments

planteria

yes, interesting to see an article about the problems we are having..
because i have been so busy with other things, the slow transfer from HL to II hasn't really been too much of a problem for me.

i am still hoping that the whole thing will settle down & that they will become a reliable place for me to hold my ISA and SIPP.:think:

Sillychuckie

My transfer is complete!
Start date: 12/02/2014
End date: 19/09/2014

Actually, about £5 worth of cash is still pending, but the cheques usually clear in good time. I have all my funds with correct units, so that is the main thing.

And all it took to get it done, was to contact a journalist to write an article about the shambles. Easy! :rotfl:
It seems once they started researching it, II pulled their finger out.

(Some of the figures quoted are incorrect, but the article gives the general gist).

http://www.thisismoney.co.uk/money/investing/article-2751848/Brokers-struggling-increased-transfer-requests-leaving-investors-locked-out.html

Good luck to anyone else still waiting.
SC

Edit: Just noticed someone had already posted this, but on the DM site. Anyway, I am the source who wished to remain anonymous.

xylophone

i am still hoping that the whole thing will settle down & that they will become a reliable place for me to hold my ISA and SIPP.

From today's Telegraph (Money Section)

"Britain's biggest investment brokers, including Hargreaves Lansdown, Fidelity Personal Investing and Interactive Investor have told Telegraph Money that the time it takes to transfer in and out of their on line platforms has fallen since the start of the year.


Brokers say that the process is improving because the vast majority of fund shops..........have signed up to a new electronic transfer service.



Rebecca O' Keeffe of Interactive Investor, the fund shop , said that since signing up to the system in August, transfer times had fallen to six days from around a month previously.

"Some have been even quicker - our record is 13 minutes......"

Are they going to sign up to a system that will deliver distributions in 13 minutes?.:rotfl:

amandajc

My ISA transfer to II completed yesterday too and I must admit I had a very large glass of wine to celebrate. :-)

I had also waited over 6 months but I wasn't desperate to trade the funds in question so although it was frustrating and annoying I wasn't completely tearing my hair out like some of you. My sympathies.

(We do have to do a bit more waiting to do as my husband's ISA is still in limbo but hopeful that will soon be sorted too).

xylophone

(We do have to do a bit more waiting to do as my husband's ISA is still in limbo but hopeful that will soon be sorted too).

Then he can derive comfort from the assurances cited in post 528..........

Nocto

xylophone wrote: »

From today's Telegraph (Money Section)

"Britain's biggest investment brokers, including Hargreaves Lansdown, Fidelity Personal Investing and Interactive Investor have told Telegraph Money that the time it takes to transfer in and out of their on line platforms has fallen since the start of the year.


Brokers say that the process is improving because the vast majority of fund shops..........have signed up to a new electronic transfer service.



Rebecca O' Keeffe of Interactive Investor, the fund shop , said that since signing up to the system in August, transfer times had fallen to six days from around a month previously.

"Some have been even quicker - our record is 13 minutes......"

Are they going to sign up to a system that will deliver distributions in 13 minutes?.:rotfl:

13 minute record… Very impressive!

Do you think it was Rebecca O’Keeffe’s funds transferring out..?