Iii

Allots

To all of you out there thinking on moving to II, be very careful. II recently changed the nominee platform that they use from Cofunds to FNZ. They appear to be experiencing a major problem receiving funds from FNZ and so dividends are not being credited to client's account. I have had several conversations with II regarding this and they admit that they do not know how or when the problem is going to be resolved.

Nocto

It does all point the finger at FNZ as the problem, which to be fair to II they have blamed from my first phone call chasing dividends.

It doesn’t however excuse II from their responsibilities to us. It wouldn’t have cost them anything to send all their customers emails or secure messages weeks ago, apologising that UT / OEIC dividend payments would be late. Assurances that your money is safe, and that they are chasing / working with FNZ to resolve the problem as fast as possible. Very sorry, grovel, grovel, etc..!

I wonder if it makes any difference the size of the fund paying the dividend. My late dividends are from funds between 4 billion & 12 billion in size. Yet mid September I received a dividend very promptly from a much smaller fund (500m).

masonic

What's most frustrating is that in January, when I started my transfer, they were using CoFunds as a nominee. They then made a major infrastructure change without even informing their customers such that by April they were no longer using CoFunds and had moved everything across to FNZ. Who is to say they won't decide to move to an even cheaper company with systems that are worse again a year or two down the road?

Rollinghome

Nocto wrote: »

It does all point the finger at FNZ as the problem, which to be fair to II they have blamed from my first phone call chasing dividends.

That seems to tie in with some of the comments from FNZ employees: (link)

"If he actually let some of his underlings take some decisions, stopped over-promising and under-delivering, and had any degree of compassion/respect for his employees, maybe FNZ could become a better place to work. Right now, it is not a good place to be, and as soon as I can get out of here, I will."

There are plenty of glowing reviews too, which may or may not be genuine, but there seems to be something of a theme from the less happy that it's a company trying to grow just a bit too fast.

JenniferK

I wrote a lousy review on the Interactive Investor Facebook page. They responded and asked what they could do to put things right. I just said pay the dividends.

Might I suggest posting on Interactive Investors social media pages?

I am still several dividends short from the end of August.

Allots

So FNZ is sitting on our dividends and no doubt making some investment income in the process. Will they offer compensation? I doubt it. Should outstanding dividends not be paid by the end of the week I will send in a formal complaint letter to II and seek compensation. II state that to comply with their own terms of practice they usually pay dividends within 10 working days (although apparently payments are made within a day) subject to receiving funds. However as they have entered into a contract with FNZ they must be made culpable.

Sparky47

Mattygroves2 wrote: »

Anyone had any luck get getting tax reclaims for bond funds ?

I have yet to receive any tax credits since joining II back in April.
My IP Monthly Income Plus fund used to receive tax credits monthly with HL.

Also still waiting for dividends from August.

Nocto

JenniferK wrote: »

I wrote a lousy review on the Interactive Investor Facebook page. They responded and asked what they could do to put things right. I just said pay the dividends.

Might I suggest posting on Interactive Investors social media pages?

I am still several dividends short from the end of August.

Great idea!

I don’t have a facebook account - but I might sign up just for this…

JenniferK

Allots wrote: »

So FNZ is sitting on our dividends and no doubt making some investment income in the process. Will they offer compensation? I doubt it. Should outstanding dividends not be paid by the end of the week I will send in a formal complaint letter to II and seek compensation. II state that to comply with their own terms of practice they usually pay dividends within 10 working days (although apparently payments are made within a day) subject to receiving funds. However as they have entered into a contract with FNZ they must be made culpable.

II state that they will pay the dividends within 10 working days of them receiving it from FNZ. If FNZ don't pay then they don't pay!!!!!!!!!!!!!!!!!!!!

masonic

JenniferK wrote: »

II state that they will pay the dividends within 10 working days of them receiving it from FNZ. If FNZ don't pay then they don't pay!!!!!!!!!!!!!!!!!!!!

I believe their official line would be that they don't promise to credit dividends within a specific timeframe (I don't see anything about 10 days in their T&Cs). Of course they also have an obligation to treat customers fairly, which is where formal complaints and the FOS come in.