Iii

juliamarsh

Sillychuckie wrote: »

My latest II gripe is that they are trying to take their annual fee using cash from my SIPP transfer from HL.
(rather than charging my registered debit card etc...)

They are actually refusing to apply the cash they received from HL to my SIPP, and are just keeping it for themselves (and crediting it against the fee I owe them).

I'm actually surprised they are even allowed to do this, since it seems like it is equivalent of accessing my pension before retirement (to pay for their services).
Even if they were, I wouldn't be happy for them to do so, because SIPPs have annual allowances, and I'd rather pay the fees using sources outside of the SIPP. What is the point in registering a linked debit card, if they do this?

They did this to me, took £144 out of my annual SIPP contribution to cover their fee, without any sort of notification. I complained, put £144 into my trading account to cover the fee and insisted they credited my SIPP account with the full amount, which they eventually did. It is ridiculous that they don't notify you when the SIPP fee is due and when they intend to take it, as they do every quarter for the trading account, so that you are forewarned and can move money into your account to cover it. When I rang to complain I was told 'Well, you have had the Sipp account up and running for months' as if it was my fault and I had been deliberately avoiding paying the fee that I had never been asked for!!

Nocto

Allots wrote: »

I contacted the FOS yesterday enquiring about the regulations for settlements of dividends by platforms to investors. The FOS pointed me to the FCA who told me that there are no regulations governing this (which surprised me!). The FCA said that it was down to the terms and conditions set out by II and to lodge a formal complaint to II. Should I not receive a satisfactory response to my complaint within 8 weeks, then I could lodge my complaint with the FCA. Does anyone have any comments on this?

I called the Financial Conduct Authority a few days ago and received the same response. They did add however, that they keep a record of all the calls they receive, and that if they are getting an unusually high number about one company then they would start to watch them a bit more closely.

Frankly unsatisfactory. But if it puts a bit more pressure on II & FNZ it can’t hurt.

Who knows what they consider to be an unusually high number of calls, but I would suggest that the more people who call them the better…

juliamarsh

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, found it, I never knew that existed! Wonder what will happen to all the Loyalty bonuses from when the funds were in limbo...

juliamarsh

xylophone wrote: »

From today's Telegraph (Money Section)


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:

Are you sure it isn't a misprint and they didn't mean 13 months!!!! If you didn't laugh you'd cry.... :rotfl:

Nocto

Allots wrote: »

Yes, I contacted FNZ last week and was eventually transferred to Tina Gould 'Head of Settlements' at FNZ. She told me that she would investigate why dividends had not been transferred to II and would get back to me. I waited a couple of days and as she had not been in contact I called her again. I was told that she could not discuss the issue with me as I was not a client of FNZ ( the usual data protection cop out that financial institutions use to avoid answering any general or specific questions!) and needed to contact II.

I thought this might be the case - but I might call them anyway just to make a nuisance of myself!

juliamarsh

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.

Ho ho ho thanks for the facebook idea, never thought of that and I am having a whale of a time on there!! Suggest everybody else gets on there and posts reviews and comments....you never know, it might actually achieve something and at worst it is good for some entertainment!!! :rotfl:

Nocto

I’ve just called FNZ. No one available to speak to me right now - but they’ll call me back…

I’m sure they won’t, but if we jam their switchboard with calls they might start to get the message!:D

Sillychuckie

juliamarsh wrote: »

They did this to me, took £144 out of my annual SIPP contribution to cover their fee, without any sort of notification. I complained, put £144 into my trading account to cover the fee and insisted they credited my SIPP account with the full amount, which they eventually did. It is ridiculous that they don't notify you when the SIPP fee is due and when they intend to take it, as they do every quarter for the trading account, so that you are forewarned and can move money into your account to cover it. When I rang to complain I was told 'Well, you have had the Sipp account up and running for months' as if it was my fault and I had been deliberately avoiding paying the fee that I had never been asked for!!

My main annoyance is that it wont show up on my statement as a cash transfer from HL. I just like things done correctly and like things to be itemised, and them keeping the cash transfer to pay towards my fee is just a bit unprofessional.
I receive a message saying I need to pay them the rest, but it doesn't indicate when by, when they will take it, nor whether I have any other options. I also don't know what they consider to be my annual anniversary date, since I have had my SIPP open for 7 months now without any fee charged. However, my transfer from HL only just completed.

Allots

It looks as though many of us agree that a problem exists with FNZ's systems....non settlement of dividends and issue with transfers of funds from one platform to another.

I just read an article on Monevator

Google
"Monevator nominee accounts" (sorry as a newby I cannot post a link)


please have a read, paying particular attention to the section on 'pooled nominee' accounts and the risks when things go wrong with administration of nominee companies/platforms.

Now that is worrying!

juliamarsh

Sillychuckie wrote: »

I receive a message saying I need to pay them the rest, but it doesn't indicate when by, when they will take it, nor whether I have any other options. I also don't know what they consider to be my annual anniversary date, since I have had my SIPP open for 7 months now without any fee charged. However, my transfer from HL only just completed.

Your SIPP anniversary date will be the date they opened it and they are likely to take the fee balance out of the next SIPP contribution you make unless you put the money into your trading account and instruct them to take the money from there. It is always down to the customer to be proactive, Interactive Investor are too incompetent to tell you anything. They tell you the fee is due in advance, but they don't actually request it and then blame you for not paying it! My SIPP transfer is still not completed nearly 8 months down the line....