Iii

Nixter

I wonder if they will chase you for an annual renewal fee while a SIPP transfer-out is in progress... :mad:

Nocto

Allots wrote: »

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!

I agree, it’s a concern.

I’m sure that like most of us my shares or unit trusts have been held in nominee accounts for years. Other than reading my brokers account and security policies I haven’t given the matter too much thought.

I guess the first sign of a problem could be not getting your money when you sell, or that they couldn’t get the dividend payments to add up…

That said, I’m not losing any sleep over this (yet!). I read somewhere that it’s a regulatory requirement that the shares / units in the nominee accounts are balanced and signed off by managers daily, and also subject to audits. Also I think there’s safety in numbers. The nominee accounts for II & FNZ must be huge (FNZ claim to manage £48 Billion in global funds), so even if someone did stick their fingers in the till, individual investors would be unlikely to lose more than the £50k compensation available.

Also the money laundering rules in this country are pretty strict. A few million suddenly turning up in a company or individuals account should trigger alarm bells very quickly. If only from the tax man wanting their cut!

I suspect that the late dividend payments are down to FNZ trying to keep costs to a minimum and not employing enough staff. I bet that with all the transfers going on at the moment, and some investors funds being in limbo for a time, that the payments from the fund managers aren’t always matching up with the number of units registered with each platform / broker. I’m sure that they wouldn’t “sign it off” and release the money until everything matched up exactly, for each individual fund.

It would be really nice to have a statement from II or FNZ to let us know exactly whats going on.

At the very least it’s appalling customer service!

masonic

JenniferK wrote: »

This is what II have told me - 10 working days from payment by nominee (FNZ).

No I didn't mean 10 working days from payment by the nominee, I meant 10 working days from receipt by the nominee. However, it seems the 10 working days regulation is fictitious, so we're back to the problem that II don't promise to credit dividends within a specific timeframe.

masonic

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?

Presumably you mean after 8 weeks lodge your complaint with the FOS? I think you should do so. If I was being affected by this issue I would definitely pursue a complaint and would probably be looking at compensation to cover the likely value of late dividends going forward such that my account was pre-credited with money to cover anything that got paid late.

Of course, invoking their 12-month free transfer out offer is another option open to you.

masonic

On the slightly different matter of clean fund conversions, II stated: "We expect fund managers to be providing their new classes for all available funds over the next few months and the conversions should be completed by October 2014". Anyone seen any indication that they've even started on this yet?

Nocto

masonic wrote: »

On the slightly different matter of clean fund conversions, II stated: "We expect fund managers to be providing their new classes for all available funds over the next few months and the conversions should be completed by October 2014". Anyone seen any indication that they've even started on this yet?

Nope!

Given the trouble they’re having with paying dividends and transfers, I for one would be quite happy if they don’t go near this banana skin for a good while..!

Ugh! Just thinking about the mess they could make brings me out in a cold sweat.:eek:

I need a stiff drink now!

Sillychuckie

I spoke to someone at II about how I can make a SIPP contribution to cover off my fee, and unsurprisingly, it is infinitely more complicated than HL.

No matter how you fund it, you need to send them a completed contribution form, complete with really annoying questions like:
- Companies house number of your employer
- Employer's address
- PAYE reference number
- Annual salary

I don't ever remember HL being so nosy.

They confirmed that since I am 8 months in, they would take £204 today, and then I'd be due to pay again in 4 months.
(£204 = £120 fee + VAT, and £50 transfer fee + VAT).

I have raised this as an official complaint, and I'm going to hold off paying the fee until they respond. If they don't, I'll just transfer out again. No way I'm paying for the first 7-8 months when I couldn't use the account yet (waiting for all my funds to transfer).

Ridiculous.

benalder284

Well after 7 months my wife's transfer is complete - she went for the exasperated and constant secure messaging route; it must have worn them down in the end.

On the other hand, seven months in and half my funds are still not showing. I formally complained about six weeks ago and received a response which basically blames everyone else and makes some polite noises about accelerating their by now infamous 'chases'. That was a month ago - they promised to provide an update but complete radio silence since then (no surprise there).

Yet to receive any fund rebates and dread the mess they might make of conversion to clean funds.

The way things have gone, even when my transfer completes (assuming I'm still alive!) - I'll need a few months of everything being absolutely perfect to even consider staying with them.

A low fixed cost service was the main attraction in moving to II from Best Invest and I don't expect a whizz-bang website or Waitrose levels of service for the annual charges, but some sense that they even understand the concept of customer service would be welcome.

juliamarsh

Sillychuckie wrote: »

I spoke to someone at II about how I can make a SIPP contribution to cover off my fee, and unsurprisingly, it is infinitely more complicated than HL.

No matter how you fund it, you need to send them a completed contribution form, complete with really annoying questions like:
- Companies house number of your employer
- Employer's address
- PAYE reference number
- Annual salary

I don't ever remember HL being so nosy.

They confirmed that since I am 8 months in, they would take £204 today, and then I'd be due to pay again in 4 months.
(£204 = £120 fee + VAT, and £50 transfer fee + VAT).

I have raised this as an official complaint, and I'm going to hold off paying the fee until they respond. If they don't, I'll just transfer out again. No way I'm paying for the first 7-8 months when I couldn't use the account yet (waiting for all my funds to transfer).

Ridiculous.

Please let me know how you get on, as I have paid their fee but like you my account has not been operational for the full period and even now after 8 months I am still missing 3 funds. I paid cash into my trading account to cover the fee and instructed them to take it from there, which they did. But as you say, and I guess any of us could have predicted, the procedure for contributing to the SIPP is about as customer unfriendly as they could possibly make it. BED & SIPP?!?!? Forget it ... unless you intend to stay in bed for 2 weeks!!:mad: I sold funds in my trading account, thinking I could then transfer the proceeds into my SIPP and repurchase....but no. I first had to wait for the funds to clear, then transfer them out into my bank account, then fill in a form and send it back giving details of my SIPP contribution, then send the contribution to a separate account, which then eventually got credited to my SIPP account and made available for investment. This laborious procedure took weeks and by the time the money was eventually in there the market had moved against me. I had to wait a long while before I made the purchase in order not to be out of pocket.

DiamondLil

I've logged in to my III account this morning and a dividend due today is in my account.
This is an investment trust holding.
Dividends due at the end of August on my OEICs are still not received.
I have to say that, after getting on for 7 months and secure messages assuring me that my transfer is nearly complete, I'm still waiting for one fund to arrive with III.