Iii

darren72

juliamarsh wrote: »

This is normal, Darren. What will happen is that the first time you make a contribution into your SIPP they will take the fee straight out of it, with no warning or notification. So if you don't want them to plunder your SIPP contribution for the fee I suggest that before you pay it in you put an amount to cover the SIPP fee into your trading account.

Thanks for your reply.

So put the amount into the trading account and ask them to take it from that ?

Does that mean if I don't have a fee to pay until I make an additional contribution ??

juliamarsh

JenniferK wrote: »

I was contacted by Julie Baxter concerning the comments made on Facebook. She was very apologetc and stated that she is giving it the highest priority and will make sure outstanding dividends are paid on Monday. Referred to the high level of transfers and also the fact that FNZ is small, although why that slows dividends she had no answer far.

Hope more people will use Facebook/Twitter,

Well well well, the power of social media. The mysterious Julie Baxter actually does exist and she phoned me yesterday. 3 of my missing 5 funds have been added to my account over the past few days and she promises me that she will look into the other 2 on Monday and keep me informed. Very apologetic, I raised the issue that I didn't see why I should pay the full SIPP fee when 8 months down the line all my holdings were still not in it and she said that once everything was sorted out they would financially compensate me and do something about the SIPP fee. I told her that they really had to get the dividend fiasco sorted out and again, she promised to look into the missing ones - I said that I should not have to chase up dividends month after month. I also raised the issue of the payment of tax credits within an ISA and I will be pursuing that one with her as again, I don't want to be chasing those up month after month. I raised the issue that we should be forewarned when SIPP fees would be taken, and how unwieldy it was to try to do BED & SIPP compared with HL. And as others have said, annoyingly we will have to phone up every quarter to have our commission credit put back on if we have been given some in compensation as their system automatically clears it and apparently there is nothing they can do about that. I can cope with the odd phonecall, however, as long as I am not having to phone up constantly. She did try to tell me that my case was unusual and most of their customers are satisfied with their service, I begged to differ of course and suggested that if she cared to look at the forums she would find many customers whose situations were carbon copies of mine. Suggest the rest of you give social media a go, it has seemed to get a result. Will keep you all updated of progress!

Imnoexpert_2

To add my own update and reinforce what Julie above has said.use social media and the pr angle of contacting newspapers. I tried letters, phone calls, secure messages, formal complaints, threats, and of course have gone to the ombudsman. Nothing! Then as I said on this forum I went for the pr angle. Two days and my transfer is complete!

Find contact names and phone numbers of senior people at II. They are on the web in various places. If someone from II is named in the press contact them directly. Contact journalists looking for a story. Go on Facebook and any financial forum you can.

I got to speak to a high profile II person and they are happy for me to phone them direct again as they want to help me and solve my problems. Let's face it they are in a mess. ok it is of their own making but as individuals on the staff seem genuinely embarrassed at the fiasco. I felt sympathetic but wonder if these people just see it all as numbers on a spreadsheet, and as long as it all balances out in time it's ok. They aren't aware of the customers behind the numbers.

I haven't solved the fund rebates or dividend problems but was told that the transfers to clean funds in October was unlikely.

masonic

darren72 wrote: »

So put the amount into the trading account and ask them to take it from that ?

I'm not sure why that would be desirable. As mentioned above, if you are able to make a slightly larger SIPP contribution instead, you'll get tax relief on the money used to pay the fee, so, in effect, you'll pay less.

Does that mean if I don't have a fee to pay until I make an additional contribution ??

I expect if you didn't make a contribution for a long time, they'd eventually come after you for the fee.

darren72

masonic wrote: »

I'm not sure why that would be desirable. As mentioned above, if you are able to make a slightly larger SIPP contribution instead, you'll get tax relief on the money used to pay the fee, so, in effect, you'll pay less.


I expect if you didn't make a contribution for a long time, they'd eventually come after you for the fee.

Thanks - That makes sense about doing it via the SIPP.

Just wondering if I don't make a contribution for a long time and then in the 2nd year I do, will they then take two years worth of fees ?

masonic

darren72 wrote: »

Just wondering if I don't make a contribution for a long time and then in the 2nd year I do, will they then take two years worth of fees ?

I seem to recall someone else mentioning being chased for unpaid fees earlier in the thread, so they might not take them automatically, but will eventually chase you for them.

sorcerer

I sent them a secure message that other day about the dividends, still waiting for 5 from August, and Septembers are due next week. Every time I complain they refuse to treat it as a complaint, but after pointing out all the bad publicity they have been getting they at least put my complaint on. Not that it helps matters.


I send a message to YouInvest got a reply in 24 hours (II take note), and I asked him when do my dividends get paid, and he said, it's not guaranteed, but we try to get them to you before close of business on the same day of payment. OMG it's like some sort of miracle with II I am happy if they pay-out in the same month!


Not taking his worf for it off course, just waiting for the dividends from them for next week before moving over my ISA, which off course will be a lot of fun with II.

juliamarsh

masonic wrote: »

I'm not sure why that would be desirable. As mentioned above, if you are able to make a slightly larger SIPP contribution instead, you'll get tax relief on the money used to pay the fee, so, in effect, you'll pay less.

I can see that is a good idea if you are not planning to pay the maximum contribution possible into your SIPP. But if like me you are limited to the minimum contribution ie £3600 gross because you are not earning, then I think you would probably want the whole lot to go into investments.

Nocto

I’ve opened a Facebook account to post on II’s page.

For those who don’t use Facebook, this is what I said:


“Where are my August dividends? This is my income. You owe me £2500. I transferred to you in the spring and I’m now beginning to wonder if I’ve given all my money to some “Bernie Madoff” type outfit! This is causing me a lot of stress and costing me sleep… All I’m told when I call is that you haven’t received the money from your intermediary FNZ, and no one can tell me why, or what has happened to my money! WHAT’S GOING ON?? If I haven’t received them by the end of next week (when my September dividends become due), I shall be visiting your offices in person. Which office should I go to, London or Glasgow?”


It’ll be interesting to see what their response is..!:D

sorcerer

Nice Nocto, I think it's important to keep the pressure on them, otherwise they are likely to do nothing to change the situation. Not that I am saying that even under pressure they will fix the issue.