Iii

Allots

sorcerer wrote: »

You need to read between the lines for that 10 working days, what they actually mean is 10 working day after they received the money from their provider FNZ, and FNZ can take weeks or even months before they pay II. So in fact you might find the 10 working days clock hasn't even started yet.


The longest I had to wait so far is 40 working days from payment date, I know some people who have waited months for dividends.

Does anyone know? Are there any regulatory requirements setting out the time frame for custodians (FNZ) to settle dividends to Platforms for subsequent payment to shareholders?

westy22

I wouldn't think that there is any regulatory requirement but presumably II negotiated and agreed a Service Level Agreement with FNZ when they entered into their contract with them.

It is up to II to enforce penalties on FNZ if they are failing to meet what was agreed for the contract.

juliamarsh

Sillychuckie wrote: »

I sent II a cheque to top up my SIPP ~ 3 weeks ago.
They paid it in, so the cash came out of my account ~ 1 week ago.

Any idea how long it usually takes before it shows up in my SIPP so I can trade with it?

It doesn't seem that there is any quick way of topping up, since even with a BACS transfer, the money is held until they process your contribution form.

I think I'll open a new account with HL and just transfer it across to II every 3-5 years to save on the 0.45% fee (at the cost of an occasional £25 transfer fee). I can't really manage with the way things are.
II are great, so long as you never need to trade, top up, take dividends, or transfer to them.

SC.

You are right, it is completely hopeless. The DIY Bed&SIPP transaction I attempted to implement (because they are incapable of offering this service) was more like a 3 week hotel stay!!! God help us!!!!:mad:

masonic

Linton wrote: »

Which one? I hold a broad range of dividend paying shares so would be interested if I hold the one you havent yet received.

VUSA (the Vanguard ETF). It's quite strange because I've had VUKE pay out bang on time (same payment date) and JEO was subsequently paid on time as well. I wonder if it is connected with the dividend being in USD, but other platforms seem to cope with that without introducing an extra delay.

Allots wrote: »

Does anyone know? Are there any regulatory requirements setting out the time frame for custodians (FNZ) to settle dividends to Platforms for subsequent payment to shareholders?

I think the giant red herring is II's view that it can hide behind the structure of its operations in order to wriggle out of its obligations. If there is any regulatory requirement that II need to adhere to, then it is still responsible for any part of its obligations it has chosen to subcontract to a third party. However, I think from previous discussion it does not have any regulatory requirement to pay out dividends within a specific timeframe.

The other point to consider is that if, as in my experience, dividend delays are in fact occurring in parts of its platform that don't involve FNZ, should we really take II's word for it when they try to blame these delays on FNZ? Has anyone been able to independently verify the problem really is that FNZ has not been passing on dividends promptly to II, rather than II just losing track of them?

Linton

masonic wrote: »

VUSA (the Vanguard ETF). It's quite strange because I've had VUKE pay out bang on time (same payment date) and JEO was subsequently paid on time as well. I wonder if it is connected with the dividend being in USD, but other platforms seem to cope with that without introducing an extra delay.

...

Ah, its an ETF. My dividend paying shares are all regular companies and ITs and I havent noticed any problems at all with paying on time.

planteria

masonic wrote: »

You will probably be better off on the new pricing unless you hardly ever trade on their platform.
http://www.iii.co.uk/sipp/existing-customers

my SIPP will be (when they finally move it across from HL) just 1 fund. at least for now. so not planning to buy/sell within it.

masonic

planteria wrote: »

my SIPP will be (when they finally move it across from HL) just 1 fund. at least for now. so not planning to buy/sell within it.

It depends whether you'll be trading regularly within an II ISA or trading account then. The trading credit can be used anywhere and under the old pricing you don't get any if you hold a SIPP.

lejog2003

Allots wrote: »

Does anyone know? Are there any regulatory requirements setting out the time frame for custodians (FNZ) to settle dividends to Platforms for subsequent payment to shareholders?

There's nothing in FCA rules specifying a time to pay out dividends. Other companies I have used - HL, Fidelity and ATS - specify an actual date either in their ts&cs or other customer documentation, so presumably you have a very valid reason to complain if they deliver late (which of course they never did). When I transferred in to iii I couldn't see this mentioned anywhere, so I actually asked their support line, to fall for the 10 days after we receive the money line.

Allots

Please be aware!

II have experienced another system fault overnight which has forced a change to the dividend default instructions on client's account to 'dividends automatically invested'. If it is not your intention to 'automatically' reinvest then perhaps review your account settings. Yesterday I received some overdue dividends that I had been chasing with II. This morning I could not trade, as the dividends had been allocated on my behalf to existing stock.

Linton

Allots wrote: »

Please be aware!

II have experienced another system fault overnight which has forced a change to the dividend default instructions on client's account to 'dividends automatically invested'. If it is not your intention to 'automatically' reinvest then perhaps review your account settings. Yesterday I received some overdue dividends that I had been chasing with II. This morning I could not trade, as the dividends had been allocated on my behalf to existing stock.

Doesnt affect everybody - mine is still "not reinvested".