Iii

JenniferK

juliamarsh wrote: »

Their 10 day timeframe is 10 working days, so I am giving them till Monday and then if the dividends are not in my account I will be straight on the phone to Julie Baxter. No point in sending them a secure message only to be ignored, or recommended to seek a provider who is more likely to meet my expectations! Plus I am awaiting a response to 2 secure messages already so perhaps I will ask her about those while I am about it!

Isn't that 10 working days from the time that III receive the dividend from FNZ? Now whose to say when FNZ can be bothered to pay III?

ozzage

Financial_Saddler wrote: »

iii did actually pay some tax credits into my SIPP in October for the following funds:
Invesco Perpetual Monthly Income Plus Z Acc
Jupiter Strategic Bond I Acc
Kames High Yield Bond B Acc

Prompted by the discussion of tax credits on the previous page I've checked and I've received no tax credits for my M&G Optimal Income fund held in my ISA. There have been two distributions this year: May and November and I've not seen a penny of reclaimed tax.

Just sent a secure message but this is really saddening that we have to chase things like this.

I checked HL and they paid tax credits for this fund on the last day of the May and in early December, with no begging necessary.

I'm getting more and more tempted to see if HL will honour the deal they offered me just before I jumped ship...

masonic

From my final response letter - should give some a chuckle...

Please be assured that hold[sic] a reputation for paying dividends within 1-2 working days of the recorded pay date, and we are working hard to overcome volumes to return to this timescale. Thank you for your patience during this time.

JenniferK

Please be assured that hold[sic] a reputation for paying dividends within 1-2 working days.....
:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

juliamarsh

Ah Jennifer you have made me laugh!! :rotfl:

JenniferK

III latest response on missing November dividends - we haven't received payment from FNZ so there's nothing we can do. Pardon me but why don't they take up the matter with FNZ? Did remind them that my contract is with them - not FNZ so it is thir responsibility to sort out.

III haven't got a clue. Don't mind waiting a few days but this is not the odd day as someone previously stated.

Allots

Has anyone on the forum raised their concerns regarding the late payment of dividends with either the FCA or FSO? Surely II must be in breach of their duty to investors regarding this!

lejog2003

Allots wrote: »

Has anyone on the forum raised their concerns regarding the late payment of dividends with either the FCA or FSO? Surely II must be in breach of their duty to investors regarding this!

I seem to recall someone has tried, but I don't recall the outcome, it certainly has had no effect on iii.

FCA rules spell out at great length how firms should handle client money, but don't specify any period for paying it out. Other firms I've used/do use (HL, Fidelity ATS) specify in their ts&cs an actual date when dividends will be paid. In my experience they have always kept to this, but presumably if they failed they would be in breach of contract. iii specify they pay out within 10days of receiving the money, but don't say that they do not get money straight from the fund managers themselves, but from an intermediary FNZ who seem to be a sponge holding onto some dividends and tax rebates for several months.

Yes this is totally unacceptable. As someone who spent a career in the management of major IT projects, one of the major problems we always faced was when suppliers/subcontractors failed to deliver, but we were always answerable to the client for these. It was our job, we chose the supplier and its our problem when they didn't deliver. iii's attitude seems to shrug shoulders and take no responsibility whatsoever for the failure of the supplier they have chosen and that its very much their customer's problem.

musehead

I sent a form to iii for the transfer of a cash ISA to my iii account on 30th September. By 31st October nothing had happened so I messaged iii, who replied on 3rd November to say they had forwarded it to my current provider that day.

As of today, another 6 weeks later, seemingly nothing has happened and my cash ISA still sits with Natwest.

EdGasket

Get a decent broker; not a noddy outfit.