Interactive Investor - An Incompetent Firm

masonic

coyrls wrote: »

In these circumstances, III would not be able to reconcile their holdings to the remaining customers. What is the protection against this eventuality? Would customers lose their funds and not be compensated?

In practice, as le loup says, II would probably cough up and then pursue you for the money. If, for whatever reason, the money could not be recovered or repaid by II, then the liability would be shared between the other holders of the fund in question, each of which being able to claim up to £50k from the FSCS in respect of their portion of the loss.

Imnoexpert_2

nixter

I have had £100 added to my commission credit.

I suppose this would cover selling up 10 funds and buying them again with someone else. I don't think I willed doing an 'in specie' again.

le_loup

Take care!
Doesn't commission credit disappear after a period of time? ... and you may not wish to do any trades.
If this is £100 compensation, it should be cash that you can use in whatever form you wish including taking a loved one to dinner.

le_loup

I see that Investors Chronicle are doing their annual survey to award the best Investment and Wealth Manager of 2014.


Don't delay, get your vote for aye-aye in quickly.

Nixter

le_loup wrote: »

Take care!
Doesn't commission credit disappear after a period of time? ... and you may not wish to do any trades.
If this is £100 compensation, it should be cash that you can use in whatever form you wish including taking a loved one to dinner.

You were unfortunately right. We received the £100 commission credit after our second complaint, but what good use is that since we don't intend to trade with iii anymore... :mad:

We just want our missing dividends and tax credits so that we can get the hell out.

HawkE

I sold a fund holding after the dividend due date but before the dividend payment date. The dividend payment date was three weeks ago and I am now about a week into waiting for II to respond to my querying why no dividend payment has shown up. I read earlier that the problem is less if holding shares, IT or ETFs....given the hassle I may just swap for one of those types of holdings or an Accumulation unit fund rather than Income.

benalder284

I've also just received £100 trading commission after making a formal complaint. No explanation at all from II or any indication if time-limited - they really couldn't organise the proverbial in a brewery

xylophone

a fund due on 28 July.

Deep joy- it arrived yesterday.....

But after around ten weeks, there is still no sign of his final fund with HL being transferred....

gterr

I am trying to do my second trade since moving my (unwrapped) funds to III. I submitted a sell order for some units of a single fund first thing on 19th August. Absolutely nothing has happened with this order yet. It's still listed as 'active' and not 'passed to fund manager' or anything else that might give me some hope that they've even noticed I've placed an order. Next Monday is a Bank Holiday so presumably there will be no progress until Tuesday at the earliest. Then once the cash does hit my account I'll have the joy of waiting several days for III to transfer it to my bank account. I sent a secure message to III nearly a week ago with a question about pricing points and cut-off points for placing trades, but of course I've had no reply.


At the moment I have my unwrapped funds with III and my ISA with CSD, which is the cheapest arrangement for me at the moment since I am adding units to a range of funds within my ISA as I gradually move my investments from unwrapped to wrapped. I had calculated that in three or four years time I would need to move to a single platform. I am, however, seriously considering moving everything to CSD now.

masonic

gterr wrote: »

I submitted a sell order for some units of a single fund first thing on 19th August. Absolutely nothing has happened with this order yet.

When I had an issue with a trade not executing, I phoned them the evening after I expected the trade to execute and it was sorted by lunchtime the next day.

I really wouldn't bother with secure messages at the moment.