Opening SIPP with Fidelity - procedures (or process)

nobby2250

Hi, I just recently open SIPP with Fidelity on Wednesday. However upon completion when they gave you a reference number after payment, my browser was crashed and I havent written the number. I was thinking that they will send me an email confirmation (as what normally with bank account opening or paying stuff). However I didnt get any email confirmation from Fidelity. No paperwork arrived as well so far. The money has leave my bank account.
Can someone who have SIPP account with Fidelity tell me what normally the process?
Is Fidelity a good platform?
I will only invest a small amount as currently I am a non tax payer but just want to start building something for my pension

Any explanation of the process will be appreciated
Thank you

Aletank

I'm currently transferring a pension into a Fidelity SIPP, I've been on the phone several times to them, they are very helpful on the phone.
A on going issue which still isn't sorted is the online account registration, it's not letting me register.
Anyway onto what might help you, my old provider sent me a letter saying they have sent the funds to Fidelity via BACS on 11th March. When I asked Fidelity if they had received them, they said not as yet, BACS can take 5 working days. I was on the phone again after this 5 working days trying to sort my online account access, I asked if they had received the funds, they had, so I asked when it will be getting invested in my chosen fund. They said they hold the cash first for 5 days before investing. I should then received a letter detailing the dealing details etc.
So to answer your question, maybe they are holding your funds in the same cash account for 5 days, once invested you may receive a receipt of some sort.

nobby2250

Thank you for your reply. The thing that got me wonder is just that after I register I didn't get any confirmation email. To make matter worst I didn't have chance to write the reference number of the transaction. Normally if I paid bill, placing order, opening bank account, etc - they always sending you email confirmation but I had no confirmation so it prompted me to ask if this the standard with Fidelity. I guess I just wait until next Wednesday and ring them. Hopefully everything is fine. I am new to this stuff so don't know how it operates. Thanks for your help

Aletank

I would guess that they hold your cash for 5 days, don't know why ! then after the 5 days they buy the fund/s that you requested and then send you a receipt etc

greenglide

So you have paid by debit card?

They would receive the funds immediately, this is a transaction that cannot be reversed so there is no reason for them to wait.

Ring them up as soon as possible and tell them what has happened and I am sure they can fix it.

where_are_we

I opened a new Fidelity Sipp through topcashback on Thursday 19/3/15 using a debit card.My online banking showed a pending debit for the transaction but the withdrawal still hasn`t gone through.I too have not yet received an email confirmation so I phoned Fidelity on friday and was reassured that it takes a few working days to process.There will be a big rise in deposits in sipps in what is left of this tax year so my advice to anyone who is doing this is to get a move on!

sandsy

11th March: opened a SIPP with Fidelity, giving them my debit card number; no emails received.
12th March: date of letter confirming opening of account; enclosures: brochure and expression of wishes form. Received on about 17th March.
13th March: online banking confirms funds withdrawn.
16th March: date of letter confirming receipt of funds into cash account. Received about 18th March.
17th March: date of letter confirming purchase of some of funds. Received about 19th March.
20th March: letter confirming customer reference number (needed along with account number) for registering for online access.
21st March: registered for online access; could view letter confirming remaining fund purchases and all previous letters; could also view uncleared funds representing tax relief in the cash account.

dunroving

nobby2250 wrote: »

Hi, I just recently open SIPP with Fidelity on Wednesday. However upon completion when they gave you a reference number after payment, my browser was crashed and I havent written the number. I was thinking that they will send me an email confirmation (as what normally with bank account opening or paying stuff). However I didnt get any email confirmation from Fidelity. No paperwork arrived as well so far. The money has leave my bank account.
Can someone who have SIPP account with Fidelity tell me what normally the process?
Is Fidelity a good platform?
I will only invest a small amount as currently I am a non tax payer but just want to start building something for my pension

Any explanation of the process will be appreciated
Thank you

Have you tried calling them? That usually sorts out situations like this. Fidelity are very good at dealing with phone enquiries.


FYI, I think my SIPP opening with Fidelity went something like this, and when I make new investments there is a 3-7 day "black hole" where the money leaves my bank account but nothing seems to appear on my Fidelity SIPP online account.

nobby2250

Thanks for all the helpful replies.
I just rang Fidelity today and the CS are very helpful. They said the document haven't been sent - but they are going to send it today. The investment itself - one fund is invested today and the other fund will go through tomorrow.
If judging by sandsy experience, I should expected to received documentation on 27th as I open account on 18th. So it's all good

dunroving

nobby2250 wrote: »

Thanks for all the helpful replies.
I just rang Fidelity today and the CS are very helpful. They said the document haven't been sent - but they are going to send it today. The investment itself - one fund is invested today and the other fund will go through tomorrow.
If judging by sandsy experience, I should expected to received documentation on 27th as I open account on 18th. So it's all good

I still find the black hole experience slightly unnerving every time, even though I now know to expect it.

nobby2250

dunroving wrote: »

I still find the black hole experience slightly unnerving every time, even though I now know to expect it.

I agree with you that is why I asked the question. I paid with my debit card so it worry me and this is my first time dealing with this thing The bloke I spoke to gave me his extension number in case I need to ask more question or helping to set up online account so it is quite assuring. He also said that buying or selling will involve a few days. Since it is a long term investment I am not that fuss as long as the fund I send get to their account safely - that is the main thing