Fidelity Investments Problem

Eye2013

Is anyone else having problems with Fidelity ?


I placed an order to switch funds at the end of March, but found out a few weeks later they'd done something completely different with my money ie bought different funds ! Very worrying


I have contacted Fidelity several times by phone and email. They are always very polite and accommodating on the phone, and promise 'to look into it', but never come back. Last time I was told it was a 'system error'. When I asked what that meant they wouldn't elaborate. I'm still waiting for clarification.


All very worrying, and I don't trust them anymore

Temrael

They surely have to put it right and make sure you're not out of pocket, if you can prove you ordered one thing and they executed another?

jimjames

Temrael wrote: »

They surely have to put it right and make sure you're not out of pocket, if you can prove you ordered one thing and they executed another?

Exactly what they should do.

I'd expect their systems are all automated so I find it hard to understand how that can happen - unless it was a phone transaction and the agent has entered the wrong details.

dunroving

Temrael wrote: »

They surely have to put it right and make sure you're not out of pocket, if you can prove you ordered one thing and they executed another?

jimjames wrote: »

Exactly what they should do.

I'd expect their systems are all automated so I find it hard to understand how that can happen - unless it was a phone transaction and the agent has entered the wrong details.

I posted a while back about an automated purchase of £4,000 worth of a risky fund for my Fidelity SIPP. If it's done online, there is effectively no way of telling whether this is "correct" or not (i.e., whether they did what you told them to do, or not).

After several calls, all of which I kept notes from, I eventually received a letter saying they have traced the transaction and, basically, they are correct and I am wrong. But there is no actual evidence either way (I know I am correct, because I remember very precisely what happened).

As soon as possible (i.e., after the required 5-day settlement period), I sold the fund units for a loss of £195. I could have held onto them (would now be a loss of only about £50), but I wanted to demonstrate that this was NOT the transaction I wanted, and the only way to support that position was to sell at the earliest opportunity.

I haven't the energy at the moment to call or write back to them - again - but that's probably what they are depending on.

The functionality of their Web site is pants, too. Have to keep switching back and forth between Chrome and IE depending on what it is I want to access information on.

Here is the link to my previous thread about Fidelity boogering things up.

dunroving

Temrael wrote: »

They surely have to put it right and make sure you're not out of pocket, if you can prove you ordered one thing and they executed another?

But that's the problem - how do you prove it? If you place an order by phone or online, you don't receive an automatic confirmation of the nature of the order (i.e., what was ordered, and when). It eventually shows up, but if it is different than what you ordered, how do you prove what you ordered?

[There is proof, but they are the ones who have it, not the customer, and if it doesn't support their position, they conveniently say it's not possible to locate it]

abdul56

I have invested with Fidelity also. I have had problems with monthly savings plans.

I find fidelity on the defensive when it comes to these issues. They tried to blame the individual ie it was a mistake on your part and they are sorting it out as soon as possible.

My case I fortunately did not suffer a financial inconvenience but it took four months to sort out. I would not rate the customer experience highly though.

jimjames

dunroving wrote: »

But that's the problem - how do you prove it? If you place an order by phone or online, you don't receive an automatic confirmation of the nature of the order (i.e., what was ordered, and when). It eventually shows up, but if it is different than what you ordered, how do you prove what you ordered?

[There is proof, but they are the ones who have it, not the customer, and if it doesn't support their position, they conveniently say it's not possible to locate it]

The most frustrating thing I find with Fidelity is that when you no longer have any units of a holding you can't see any of the transactions for that. Maybe I've missed something but as far as I can see it is only possible to view transactions for funds you hold.

puk999

jimjames wrote: »

The most frustrating thing I find with Fidelity is that when you no longer have any units of a holding you can't see any of the transactions for that. Maybe I've missed something but as far as I can see it is only possible to view transactions for funds you hold.

Under the big blue Your Accounts button choose "currency and holdings settings" and turn Nil Value Holdings on. Return to "Holdings and transactions" and you should see all the holdings you've ever had and will be able to view transactions as normal (the combo on the right of the holding row).

jimjames

puk999 wrote: »

Under the big blue Your Accounts button choose "currency and holdings settings" and turn Nil Value Holdings on. Return to "Holdings and transactions" and you should see all the holdings you've ever had and will be able to view transactions as normal (the combo on the right of the holding row).

Thanks so much for that, I'd never have found that option!

OP, Sorry for going off topic

slinga

I used Fidelity for over 20 years and they were excellent, no problem at all.
But when I eventually did have a problem with them, I suppose everyone does eventually, I found them impossible.

So I moved elsewhere.

KrytenIceCubeHead

Can't afford a failover website, either, apparently.