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Actioning of HL investment
wombat42_2
Posts: 1,312 Forumite
I recently received a letter from H&L saying that they had received my transfer cheque and had "actioned" my investment instructions for the cheque.
However today i got the contract notes for buying unit trusts according to my instructions but the contract note was timed at 8:00AM the day after the date of the letter in which they had said they had "actioned" my instructions. Surely to comply with their previous letter, the contract note should have picked up the previous days price instead of the one used.
However today i got the contract notes for buying unit trusts according to my instructions but the contract note was timed at 8:00AM the day after the date of the letter in which they had said they had "actioned" my instructions. Surely to comply with their previous letter, the contract note should have picked up the previous days price instead of the one used.
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Comments
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The terms say that the units will be bought the day after cheque receipt. To action your instruction they will have sent the request to the UT manager.0
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The terms say that the units will be bought the day after cheque receipt. To action your instruction they will have sent the request to the UT manager.
That may well be so but the gods seems to have conspired against me :mad:
The fund went up 5.6% the first day I was out of the market and i missed out on a 2.9% rise on the day the cheque was received, not to mention big rises in between.
At least you have saved me from a bad tempered phone call to HL I was about to make.0 -
Most providers will have a set dealing time as to when they will act upon your instructions. This is published. A common one is the unit price at opening of business the next working day.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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