Fidelity apparent error in their execution of my instructions

cm233lh

Earlier this year I cancelled my ISA monthly saving plan with Fidelity and closed the account. (Nice little profit if I do say so myself, as I started it 5 years ago and cashed up just before this summer's market turmoil.) Anyway, I phoned them up today, and found they were still sitting on over £10 of uninvested cash, that I'd paid in, but the units were too expensive buy for the funds available. They've said they'll send me a cheque, but couldn't explain why they didn't refund it with the main cheque when I closed the account

Do Fidelity treat everyone like this, or did they just screw up in my case?

Andy_L

I would guess that they thought you just wanted to sell your units rather than totally close the account. That may have been incompetance, Machavallian dealings to diddle you out of a tenner or poor instructions from yourself

dunstonh

Did you tell them to close the account or did you tell them to sell the original investment?

edit: Andy beat me to it.

will just add that the £10 odd is probably an income distribution from one of the funds that went XD before you sold them. Quite normal and quite common. It doesnt surprise me Fidelity dont know because you often have to tell them how their systems work and what they can and cannot do. Their serviceline is one of their weak points.

Rafter

They aren't exactly thieves either! They would have sent you a statement showing you your cash position.

It is quite libelous to acuse them of taking funds when they clearly haven't on a site with over a million members!

I suggest you change the title of your post sharpish.

R.

cm233lh

Rafter wrote: »

They aren't exactly thieves either! They would have sent you a statement showing you your cash position.

It is quite libelous to acuse them of taking funds when they clearly haven't on a site with over a million members!

I suggest you change the title of your post sharpish.

R.

I have complied with your advice.

Actually I did ask them to close the account. They sent me a cheque, but I don't recall seeing a statement. Perhaps I'll get one at the end of the year. They also sent me a remittance advice saying they'd sent me the uninvested cash by BACS, but it's never turned up. That's why I called them today.

digerati

Quite often you'll get residual cheques months after closing an account. It'll usually be for interest or other credits that couldn't be calculated at account closing.