Inaccurate Information From Investment Management Company - My Rights?

masonic

Well that was... interesting. I guess curiosity got the better of me.

While it's very laudable of you to pursue this matter entirely for the benefit of others, perhaps there is an argument for picking your battles.

My experience with tax certificates is they are far from perfect, and you'll find other threads complaining about other providers making more substantial errors. The good thing about old-fashioned investing is you are in control and can keep track as you go along.

Now, may I interest sir in a S&S ISA?

Alexland

Did anyone else correctly guess the robo from the fund choices before confirming which it was from the bits that weren't redacted properly?

afis1904

Alexland said:

Did anyone else correctly guess the robo from the fund choices before confirming which it was from the bits that weren't redacted properly?

Yes, I did. It was the fund choice but also I don't think many robos offer cashback on a GIA or at least they don't advertise they do.

Mr.Saver

masonic said:

Well that was... interesting. I guess curiosity got the better of me.

While it's very laudable of you to pursue this matter entirely for the benefit of others, perhaps there is an argument for picking your battles.

My experience with tax certificates is they are far from perfect, and you'll find other threads complaining about other providers making more substantial errors. The good thing about old-fashioned investing is you are in control and can keep track as you go along.

 I totally agree with you, the old fashioned investing is a lot easier to keep track of than the robo advisors. I invested with them purely for their sign-up bonus.

Now, may I interest sir in a S&S ISA?

(Un)fortunately, my 20k ISA allowance is fully used. I'm also contributing to my SIPP.

masonic

Mr.Saver said:

masonic said:

Well that was... interesting. I guess curiosity got the better of me.

While it's very laudable of you to pursue this matter entirely for the benefit of others, perhaps there is an argument for picking your battles.

My experience with tax certificates is they are far from perfect, and you'll find other threads complaining about other providers making more substantial errors. The good thing about old-fashioned investing is you are in control and can keep track as you go along.

 I totally agree with you, the old fashioned investing is a lot easier to keep track of than the robo advisors. I invested with them purely for their sign-up bonus.

Now, may I interest sir in a S&S ISA?

(Un)fortunately, my 20k ISA allowance is fully used. I'm also contributing to my SIPP.

I've previously invested with such a provider for an incentive, but put myself in the highest risk category available such that all income was in dividends falling within my dividend allowance and the sum was so trivial there was no possibility of a declarable capital gain. If there's any possibility of having to spend a lot of time working out what to declare to HMRC then it probably isn't worth the bonus. It seems in your case there isn't.

Delburn

I had a similar set of problems with this provider, to you Mr.Saver:

Missing contract notes.  When I pointed out several were missing, they would come back and say it was fixed, but I would find only one contract note had been added and others were still missing.

Misapplication of equalisation in tax statements.
Misclassification of income between interest and dividends.
I understand most brokers ignore excess reportable income from overseas funds.  HMRC has various rules on what a taxpayer should declare.  This provider appears to have made-up their own method, rather than ignoring completely, or following the HMRC rules.

My special offer included 12 months without any investment management charges.  However, they started deducting charges in respect of a period which started after 11.5 months.

I made the same point as you, that for me the problems were immaterial, but were likely to be systematic and affecting other customers with larger balances.  I contacted them once on each problem, but when their reply demonstrated they did not understand what they were doing, I would forget about it.  I think some of the problems are with the broker they are using, which is concerning as I believe they are used by many other platforms.

I contacted one of the underlying fund managers for their excess income report and they have not replied after 3 months.  HMRC may be entitled to disqualify this fund manger from the reporting regime and make all gains taxable as income.

You may have been invested in different funds from me, but I identified my cash distributions as from:
Royal London Short Duration Gilts Z Inc
Ishares USD Treasury Bond 1-3yr UCITS ETF