Dividends Not Paid During Transfer

noh

What was the name of the share you held in HL that did not transfer on the expected date?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81910273#Comment_81910273

The OP stated it's Carnival. There are two listings, one in London and one in New York. I can imagine that a transfer of the New York ones could be a problem but the London listed ones shouldn't be, not for British brokers anyway.

"I have emailed Carnival IR but am not expecting much help."

doodle483

https://forums.moneysavingexpert.com/discussion/comment/81910424#Comment_81910424

Correct. I own the U.K. shares so I wasn’t expecting it to be a difficult transfer. They haven’t paid dividends for a while but reinstated them with first payment in Feb. I know people who own them and have been paid.

Tbh I hadn’t paid attention and might have timed the transfer differently had I known, but it still shouldn’t have fallen through a crack as HL/T212 are suggesting. I’ve asked T212 to confirm whether they sold/rebought the shares at the later date.

To be updated!

DRS1

Random thought - are the number of Carnival shares shown in the Trading212 account the same number as was shown in the HL account? Someone raised the possibility of the shares having to be sold and reacquired but if that happened wouldn't the number of shares held have changed - especially if there was a month between the sale and the repurchase.

doodle483

https://forums.moneysavingexpert.com/discussion/comment/81910904#Comment_81910904

Yes, it’s the same. T212 have confirmed that they didn’t sell/rebuy and that the shares were transferred as is. So there is no reason for a gap between the two dates.

doodle483

Thought I’d give an update on this:

• Formal complaints registered on both sides.
• Within 2 weeks, the dividend was paid to my T212 account.
• T212 concluded their investigation and confirmed that their dates were correct and HL were in the wrong. They confirmed dividend had been paid to my account (didn’t say whether the money came from HL or whether they subsidised it). They also offered me a £50 goodwill payment for a mistake that they didn’t make.
• I haven’t heard anything from Hargreaves Landsdown.

I’ve always had great customer service from T212 and this is my best example yet.

masonic

A good outcome. You may yet get something out of HL. At the very least they should confirm whether they received and forwarded the dividend (in which case they were in the wrong) or they never received it (T212 is either in the wrong or covering for HL losing the dividend).

doodle483

https://forums.moneysavingexpert.com/discussion/comment/81937444#Comment_81937444

Yes, it will be interesting if HL’s conclusion is that their date is correct. 😂 Either way, I’m happy with T212’s resolution and have learnt to be wary of ex div dates when transferring in future!

1spiral

I had a case about 15 years ago where an investment trust that I held within an isa was wound up. A cash payment was made but it was expected that a further distribution would be forthcoming. After a year or so I transferred my isa to another provider and neither the original provider (nor the new provider) could advise me what would happen to any future distribution from the wound up trust.

It turned out to be a moot point because the administrators of the trust wind up dragged on for 7 or 8 years until all of the money had in fact dried up but I still wonder what would’ve happened to any distribution made say 5 years after my transfer had been made.