iWeb, CoFunds issue

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KNX
KNX Posts: 6 Forumite
in Savings & investments
I expected my monthly dividend from Fidelity MoneyBuilder Income either last week or early this week. As of now it isn't there, so I rang iWeb to query. At first their dealing team said it was a quarterly paying investment (it isn't), but after further inquiries I was told it was delayed due to the "migration from CoFunds to Aegon". Hadn't heard of this before so I Googled. According to sources I found this migration is going to happen May Day weekend, i.e. starting tomorrow.

Anyone else experienced the same?

I should add that an Invesco monthly dividend came into my iWeb account on 2nd May as expected, so maybe this comes a different way?
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  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    Hadn't heard of this before so I Googled.

    Letters have been going out to account holders for the last 6 months or so. Not just one but multiple letters.
    According to sources I found this migration is going to happen May Day weekend, i.e. starting tomorrow.

    Actually, its starting today.
    Anyone else experienced the same?

    yes. All cofunds accounts are moving platform as Cofunds is closing. Our software was updated last night to reflect the change.
    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.
  • KNX
    KNX Posts: 6 Forumite
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    Apologies I wasn't very clear, I was wondering if anyone had experienced missing a payment into their iWeb account that should have been there either late last week or early this week.
  • Morphoton
    Morphoton Posts: 90 Forumite
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    I too have not yet received the Apr Dividend for Fidelity Moneybuilder Inc. This is held with the Halifax, which is the same platform as iWeb bar the rebrand AFAIK.
    Thanks for the above reason. Will hold off contacting them for a while.
  • tg99
    tg99 Posts: 1,199 Forumite
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    Anyone aware of if anything is changing from an operational perspective for brokers that use Cofunds like iWeb when the migration to Aegon is complete.........e.g. dividend reinvestments, order cut off times when trading in funds, cash withdrawal after settlement etc?
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    edited 5 May 2018 at 11:07AM
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    The Cofunds platform is a major change. Completely different software from a software supplier that offers greater functionality but also has a lot of configuration options. Until we get to next week, its going to be difficult to say. Plus, they may decide to disable some things initially and then enable them over a longer period to try and avoid the debacle that Aviva had when they moved platform software (to the same supplier) earlier in the year. Aviva look like they tried to configure some of the more advanced things before they were ready and a lot of the users were not ready as well.

    One thing that is likely to happen is that dividend reinvestment will not be an option. FNZ uses a cash account within the wrapper and dividends are paid to that. There is no automatic reinvestment option on any of the other FNZ powered platforms that I use.
    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.
  • tg99
    tg99 Posts: 1,199 Forumite
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    edited 5 May 2018 at 2:48AM
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    dunstonh wrote: »
    The Cofunds platform is a major change. Completely different software from a software supplier that offers greater functionality but also has a lot of configuration options. Until we get to next week, its going to be difficult to say. Plus, they may decide to disable some things initially and then enable them over a longer period to try and avoid the debacle that Aviva had when they moved platform software (to the same supplier) earlier in the year. Aviva look like the tried to configure some of the more advanced things before they were ready and a lot of the users were not ready as well.

    One thing that is likely to happen is that dividend reinvestment will not be an option. FNZ uses a cash account within the wrapper and dividends are paid to that. There is no automatic reinvestment option on any of the other FNZ powered platforms that I use.

    Thanks. One additional question: regarding property funds, I know Cofunds have never put in place the infrastructure / systems to be able to offer PAIFs such that instead they only offer the Feeder versions (whereas the like of Hargreaves, AJ Bell do offer the PAIFs). Is this likely to change following the migration to Aegon? I think iWeb had also stopped offering some property funds as they were NURS so again not sure if this might change with the move?

    One of the brokers I use is Interactive Investor who I believe use Cofunds so presume if they stop offering dividend reinvestment (from next week if the migration is happening this weeekend?) they will need to write to clients (or have done so already) to advise them accordingly. I actually have some dividends due later this month with them that are set for automatic reinvestment.
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    Thanks. One additional question: regarding property funds, I know Cofunds have never put in place the infrastructure / systems to be able to offer PAIFs such that instead they only offer the Feeder versions (whereas the like of Hargreaves, AJ Bell do offer the PAIFs). Is this likely to change following the migration to Aegon? I think iWeb had also stopped offering some property funds as they were NURS so again not sure if this might change with the move?

    Cofunds was a fund supermarket. The new platform is a full wrap. Anything quoted on the LSE and the vast majority of funds will be available. There will be some exclusions for compliance/legal reasons. Should be on par with any other wrap platform.
    One of the brokers I use is Interactive Investor who I believe use Cofunds

    I dont think they do as they have brokerage services and Cofunds dont.
    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.
  • tg99
    tg99 Posts: 1,199 Forumite
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    dunstonh wrote: »
    Cofunds was a fund supermarket. The new platform is a full wrap. Anything quoted on the LSE and the vast majority of funds will be available. There will be some exclusions for compliance/legal reasons. Should be on par with any other wrap platform.



    I dont think they do as they have brokerage services and Cofunds dont.

    They do use Cofunds for funds (unless this has changed in the last month or two) as one time I had to query something regarding a fund and they said they needed to check with Cofunds. My dividend reinvestments are for UK shares rather than funds.
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    I finally got into the new site and its not FNZ like I thought it was going to be. A lot of the functionality is currently turned off and they are going to enable it over the next 3 months in stages.

    However, I did get to see that there is a dividend reinvestment option in the list. Not sure if it is currently enabled or not but it is there.
    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.
  • talexuser
    talexuser Posts: 3,499 Forumite
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    Don't know if this is specifically anything to do with Halifax Share Dealing too, but my Mum's ISA Premier Monthly Income has not been paid by today the 9th of the next month, when it is always paid on the 28th or 29th of the month.
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