The Lemon Fool

Surerera wrote:AJ Bell have settled in full, nothing from iDealing yet.

Thank you. In that case I can't see that HL have any excuse for not having also settled as they would have received the proceeds from the bond issuer at the same time.

If the proceeds are not in my HL account by close today I'll start a complaint. Backdating when the proceeds are received is not an acceptable response as I'm looking to reinvest asap.

HL have settled the capital redemption overnight but no sign of the final interest payment.
I logged a complaint last evening as I find it frustrating that HL seem to be so slow in crediting cash compared to other brokers.

I exchanged most of my IPF2 but chose to allow some to mature (I am overweight IPF3 already). II credited my account with the IPF2 cash proceeds today (19th), but have still not added the IPF3 or paid the IPF2 dividend or 1.5% fee.

XO.com have still not paid the IPF3 dividend from 12/12 so that is a week overdue now and I will have to chase. They are usually prompt.

AJ Bell and II paid the IPF3 dividend on 14/12, which is reasonable as I know they like to have sight of the incoming dividend before paying it out in case of default.

I've also asked the question of HL as, from IPF's RNS:

Settlement

Expected settlement date for Exchange Offer, including:

? issue and delivery of Exchange New Notes in exchange for Existing 2023 Notes validly offered for exchange by an Existing 2023 Noteholder and accepted by the Issuer; and

? payment of any Accrued Interest Payments and Exchange Fees in respect of the Exchange New Notes.

As soon as possible on 12 December 2023

Not, as soon as possible AFTER 12 December

I expect it will take them several days to respond.

As soon as possible on 12 December 2023

Yes, I noticed that oddly specific statement and wondered if they actually meant "on" or if it was just badly phrased.

TallInvestor wrote:

As soon as possible on 12 December 2023

Yes, I noticed that oddly specific statement and wondered if they actually meant "on" or if it was just badly phrased.

I've dropped a note to HL to chase my money no reply yet
I see the statement as a commitment by IPF to pay on the 12 of Dec not for HL/ii/AJB et al to pay it to us?

I wrote:XO.com have still not paid the IPF3 dividend from 12/12 so that is a week overdue now and I will have to chase. They are usually prompt.

I just spoke to XO and there had been a "mix-up with the reconciliation". The interest payment appeared in my account two minutes later. It shows what a manual system it is.

Now to chase II for the IPF2 interest and fee...

Just had a "very Quick" look at HL website - but unable to find any mention of how long they might/could/would hold onto monies received before crediting to client's accounts.

Lots of other information about ex div dates, foreign dividends taking longer to credit and other reasons why receipt might be delayed but all to do with it being other parties' fault (nothing to do with us guv).

No sign of interest nor repayment of IPF2 principal in iDealing. They disallowed conversion to IPF3 also.

IPF2 capital now repaid by HL, but, still waiting for the final coupon payment.

Update: II have now added the exchanged IPF3 shares, paid the interest and paid the fee. So, all done and my SIPP has hit a new post-retirement high as a result!

TallInvestor wrote:Update: II have now added the exchanged IPF3 shares, paid the interest and paid the fee. So, all done and my SIPP has hit a new post-retirement high as a result!

Oh well, HL will probably manage to do that before the end of the week then.

Have finally got a reply from iDealing - looking into the matter

iDealing have just credited me with the capital but no interest so far.

My account with AJ Bell Coupon plus sweetener and I (opted to subscribe for the 12%) new shares credited.

AJ Bell wins again !!!

Still No accrued or fee at HL yet, but I just tried to sell my IPF3 and was quoted 100.25. So with the 1.5p fee on top the exchange was worthwhile despite the frustrations.

I am not in a hurry to sell at that price, but it is reassuring to know the initial price is a profitable one.

HL have finally credited the IPF2 interest today after crediting the capital redemption yesterday.

I've written again asking why it's taken so long to credit cash they presumably received from IPF on 14th December and no later than 15th December, and also why if they were able to credit the redemption cash yesterday why the interest didn't arrive in my account until today.

I used to think brokers being late in crediting cash was due to them deliberately delaying for their own financial benefit of being able to use the cash themselves in the interim but I'm now more inclined to think it's simply inefficiency.

Redhill wrote:I used to think brokers being late in crediting cash was due to them deliberately delaying for their own financial benefit of being able to use the cash themselves in the interim but I'm now more inclined to think it's simply inefficiency.

I hold Vanguard ETFs with AJ Bell, Halifax and Hargreaves Lansdowne they all credit at different times and treat different sorts of the same products differently. ETFs reporting in foreign currencies are paid on different days in HL and always a few days post settlement date. AJ Bell is usually there in the morning on settlement day when I check. Halifax somewhere in the meddle.
So different providers, different systems, different efficiencies. Nether guile nor incompetence just the way it is. And they do all settle - though specifically with IPF and these corporate actions and payments do appear to be less snappy with HL than other providers.

Hi

Received maturity funds from iDealing this morning although tx date is 18th. They say also that interest also credited.

Took 3 emails and a further one about the interest.

Other readers should check their accounts

F Owl

Redhill wrote:HL have finally credited the IPF2 interest today after crediting the capital redemption yesterday.

I've written again asking why it's taken so long to credit cash they presumably received from IPF on 14th December and no later than 15th December, and also why if they were able to credit the redemption cash yesterday why the interest didn't arrive in my account until today.

I used to think brokers being late in crediting cash was due to them deliberately delaying for their own financial benefit of being able to use the cash themselves in the interim but I'm now more inclined to think it's simply inefficiency.

You are doing better than me. No accrued or fee yet from HL.