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The dividend blues...


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What's up with IG and paying dividends?

IG's official position on paying dividends is that it they will be paid within 2 business days of the pay date.

Besides ASX-listed stock, this arguably never occurs. Microsoft dividends recently were more than three weeks past pay date. Royal Dutch Shell, still outstanding, now pushing a week and a half. Suncor, Brookfield Renewable, Enbridge...any of the Canadian corps, they're always weeks late and often incorrect. Incorrect withholding tax, usually. They'll go in, then out, then back in again at an adjusted amount. Fractional refunds for stock splits or rights issues. Never come through. Ever. 

My main beef (besides not getting my money) is the response. I'll always start with calling the IG helpdesk. Normally people are really good. They'll investigate. They are never able to reach the Corporate Actions team while I'm on the phone, but they almost always email me back later in the day and promise a payment date. The only problem is, it never happens. Will be paid tonight. Promise. Then nothing happens. I had the same email three times regarding Microsoft payments over a period of two weeks. Always promising the next day, and then...well, you know. Nothing.

Today, I had an email from someone at IG telling me that I had in fact been paid for a dividend - I believe their words were that it is 'reflected in my account' - the only problem is, it's not. The email was just flat wrong.

So...what do I do? I've escalated to Compliance a few times, particularly for errors with stock splits. But why should I have to? Isn't this what IG do? Stock stuff? Why should I have to keep track of every dividend and then have to follow up multiple times in order to receive a correct dividend...or even just a dividend.

@CharlotteIG

B

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I have faced the issue with dividends for iShares FTSE250 DIST ETF. Dividend was supposed to be paid on 30th September and IG helpdesk said it would be paid by 1st October. Still no dividend has been paid.  I have sent an email to compliance as well but not sure if that is going to fix anything here. 

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Wrong amount paid out here, instead of witholding 15% us tax, 37%(odd percentage) was withheld. No answer from corporate desk, other dividends paid on the same day all good.(15% us tax withheld). 

Frustrating to say the least. 

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