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Dividend Reinvestment Plan


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I agree, there has to be some movement on this feature, a ETA at least.

 

 what's that status with DRP facilities? There is quiet the following on this thread now, interest is considerable... not a week passes when I don't get a private message asking for news.

 

Also, can you tell us when we can expect access to corporate bonds via IG's platform, corporate bonds markets were mentioned some time back on the website, and yet when I recently asked I was told they were not offered.

 

Regards, 

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Tbf as much as div reinvestment is important, the fact it’s the only blocker to people opening/moving must mean that other brokers are aweful in a significant number of other ways? IG are pretty cost effective.

 

But what other brokers are people looking at? And what are the negatives that have stopped you moving already?

 

Not being rude just curious of the community opinion

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Hi all. So the dividend reinvestment work is an approved project in what we call our 'global top 50' (50 most important projects) but there is no development team who has capacity to do the work right now. The new ESMA regulations, Mifid II, GDPR and other essential regulatory and legal requirements are currently top priority as I'm sure you can appreciate, as well as the opening of an office in America. I appreciate that this isn't what you were looking for, but as soon as I have more information I'll keep you updated. 

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Unfortunately whilst you'll keep my CFD and spreadbet business I don't think I can treat here as my principal ISA account without DRIPS so reluctantly (as I think your platform is excellent) I will have to transfer out until such time as you introduce them, in that case.

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Hi yes its a curios question and worth asking. I can only answer for my own situation. As regards stock i own quite a few and regularly buying more. Once you realise your borker is not supplying a service not as high as others brokers then it does make you consider looking around at other brokers. I do (well now its a case of i did)  also have spread bet account, but with the threat of increased margin costs coming in July; has made me close my account and reopen outside of Europe. In doing so i have found another broker offering better spreads and lower costs (ENC account). So coming back to my dividend stock account. While im sticking with IG i'm not adverse to keeping my eyes open  if another broker comes along, offering a better platform with DRIP facility. IG should not take its customers for granted, as they will walk if they don't keep up with their competitors.

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  • 3 weeks later...

Hi,

 

The original reply to this question in April 2017 was we hope to introduce DRIP in within 12 months or so. That was 13 months ago.

 

Are you guys any closer to implementing this?

 

Thanks.

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Being a young investor looking to grow a portfolio of dividend stocks, this feature will be vital over the next 5, 10, 20+ years. If this feature is not implemented I will have no choice but to move to another broker, as would many others judging by this thread.

 

Any update on when a DRIP feature will be coming?

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Hey - unfortunately there haven't been any advances on this since the last update.

 

The dividend reinvestment work is an approved project in what we call our 'global top 50' (50 most important projects) but there is no development team who has capacity to do the work right now. The new ESMA regulations, Mifid II, GDPR and other essential regulatory and legal requirements are currently top priority as I'm sure you can appreciate, as well as the opening of an office in America. I appreciate that this isn't what you were looking for, but as soon as I have more information I'll keep you updated.

 

I believe it should be done sometime this year but likely to be at the later part of the year. This is of course subject to change. 

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  • 2 weeks later...

This continued lack of investment into a system function that is a pre-requisite for long term investment vehicles such as ISAs is a worrying signal from IG. If the company is more concerned about expansion than providing the necessary functions for retention of investors, there's some very troubling myopic decisions being made.

 

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I've just read this whole feed after searching for the drip functionality. Extremely disappointed, I'll be immediately transferring my investments and will not return until this has been implemented. After 13 months it doesn't look good for value/growth investors. It screams to me that this is no where near the top 50 priorities and IG has other things on their mind.

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such as the ESMA regulation which threatens to take out their entire business, Apple and Android stores looking to ban their apps, and I imagine GDPR ... yeh probably have a few other things on their mind

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  • 2 weeks later...

New customer here representing 6 entities - just discovered that IG doesn't have DRIP.  I can't tell you how disappointing that is to find out.  I feel very embarrassed as I have spruiked your product to friends.  I won't be doing that any more. 

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  • 1 month later...
Guest vipso

Can IG reimburse the cost of clients manually buying the stock with the dividend proceeds (commission, spread etc) until the automated option is implemented? It's a bit of a manual process but has to be a simpler solution than clients making transfers out and helps IG retain business that cold be lost.

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6 hours ago, Guest Dan121 said:

Hi, Just wondering if DRIP is in place yet.

Hi - there are no DRIP functionalities in place at the moment. Unfortunately there have been significant regulatory changes to the industry which have resulted in a significant amount of dev hours focusing on required changes and new products. Once we have a clear confirmation of DRIP functionality being added I'll let you know. 

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  • 4 weeks later...
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