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hariboid

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hariboid last won the day on May 6 2019

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About hariboid

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  1. @JamesIG, thankyou for the response. Since i'm leaving IG anyway, I won't engage further to explore why it is mostly doublespeak. And to say: 'customer satisfaction is an absolute priority' well, my experience has been the opposite. All I will say is that many of the cannabis stocks in question trade on the NASDAQ ffs. And you are in error, plenty of other platforms do allow clients to hold cannabis stocks across a range of markets. I have similar holdings with ii and Hargreaves Lansdowne with no issue.
  2. Disclaimer: I'm already shifting my portfolios out due to IG's moronic policies over REIT and MLP dividends and truly awful customer service. The latest genius move by IG. They will no longer allow clients to hold cannabis related stocks (although even more illogically Altria, Constellation brands and other megacaps that effectively own the companies in question are fine). Holdings have to be sold by May 27th. In my case this is Aurora, Canopy, Cronos, Hexo, CannGroup, Auscann. But what do I see on the opening page of the IG website? "GET EXPOSURE TO THE CANNABIS INDUSTRY" "TRADE CANNABIS WITH AN IG ACCOUNT IN MINUTES" etc etc. in different stocks, on different markets, under different rules sets? No. Same stocks.
  3. @Situation, it only got worse from there. I'm in the process of moving my portfolios out of IG.
  4. @Caseynotes, it started about 5 months ago - I got some elaborate and difficult to understand calculations for an MLP holding I had - EPD. But it's crept up and into US REITS just this last quarter iirc. Before that, dividends just came in as normal.
  5. Hi @Caseynotes Sure, but that's entirely lame. 1. If divi's need to be reclassified, do it in a way which isn't dumb and doesn't make clients lives impossible. Answer from IG - no answer 2. Investigating ways to abbreviate. When will those ways be implemented? No answer. How about an Interim solution? No answer 3. The reclassification - with statement or otherwise - does not automatically constitute an explanation. And the implementation, which is everything, is staggeringly bad. It doesn't matter if they are the third link or the seventh. Either deliver a reasonable service for dividends from some of the biggest companies in the world, or don't offer those shares to clients. I'm tired of excuses, justifications and flippant responses. The bottom line: IG is delivering a pitifully poor service and doing absolutely nothing to remedy it or help clients stuck with the mess.
  6. Update: I sent Matt Stevens on the helpdesk the following email and also followed up with three specific questions What is my actual - final - payout for each stock? When is this insanely stupid 'project' going to end? Who has oversight of this at management level? Dear Matt, Many thanks for reaching out. Your message is appreciated. Honestly, I'd much rather this issue was resolved in a rational way so that I can continue to be a customer and build my portfolios on the platform. If it cannot then I'll have no choice but to move. And I can't imagine i'm the only client who holds US Reits and MLP's and finds the incredibly complex calculation of the dividend payment somewhat, sub-optimal, shall we say? If you look at the 30 something individual calculations per dividend for holdings like Realty Corp, OHI and Crown Castle, it's very surprising to think this is considered an acceptable customer facing solution from whoever is working on it internally, or that the wider approvals process allowed it through. The sense I've got from being on the receiving end is that it - and clients with these type of holdings - are just not considered very important. So there is the issue of how dividends on US Reits and MLP's are calculated. and there is the issue of how clients are treated. To the latter, I would say that getting a simple acknowledgement from IG (and specifically Corporate Actions) of the problem, and some meaningful answers to perfectly reasonable questions would have gone a long way to helping. A response to the question 'when is this ongoing dividend reclassification project due to be completed' would also at least have given me some idea of timelines. An attempt at an interim solution in the meantime would have at least shared the burden and been a gesture of help. Being told I should just add up and subtract what must run to 300+ lines of calculations to determine my dividend payout, with no idea when these liner items finally end since they seem to continue being adjusted for up to a week, is....contemptuous. I fully appreciate that customer service is a difficult job at the best of times, and I can have my moments as a difficult individual, so I do apologise for the times when I have been unjustifiably abrupt or inconsiderate to anyone on the team. In this specific instance, however, I do feel poorly served. It's taken a lot of time and effort on my part to get to the point where someone - you - is taking me seriously. Customer service first simply relayed totally inadequate, and somewhat dismissive responses from Corporate Actions, and then later just simply ignored me. I tried to reach out to someone at a higher level via linkedin but was ignored. James on the community site needed prompting by another user before he took up the issue, but in fairness to him, stuck with escalating it in the absence of any meaningful answers to the problem. So here we are. At least now in a position to move forward in a more rational, respectful and communicative way. I look forward to hearing from you and hope to gain a better understanding of the situation so I can determine the best course of action for my portfolios. I'd also ask that whoever has oversight over customer service and corporate actions - or the COO - be sent this email. He took 5 days to reply. and this is what I got back: Thanks for your emails, and apologies for the delay in response. We have received some feedback from our brokers regarding the multiple dividends and contras on the account. Our custodian uses a vendor for the annual reclassification of process, which captures all the relevant data for holdings of securities "in scope" for reclassification. The vendor provides us with data which they action from their side. While some entities make public their reclassification information, many do not. If you are searching publicly for reclassification data, you may want to seek out the Form 8937 of the issuer in question. Sometimes these are public and will contain information related to reclassification. If you have any further queries, please do not hesitate to contact us. Alternatively, we've recently launched our new Help & Support site which gives you answers from our huge knowledge-base, online community, and education hub. Regards, Matt Stevens Trading Services Judge for yourself.
  7. @Angela11 @Caseynotes That's just the thing, James did not even remotely answer this question to any meaningful conclusion. I was passed back to the IG helpdesk who submitted an apology and then took five days to reply to my questions: What is my actual - final - payout for each stock? When is this insanely stupid 'project' going to end? Who has oversight of this at management level? The reply was: Thanks for your emails, and apologies for the delay in response. We have received some feedback from our brokers regarding the multiple dividends and contras on the account. Our custodian uses a vendor for the annual reclassification of process, which captures all the relevant data for holdings of securities "in scope" for reclassification. The vendor provides us with data which they action from their side. While some entities make public their reclassification information, many do not. If you are searching publicly for reclassification data, you may want to seek out the Form 8937 of the issuer in question. Sometimes these are public and will contain information related to reclassification. If you have any further queries, please do not hesitate to contact us. Alternatively, we've recently launched our new Help & Support site which gives you answers from our huge knowledge-base, online community, and education hub. Regards, Matt Stevens Trading Services Lame, inadequate and completely unhelpful.
  8. @Tony82 Definitely isn't normal by any standard - whether basic accounting rules, common sense, or a commitment to decent client service. Honestly, the calculation IG now use is so long and complicated I have no idea what has been paid out or deducted. Thanks to @JamesIG someone from IG - Matt Stevens - has now reached out and tried to at least begin to address the lack of response and lack of clear answers. If I have to move my portfolios I'd at least like to make the decision based on logic and clear information. I've asked that the issue go beyond the customer service team because whoever is implementing this 'dividend reclassification project' is manifestly doing a terrible job, and not being held accountable for it. Plus Corporate Actions seem to me to be dismissive of client needs, at best, and remain totally unreachable. Leaving customer services to deliver vague second hand answers, if they reply at all. If there was a pm function here I'd happily get your contact details and cc you in to my emails with Matt. Even better, if you can find a way to contact literally anyone at IG who has a senior position with oversight of operations, something meaningful might happen. The one good thing. IG tell me they don't charge to transfer holdings out onto a different provider. Got to give them props for that.
  9. @JamesIGIt certainly is, since I never mentioned UK Reits. I don't hold any of those. The tax on US REITS held within a UK ISA is tax free. And I do not believe the US takes any tax from the dividend either. So I continue to fail to see why the deduction. Could you direct me to the specific piece of tax legislation or rule change that would account for the new reduced payout? I also find it amazing that there isn't one capable and sufficiently empowered person within IG who can implement a non-terrible solution for this. Even more incredible that the current one is deemed acceptable.
  10. @JamesIG Appreciate your thoughts and clarification. I was told by customer support, this was an ''ongoing dividend reclassification project.' To the question: 'when will this ongoing project be completed?' I received no reply from customer support. Despite several requests for one. I don't think that takes 40 years of experience. I can understand that if this is somewhat new - although US REIT dividends have been in existence for 20+ years and trade on the worlds biggest stock exchanges - there might be a few teething problems. But surely even as a first attempt, the 'solution' that's been implemented is patently unacceptable? And the question still remains: There is no tax to pay on dividends of US Reit stocks held in a UK ISA, so why is this reclassification being done? Why are my payouts reduced? And who is receiving the money that used to go to me?
  11. @JamesIG many thanks for chasing this up and coming back with some info! I think this reply from corporate actions is, frankly, extremely poor. Firstly, it does not justify 32 individual calculations to arrive from a single number to another single number. Secondly, the reduction in payout, as determined by this complex internal process, is not reflected by UK tax law for ISA's, as I currently understand it. Please do correct me on this if I'm wrong. Finally, and most tellingly I'm adding a screenshot of the same payout, from the same company (Realty Corp) at the same quarter in a Hargreaves Lansdown account. It's one number - the dividend the company distributed, converted into sterling, and paid out without any reduction. If Hargreaves Lansdown can do this, it substantially undermines the justification given by IG.
  12. @JamesIG any update? I've still received no reply from customer service and meanwhile new dividends are coming in with the same crazy over elaborate calculations and reduced payouts...
  13. Thanks James, I'd really appreciate a resolution. I've made a png showing what IG have done for just a single payout for Realty Corp - an insane 32 calculations in total. And I have at least 20 different US Reits. When I contacted the helpdesk, they spoke to Corporate Actions who replied that I should just add everything up myself. Further questions by email about why the payment was lower, and who in management could get involved to sort out this ridiculous state of affairs have gone unanswered. I literally cannot get a reply.
  14. Nobody? Update: 32 individual calculations - subtractions and additions - for a single payout from Realty Income Corp. How can that even remotely make sense or be deemed acceptable customer delivery?
  15. Anyone else having this problem with some (not all) US shares? This quarter my ISA dividend payouts involved a 11 or 12 line calculation for each share and a drastically reduced payout (on stocks I haven't sold, and which have not reduced their payout) I've signed a W-8BEN form so it isn't that. I'm not getting any useful answers from IG helpdesk and, of course, a total blank from 'Corporate Actions' - whatever that means.
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