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Unable to buy on Internaxx because of lack of KID documents
J Lea
Posted: 11 February 2018 13:16:17(UTC)
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Joined: 11/02/2018(UTC)
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I am a long term user of Internaxx. It was taken over by TD Bank and more recently by Interactive Investor. Since then problems with the service seem to be creeping in.
The latest is being unable to buy several closed end funds because of...

Quote
A KIID / KID document is not available for this security. By regulation, we are unable to allow purchases in this instrument.

Yet, when I check on the relevant fund or trust website KID documents are there and RNSs have been released announcing their release. Of course, I have informed Internaxx but still no action.

Is anybody else out there having similar problems with the alledged lack of these documents?
Is this a platform specific problem or widespread?
PaulSh
Posted: 13 February 2018 17:39:35(UTC)
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I would imagine it was fairly widespread at the start of the year. Hargreaves Lansdown were a bit late with a few investment trusts. When one of my holdings was still blocked 2 weeks after the KID had appeared on the trust's website (but admittedly not announced on RNS) I called HL to point this out and it was unblocked the following day.
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J Lea on 18/02/2018(UTC)
Ron Dawes
Posted: 16 February 2018 14:46:54(UTC)
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I've had a similar problem with one of my IT's Like you, I've checked the website and the KID is there in plain sight. Strangely, that same stock is available for auto re-investment. I have yet to hear from II.
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J Lea on 18/02/2018(UTC)
Alan Selwood
Posted: 16 February 2018 15:43:54(UTC)
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I tried to buy some more Scottish Mortgage Trust today, only to be told there was no KID available!

You'd think that with such an enormous IT problems like that would not exist.
Sometimes I dispair of bureaucracy.....!!
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J Lea on 18/02/2018(UTC)
Mickey
Posted: 16 February 2018 18:12:01(UTC)
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Alan Selwood;57310 wrote:
I tried to buy some more Scottish Mortgage Trust today, only to be told there was no KID available!

You'd think that with such an enormous IT problems like that would not exist.
Sometimes I dispair of bureaucracy.....!!

Baillie Gifford di suggest we burn their KID's, didn't expect them to do it for us :-) Seriously though my trade on HL for SMT went through without problem the other day.
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J Lea on 18/02/2018(UTC)
Mr Helpful
Posted: 16 February 2018 18:45:55(UTC)
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Having to dodge from broker to broker to buy in recent weeks, due to the wretched KID doc blockage.
Must remember they are not out to get us, but to protect us from coming to harm !
How have we managed all these years without this protection ?
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J Lea on 18/02/2018(UTC)
Peter59
Posted: 16 February 2018 19:17:12(UTC)
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Email the company that you want to buy, tell them who your broker is (I`m with HSBC) and it may speed things up. In the case of IBT the "Buy" option was reinstated within days. A lot of IT`s have produced a KID, but the documentation has not arrived at the brokers. Email the AIC for good measure, they were also surprised Private Investors were having difficulties.
2 users thanked Peter59 for this post.
Ron Dawes on 16/02/2018(UTC), J Lea on 18/02/2018(UTC)
J Lea
Posted: 18 February 2018 15:25:10(UTC)
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Thank you all for your comments.
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