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Dividend payments late or missing
David W.
Posted: 10 April 2018 17:56:23(UTC)
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I have invested in a couple of Income funds, in an Aviva SIPP, and I was recently looking at the dividend payments, only to find that some were either missing, or extremely delayed. (I compared against information on Trustnet which showed the Ex Dividend date, and the Payment dates.) Supposedly, one fund pays dividends monthly, and the other quarterly.

Does this happen regularly, elsewhere?
andy mac
Posted: 10 April 2018 18:14:37(UTC)
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David it is not my experience that there is a delay
If I were you I would be contacting your provider and asking the question of them
I am sure others will give you further info
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David W. on 10/04/2018(UTC)
David W.
Posted: 11 April 2018 00:10:58(UTC)
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Have just checked on a third fund, where I have exactly the same holding with both Aviva and Hargreaves Lansdown.

H.L. have paid a dividend to me on the 3/4/18 and, as yet, this has not been paid by Aviva! On previous months, both companies paid out within a day of each other.

I certainly will be taking this up with them, but I'd be interested to have views on how 'heavy handed' I'm entitled to be!

Thanks.

PaulSh
Posted: 11 April 2018 08:21:07(UTC)
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Where you have proof that the fund has indeed paid its dividend, I would think you have a strong case for simply making a demand for payment from Aviva as they are basically withholding your money. If you don't get satisfaction within 8 weeks you can go to the Financial Ombudsman.

I wonder if anyone else here with an Aviva SIPP has had a similar experience recently?
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David W. on 11/04/2018(UTC)
David 111
Posted: 11 April 2018 15:34:35(UTC)
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I've just been reading an article in this week's Sunday Times all about a software upgrade at Aviva, which apparently has been a big shambles. Perhaps you have been affected by this.
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David W. on 11/04/2018(UTC)
Pensioner
Posted: 11 April 2018 17:00:34(UTC)
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I also recall the Sunday Times reporting an Aviva software update causing problems for clients, so the late payments of dividends could well be a consequence. Ring Aviva for an answer.
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David W. on 11/04/2018(UTC)
David W.
Posted: 11 April 2018 17:21:19(UTC)
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Pensioner;60484 wrote:
I also recall the Sunday Times reporting an Aviva software update causing problems for clients, so the late payments of dividends could well be a consequence. Ring Aviva for an answer.


Yes, interesting article! I'm not sure if I would have been 'upgraded' as the article seemed to suggest it was clients who used an IFA that were affected, which I don't. I think their issues go back further than that though....for no apparent reason they missed two of my drawdown payments back in Sept/October, I've had several online documents that won't open and several occasions where online/apps don't work!

As far back as November 2016 I was in touch with them about late dividend payments and was told they should be made within 3 working days of the funds payment date.

I have contacted them and will see what they say/do, but think it's time to take it further!
John Wrap
Posted: 12 April 2018 14:01:40(UTC)
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There’s still a ‘you must pay clients dividends within 10 days of receipt’ (or words to that effect) in the CASS rules. Ensure your Ex date(s) holding(s) and query.
If by Aviva you are referring to their wrap platform or consumer platform then you can bet it’s an FNZ issue.
FNZs dividend payment process is appalling.
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David W. on 13/04/2018(UTC)
Nigel Meek
Posted: 13 April 2018 22:38:16(UTC)
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Not sure if this is relevant, but I have had duplicate holdings in Interactive Investor ISA's and Hargreaves Lansdown ISA's. It is often the case that the II dividends are received late by a few days compared with the published ex-div date. HL always seem to show payments on the published ex-Div date.

Not usually an issue for me, but I have had an issue with some Property and Innovative Finance ITs in both platforms. II only pay net dividends, and than take up to 2 months to claim back the tax paid from HMRC. HL pay the same divs gross! I have challenged II on this several times, and am told that they are doing the correct thing. HL bizarrely also say they receive the divs gross and pay same on the due date!

As our cousins across the pond would say - "Go figure"!

Obviously we are talking tens of pounds being paid up to 2 month slate, but nevertheless it is frustrating.
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David W. on 13/04/2018(UTC)
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