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Stanc50- you sold on Friday so the broker had to settle the deal and give your cash. No excuse there. Someone on here posted earlier today that broker HL paid in cash to his account for the trade he made on Friday and no issue on this since.
To be honest its about time this practise was ended..ive no sympathy for these firms..ask the lowest paid workers in these firms and see how they are treated while profits are skimmed by the well off bosses..serco is next
My broker EQUINITI are useing the fact that i sold on the friday carillion went into Liquidtion on the monday and the settlement day is tuesday but i have a contract with them to settle i am waiting for them being Eqiniti to contact me
MPs have accused the Pensions Regulator of failing to act while Carillion racked up debts to pay dividends and executive bonuses, as the business built up a pension deficit that reached nearly �1bn by the time it collapsed this month. The House of Commons work and pensions committee, which is investigating Carillion�s collapse into compulsory liquidation two weeks ago, criticised the Pensions Regulator for allowing Carillion�s pension trustee to defer pension deficit contributions in September in a bid to keep it afloat by enabling more borrowing. Regards
Defecit is nearer 2 billion.... not the 500 million that was stated
I'm very sorry for investors in here. I know how you feel. I lost a lot when AMI (African minerals) went into admin during suspension and all investors in AMI didn't have a chance to sell even at a loss. If I were you I would contact media (BBC/ Sky) about your sell trades which some brokers are refusing to settle. CLLN news is still very hot in media so this would be the time to make noises rather than wait for the replies from those dirty brokers. Good Luck!
Someone asked for the trading experiences of others affected by this mess : I sold my CLLN holding on Friday, 12 Jan, around 1230hrs (at a painful loss) through Hargreaves Lansdown. My SIPP account was credited immediately, as expected, and there has been no further communication on the matter. This is a re-post of my msg from last Tuesday 23 Jan. I can confirm that I still have had no email from HL about my successful sale of CLLN shares on the last day of trading. I sincerely hope there will not be one either. Good luck to those who have not been so treated. Shameful IMHO.
Stanc, cripes is one who posted on Tuesday, sold on Friday funds still in his account. There may be more who have not posted. It does seem Brokers are not standing together!! It would be interesting to hear the experience of those who Purchased on the Friday before Liquidation??
all this talk on here I have not see any comment from any one to say they have been paid for Friday 12th January my feeling is no brokers that paid out
"Letter from EQUINITI as follows I am currently arranging an investigation into the important issues you have raised and will endeavour to respond to me shortly. I can complain to the financial ombudsman after 40days if my complaint is not resolved EQUINITI as per brochure with letter roll on 40days " It seems that Equinity are now treating your e-mail as a formal complaint. The wording also suggests that they know that they are fighting a losing battle. So hopefully you will not have to wait 40 days for an answer. You may appeal to the Financial Ombudsman Service the moment Equinity give you their final decision, if you are unhappy with what they say. So if they reply next week, rejecting your complaint, you can contact the FOS immediately. However, I'm betting that they back down within a fortnight.
Hi I copy and pasted rule 5000 page 60 from London stock exchange rule book SETTLEMENT, CLEARING AND BENEFIT RULES Settlement Obligation to settle [5000] G 5000 A member firm shall ensure that every on Exchange trade effected by it is duly settled. Guidance to Rule: A member firm is responsible for ensuring the delivery of securities on the agreed settlement due date for all its on Exchange business, whether the member firm sold as agent or principal. Settlement can be gross or net. In the absence of agreement to the contrary, gross settlement should be assumed. This rule is included to ensure the orderly functioning of the Exchange's markets and because the Exchange has an obligation under its recognition by the FCA to have in place arrangements for the performance of all transactions conducted using the Exchange's facilities. Member firms are obliged to ensure the settlement of trades entered into under their name. This obligation exists even if the reason for non-settlement is because of a customer or counterparty failing to settle and / or when the member firm is acting as agent. (Amended N05/13 � effective 16 April 2013) Letter from EQUINITI as follows I am currently arranging an investigation into the important issues you have raised and will endeavour to respond to me shortly. I can complain to the financial ombudsman after 40days if my complaint is not resolved EQUINITI as per brochure with letter roll on 40days
Hi I copy and pasted rule 5000 page 60 from London stock exchange rule book SETTLEMENT, CLEARING AND BENEFIT RULES Settlement Obligation to settle [5000] G 5000 A member firm shall ensure that every on Exchange trade effected by it is duly settled. Guidance to Rule: A member firm is responsible for ensuring the delivery of securities on the agreed settlement due date for all its on Exchange business, whether the member firm sold as agent or principal. Settlement can be gross or net. In the absence of agreement to the contrary, gross settlement should be assumed. This rule is included to ensure the orderly functioning of the Exchange's markets and because the Exchange has an obligation under its recognition by the FCA to have in place arrangements for the performance of all transactions conducted using the Exchange's facilities. Member firms are obliged to ensure the settlement of trades entered into under their name. This obligation exists even if the reason for non-settlement is because of a customer or counterparty failing to settle and / or when the member firm is acting as agent. (Amended N05/13 � effective 16 April 2013) Letter from EQUINITI as follows I am currently arranging an investigation into the important issues you have raised and will endeavour to respond to me shortly. I can complain to the financial ombudsman after 40days if my complaint is not resolved EQUINITI as per brochure with letter roll on 40days
I would bet that not one single person that bought at 4.29 on the friday would have recieved an email on the monday to say "sorry we could not fulfil that order you placed due to the company going into liquidation", they wouod have lost their money !! If you sold at 4.29 the deal was dealt! If you bought at 4.29 the deal was dealt ! Its as simple as that
i had a callback from manager from Equinity only to tell me they will update me as soon as they know more, I said the only answer I will accept is advising me that money going back into my account as I had made the sale when the company was not suspended and so Equinity should honour my money. She was not very good but did not deny that I was right. I also told her that my other broker has not said what they are saying to their clients. I will give it tell Monday and then chase if I don't get any results.
Vijay......as previously stated, please read the Market Rules as it seems likely the Broker is not observing, whether the stock is suspended/liquidated or not. It is a lengthy document but will help.
This is the latest email from Self Trade ******************************************* Good Morning Thank you for your message. I can confirm after talking to our Data team that at this present moment in time the market has suspended trading in this stock so therefore no dealers are dealing and no stock trade will settle. Please be assured once our corporate action team have further information from the company registrar we will let our customers know straight away. Should you require any further assistance then please do not hesitate to contact us via secure message, or by calling through to our customer service team on 0345 0700 720. Our lines are open 7:45 to 19:00 Monday to Friday, excluding bank holidays. Kind regards,
Stanc, it does not stack up to me. Maybe others here have a view, but why your Broker is saying Carillion have not payed is quite bewildering. You entered into a Sale Agreement ( Contract) before suspension and Liquidation, funds resulting from that sale were transferred to your account which enabled you to Trade another Stock. The Carillion Sale Funds were then withdrawn from your account. The Stock Exchange rules appear to give you a level of protection in that the Broker has not acted within those Rules. If this matter were to proceed to Civil Action, and I am not suggesting you take such action at this point, on the face of the evidence you state, a Judge would take a very dim view of the Broker's action. I suspect you are probably a relatively small investor and the Broker is trying to wear you out expecting you to forget given time.
when I was speaking to equiniti I was told the money from Carillion had not came though from that my thought is that payment then falls with CREST/ the liquidaters
You guys need to read the Stock Exchange Rules ( Fleccy gave a link on his post 3 days ago). You may wish to consider a Complaint to the Executive Board of the London Stock Exhange. It looks too me as though the Broker is pulling the Wool over your eyes. Carillion did not buy your shares, the Broker is using the Liquidation as a smoke screen, which is a disgrace when reputable Brokers have settled without fuss.
But it appears that I never owned them in the first place as the purchase never settled. ..seems even though there was a contract. ..it has not been fulfilled by the broker. .B
from what I can under stand when you sell or buy shares there is two workings before the settlement day and as that fell after liquidation the broker has not received payment from Carillion that then falls to Liquidator to pay out of assets being sold of us shareholders are last in the line to receive payment if any that is the way there are trying to work it
I think we will just to sit it out wait and as it shares that were sold on Thursday 11 January I would thing will not be what there are calling settleing as well I think we are in the hands of the liquidators 5pence in the pound
weird thing is I have been told by my broker that the settlement did not take place for the purchase either, so if I neither bought nor sold then I should be put back in to the position I started..........shouldn't I........... not sure how it became my problem to solve. B
I contacted the FSA to put my case they are only any good for advise. what they said was email the broker mine being EQUINITI they have eight weeks to contact if after that time they do not contact you escalate it to the ombudsman service. I went on line to see if I had a reply to my last email to equiniti I had a reply only to be told the share had been suspended I have rang Equiniti phone 03453000430 customer service to be informed that as I had sold on the 12 January the settling date being Tuesday 16 they had not received payment from Carillion as Crest/ the liquidators hold the money they are waiting for them to cough up so I am at a loss to next
Put this behind you. Raise 50% of your losses and stick into Lloyds (LLOY). Within five years you will recoup all your losses. Lloyds is well set to be at par with Barclays within this time when it ventures into the international market and PPI deadline looming. Best of luck with whatever you decide.