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Maybe some Brokers have been caught short....that is their problem. It is strange Brokers are able to withdraw funds from a Sellers account but NOT the Buyer's. Do they ( Brokers) operate different rules for some? How the hell can a Broker make the Buyer's shortcomings your problem? Hope you are taking the appropriate action!
Have just tried to withdraw funds from the sale of my shares on Friday 12th and told same as others on here that settlement was 16th and the counterparty has not settled. My broker seems to say tough but I have read the FSA rule on settlement that quite clearly states that the member firm is obligated to settle even when the counterparty fails to settle. So what's the catch? .B
Probably to be congratulated a truly amazing job!! Arse holes!
6 Former Execs and Directors to appear in front of Committee of MP's on 6th February.
If you type in CEO email into google it will take you to website for CEO email, that has email address for guy wakeley, go straight to the top
yes I sold on the 12th, bought different shares on the 15th as my account was in credit from the Carillion shares and then on the 18th I was sent an email to say about my debit. So in reality the credit was on my account and then they decided to take it back when they knew after Monday that the shares had been suspended. Do deal with a different broker to and have asked them what would have they done in this situation, they said once the deal was made the money would be on my account and they would not take it back as suspension happened after my dealing.
I'm guessing that you sold on Friday the 12th & the stock was suspended on the 15th. 'Settlement' has recently been reduced to Trade +2 working days, however if I understanding your query correctly, this may be the reason why you have not received or will received a credit for the sale.
Chairman is Philip Yea CEO is Guy Wakeley
QA12 ok send a letter( recorded delivery) setting out events, and critically the Contract was arranged before Suspension. remind them the Funds were payed into your account and then withdrawn (did they give you formal notice before this event?) I suspect not.Just advise other Brokers have followed Market Rules and have settled trades in Carillion without fuss. Ask them to confirm by return when the funds will be restored to your account. Try to find the name of a Senior Manager to address your letter too. Try looking on their website. Do it today.
thanks for all your thoughts, still not had no callback from manager, also just to let you all know I sold on the 12th but did not get message till the 18th and also I did not see the account till yesterday to notice the minus figure and that is when I rang them straight away only to be fobbed of that the settlement date was after the suspended date of the share. I have sent email but still had no response from that either.
Stanc don't let them push you. YOU push them.
Yes i am keeping up to date with comments on here just do not know what way to go from here the only contact from Equinitti is ask me for more money 500 for a trade i made to buy share with money from carillion on friday 12th only to cancel so l am left with share i have bought and a debit of 500 i will see how far they will push that
kenji we agree getting a swift resolution is paramount.Keeping it within House and importantly to a rigid but fair timetable is critical. We have only heard about QA12 and Stanc's experience, there must be other Equinitti Clients similarly treated....hope they are reading these posts, because as you say they need to review their use of Broker . Hope the Broker is reading too as it is not good for Business to see such publicity.
Fairdealer20, my complaint to the FOS also took over a year, and I did say that it was slow. However, I am not suggesting that they contact the FOS. You can only do that when the company rejects your complaint, or eight weeks. A diplomatic solution is as you say better, but not easy to achieve when you are being ignored and fobbed off. A formal complaint to Equinity will illicit a response, and ensure that you will not be ignored. I had a dispute with an Insurance company too, and received �500 compensation after sending a Formal Complaint, and later writing to the CEO.
I, personally, would hold off on being confrontational. What i would do is request a detailed status, in relation to the Unsettled trade. I can only guess, but i suspect the cash is currnetly tied up in a Crest account and the broker will have to go through a process to recover the funds. What's really needed is confirmation that people who sold on Friday will see the trades eventually settled and receive the cash from the trade.
kenji having had experience with the Ombudsman service, they tend to go through a very mechanical system, dotting all the "I's" etc. They will want to know exactly what action an individual has taken to resolve. In my case against an Insurance Company where the evidence was clear-cut, the process dragged on for 18months. The first obstacle being " due to overwhelming case-load a delay in allocating an Officer must be expected". The Ombudsman service is Funded by the Industry and usually toothless. Understood QA12 and Stanc had recd emails and not until today has QA called Equinitti. A Diplomatic solution is far better than having to embrace another time consuming process. All that said it is a Client's decision which way to go.
Both QA12 and Stanc50 have already been fobbed off in telephone conversations, and I doubt that the requested call back from a manager will materialise. Also, not all conversations are recorded, and do you really trust them to produce an incriminating recording later? A Formal Complaint starts a defined and traceable process, and notifies the company that you are not going to be fobbed off. Things are often sorted out very quickly once the company starts to take you seriously. It only needs to drag on for months if the company dig their heels in. How long does it take to write an e-mail? QA12 and Stanc50 have absolutely nothing to lose by e-mailing their complaint.
kenj whilst the substance of your advice is sound, the complainants want a swift conclusion and not as we agree a lengthy process which can be very wearing. Even though phone calls may be regarded as futile, they are recorded and can be used. A Diplomatic approach may well provide a quick result, but if not and as stated earlier a Client should not delay beyond a day or 2 in taking the action stated.
QA12 & Stanc50, What you need to do is to e-mail Equinity, telephone conversations are futile and are no use as evidence. Write FORMAL COMPLAINT in bold letters at the top of the page so there is no confusion. If you do not receive an acknowledgement, then send your complaint via recorded delivery to Head Office, addressed to the CEO. State your case, and ask them if all the customers that bought CLLN shares on Friday received a full refund? The company has eight weeks to deliver a final response to your complaint. After receiving the final response, or after the eight weeks is up, you may complain to the Financial Ombudsman Service, if you are unhappy with the response. http://www.financial-ombudsman.org.uk/consumer/complaints.htm The adjudicators are inordinately slow, and tend to swallow any old tosh that the company tells them. If you disagree with the initial judgement, you can ask for the case to be reviewed by an ombudsman, at no cost to you. I did just this and won my case against another share dealing company (for a completely different matter). In the mean time, if you wish to keep the new shares you bought, you will probably have to bite the bullet and add some funds to your account. My last bit of advice comes under the blindingly obvious category - Find a new Broker!
CN report Carillion were owed �800m when it went into Liquidation
The whole article is on newsnow.co.uk.Strange how everyone else is getting it in the neck except the accountancy firms. Lets hope 'taking back control' includes cleaning up these accountancy firms!!
Then there is the role of Deloitte. Carillion�s 2009 annual report noted that after a review that year, the decision was taken to outsource the internal audit function to Deloitte LLP. After a transition period, Deloitte LLP assumed full responsibility for internal audit in January 2010. By taking the internal audit role, Deloitte effectively became part of Carillion�s management team. The fee paid to Deloitte is not known but is likely to be substantial. In its role as internal auditor, Deloitte performed several other functions � including assessing the adequacy and effectiveness of internal controls over key risks faced by the business. The company�s 2016 annual report said that: �The Group�s assessment of principal risks is taken into account in the development of internal audit plans�The Group�s risk management procedures are reviewed by its Internal Audit function on a periodic basis.� Internal audit provided health checks on contract management, financial strength, underlying operating margins, cash conversions, net debt, performance reviews throughout the business, and assessing the financial strength of the company. It also liaised with external auditors. Deloitte reported its findings to management, the Executive Directors and the Audit Committee. The risk reports prepared by Deloitte are not publicly available. But Carillion had been on borrowed time. It operated on wafer-thin profit margins of 2%-5%. By its own admission, in the first half of 2016 it had an underlying profit margin on only 4.9% which in the first half of 2017 declined to 3.5%. By June 2017, the first half of 2016 profit of �84m turned into a loss of �1.15bn, after a write down of worthless contracts. The company did not have the capacity to borrow more, and banks eventually pulled the financial plug. So the inevitable questions arise about the quality of advice received from Deloitte: how well did the firm analyse � and push the company to respond to � the major risks? Deloitte also advised Carillion on executive pay. A note in the company�s 2009 audited accounts stated that since 2005, the Remuneration Committee has used Deloitte to provide salary survey and benchmarking information and external and internal contextual information and analysis as required. The firm�s advice fuelled fat-cattery: in 2016, Carillion�s chief executive pocketed �1.5m, including a bonus of �122,612 and a contribution of �231,000 to his pension pot. These pension bonuses come in spite of Carillion�s huge pension scheme deficits at the time. Deloitte also provided other consultancy services, including advice on pension investment. All three firms have questions to answer in the wake of Carillion�s collapse. More widely, we have to look at the wisdom of outsourcing vital functions like internal audits. The Big Four raked in huge sums w
QA12, keep the pressure on. If you do not get a call-back within a reasonable time, call again.
i have just rang another broker, Jarvis, and they said because I sold on Friday the payment should be made to me. Just thought I share this with other people in same situation.
Thanks for your answer, I rang that number and she wanted to put me to through to a dealer who would only advise me what they they have already told me. I have requested a callback from a manger.