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Anybody else still having issues receiving payment through HSBC, they are advising me that I need to speak to Prax directly?
That sounds like a cop out by them. If you have Class II DCUs in exchange for previously held Hurricane shares, and if you received the payment in Sept/Oct okay, and if those same DCUs are still listed on your account, then HSBC should still have received this payment direct from Computershare (Prax' Registrar) to distribute to you. If they didn't then that's a matter between HSBC and Computershare.
All Prax will do is pay over to Computershare the grand total to be distributed to all DCU holders on their Register so speaking directly to them is unlikely to resolve it. If HSBC are unwilling to help then try contacting Computershare, although they may just hold a total nominee value per broker and not necessarily have you listed by name?
It looks like IG and Barclays were also caught napping and had to rush out a reconciliation to pay holders late so would not be surprised if HSBC also do find they have the money and just haven't dealt with it yet.
I’m still awaiting a response from HSBC will chase tomorrow
The irony being that HSBC are the bank that Prax use for the $/£ FX on their payments...
I think the contact details for Computershare are in the FAQ section on Prax website.
Yes I think your right that HSBC may receive as a total payment because I phoned computershare who have no record for me personally, the thing that worried me from HSBC on the chat, they said there are no further distribution coming through them
Are these pre existing dcu or ones you have purchased separately say through jp jenkins
If Mayflower has no luck tomorrow then you could bump the issue up to customer complaints and ask them to resolve with the corporate actions team, or similar. If the DCUs were still listed in an account in your name with HSBC on 31st December then you are legally entitled to receive that payment, on or as soon as reasonably possible after the 28th March.
The shares were purchased when it was Hur from 2 years ago, I received the 1st dcu 2nd October with no issues - it's all very frustrating to have to keep chasing this up
Brightsideoflife
In that case there is no doubt that you are entitled to the DCU payment. Speak to HSBC again and ask them to comfirm you are entitled and when you will receive payment. If they cannot give a satisfactory answer raise the matter as a formal complaint. You need to make a formal complaint so you can take it to the regulator should that become necessary. You might also ask HSBC if they intend to resolve the issue that has delayed payment so that it does not happen next time.
I spoke to FirstDirect, part of HSBC, about this payment. They say they are aware and are chasing this actively. They also said that some banks pay out on the due date but they wait till they've received it. Very canny.
Have finally received the funds this morning
Me too, into my FirstDirect ISA where they shouldn't have gone as DCUs have been switched, by them, to my Sharedealing account. SIGH!