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Post via Mail .. no . Post to my account at Barclays Stockbrokers - not even post to Barclays bank, but post internally. I worked in this industry at a very senior level and know how this works intimately. Yes easy to transfer away from Barcs but I am going make others aware as they just don't deserve the business . Smart Investor was a debacle and they still have not posted Av divs due last Monday . There is something seriously wrong here and they need to come clean or get it right on div value / pay day EVEREY time .
They posted the SL divs late this afternoon but still have not posted AV which preceded SL in terms of pay day. Barcs clearly have a problem and are not admitting it. No broker in this day and age should not be able to post divs on value date let alone post late nearly every time. I can only recall one instance when they posted on value date.
They set the bar at 10 days which is tantamount to setting the qualifying height in a high jump competition to 10 cm and then pat themselves on the back when every one jumps over the bar. Pitiful
I am writing to the FCA and ask them how they allow someone as large as Barclays insert 10 days in their contracts as benchmark . Not exactly treating customers fairly is it ?
They posted the SL divs late this afternoon but still have not posted AV which preceded SL in terms of pay day. Barcs clearly have a problem and are not admitting it. No broker in this day and age should not be able to post divs on value date let alone post late nearly every time. I can only recall one instance when they posted on value date.
They set the bar at 10 days which is tantamount to setting the qualifying height in a high jump competition to 10 cm and then pat themselves on the back when every one jumps over the bar. Pitiful
I am writing to the FCA and ask them how they allow someone as large as Barclays insert 10 days in their contracts as benchmark . Not exactly treating customers fairly is it ?
Still no Aviva div - due last Monday and no Standard PD = Tues. It is incomprehensible why they cannot get this right. They have from the record date to the pay date to ensure their own client records are correct. When the Reg pays them they should post dics according to THEIR OWN records and then reconcile back to the Reg payment after the paying the clients. It seems that they reconcile everything before paying which does two things
1) they keep hold of the Reg money on depo
2) they don't trust their own records..
Shambolic.
Still no Aviva div - due last Monday and no Standard PD = Tues. It is incomprehensible why they cannot get this right. They have from the record date to the pay date to ensure their own client records are correct. When the Reg pays them they should post dics according to THEIR OWN records and then reconcile back to the Reg payment after the paying the clients. It seems that they reconcile everything before paying which does two things
1) they keep hold of the Reg money on depo
2) they don't trust their own records..
Shambolic.
Yet again I am waiting for Barclays to post my dividends . They hide behind a 10 day clause in their contract which is absurd. Any bank or broker should be able to receive funds from the Reg and post client divs on the pay day and not applaud themselves when sometime they manage it within 2 days. Obviously keeping Reg funds and not allocating to clients generates interest for them. They should be brought to account . Don't bother complaining as they take ages to respond to that too - well outside the FCA complaints guidelines , and all they give you is the contractual 10 days.
Yet again I am waiting for Barclays to post my dividends . They hide behind a 10 day clause in their contract which is absurd. Any bank or broker should be able to receive funds from the Reg and post client divs on the pay day and not applaud themselves when sometime they manage it within 2 days. Obviously keeping Reg funds and not allocating to clients generates interest for them. They should be brought to account . Don't bother complaining as they take ages to respond to that too - well outside the FCA complaints guidelines , and all they give you is the contractual 10 days.
Jun 262
Jul 250
Aug 271
Sep 298
Oct 324
Nov 398
Dec 366
Jan 415
Feb 361
Mar 389
Apr 398
339.2727273 132.3163636
Required add prov 160 million
held on bal sheet at 31 dec
April FCA numbers added. So based on the above v what they published as held as a prov @31st Dec and if this trend continues to Aug 19 then they will need a further 160 million.. This same analysis project additional £500 m at last year end versus £600 that they provided for. We will see Wednesday..
Jun 262 Jul 250 Aug 271 Sep 298 Oct 324 Nov 398 Dec 366 Jan 415 Feb 361 Mar 389 333.4 130.026 Required over prov 119 million March figures slightly higher than Feb but still lower than the recent Jan high. Based on this and what they had provided for at Y/ E then will need circa another £120 mio to take us up until deadline Aug 2019 .This assumes that Lloyds 40 % market share of total claims still holds true ( fairly safe to assume based on what has been given to me ). Half year results in Aug will reveal all. I will update again in July
Noteperfect - yes indeed you are right and I stand corrected. SLA appear to have obtained special dispensation from HMRC for this issue as the blanket change to Scheme B rules ( I think in 2015) did state that all proceeds from B schemes are treated as income tax. Good news as we can use CGT allowance and also apply a pro rated cost to the gross proceeds to mitigate some of the tax. Good spot and thanks for posting as that is how forums like these give most benefit to all
Still no dividend posting from Barclays - This is not a one off or specific to SL divs. This is the norm and appalling . There is no excuse for not posting divs on time - especially in this day and age of superior technology. If the reg pays late then fine but other than that funds should be available in the account on pay date... transferring all family holdings out to another supplier .
Me too . Whilst I don't like the forced cash and therefore tax approach, I remain a supporter of this stock and will re invest. Also remember, that any stock held in ISA's SIPPS, will be treated gross ie no tax deducted so for stock held in this type of account the exercise will be broadly neutral if you use the new shares deletion proceeds to buy the stock back . I say broadly, as you will obviously be exposed to the spread and buy fees but not the tax..
Point taken re naming of distribution Mao3 but any distribution under B share Scheme is now classified as a distribution as income and taxed as if it is a dividend . There is no other option ie to take it as capital. But you are correct it is not being termed a special div
The special is, in essence a re run of the previous exercise 3 years ago. The main diff is that this time in B Share Scheme distribution has to be taken and therefore taxed as if it were a div. Last time around we were offered a capital and income option whereby the cap option offered investors the opportunity to use CGT allowance AND also a pro rated cost to offset again the CGT. HMRC has closed that option off . The div as someone here has rightly pointed out is a forced taking of cash with a share re org so that net your post div cash and shares roughly equate to share value pre transaction. I only hope that Barcs Stockbrokers are up to making this happen on time and can do the sums correctly. As of now - 2 days after value date my SLA div has not been posted. Same with the Lloyds issue albeit only 1 day late. There is no reason providing the registrar has paid their cash on time that Barcs can't allocate the divs on the VD . Terrible. I have an outstanding complaint with them following the Smart Investor debacle and all I keep getting is holding letters telling me that they are looking at it.
Update based on Latest FCA numbers re Feb claims Jun 262 Jul 250 Aug 271 Sep 298 Oct 324 Nov 398 Dec 366 Jan 415 Feb 361 327 128 Feb claims 54 mio down on Jan. Therefore Lloyds run rate calculated on heir 39 % share of overall market claims is now 127 mio per month . They have in hand on balance sheet 120 mio per month. Therefore if current trend continues they will have to find a circa 130 mio extra prov .....
Anyone with Barclays Smart Investor and not received their divi posting this morning ? The 17th Nov 2017 div was posted on value date ie 17th and available for cash or either re investment. I logged in this morning expecting Barclays to have finally got their act together and post on value date and alas no....
Update on latest FCA PPi claims. Jun 262 Jul 250 Aug 271 Sep 298 Oct 324 Nov 398 Dec 366 Jan 415 323 125.97 Average run rate now �125 m per month versus �120 m per month at end of Dec. At �120 per month Lloy had sufficient provision until Aug 2019 . If trend based on last 8 months continues then they will need additional 100 m . If the trend based on the simple Dec - Jan increase is sustained then 900 m more is needed. Worth noting that almost every year since PPI began there has been a jump in claims from Dec to Jan ( probably Christmas effect). Then it tails off. Key months for me will be Feb - May...
Quick update .. FCA numbers for Dec have been published .. Jun 262 Jul 250 Aug 271 Sep 298 Oct 324 Nov 398 Dec 366 309.8571429 120.8442857 Run rate for 7 month m.avg is now 120 m per month .. The year end results stated that as of 31st Dec after new 0.6 bn provision they have 2.4 bn .. Therefore as per my calcs new run rate based on FCA and Lloyds 39 % of industry total of 120 m x 20 remaining months to the Aug 2019 deadline = �2.4 bn. If trend continues to decrease from Nov peak ~( Dec 32 m lower than Nov ) then they will have a surplus at the end.
As of end of Oct when Q3 numbers were published, Lloyds were holding 2.3 bn PPi prov. Or enough to pay out 104 million a month 2.3bn / 23 months = �104 m per month. Lloyds account for 38 % of all PPI claims. The six month moving average ( to Nov ) of all industry claims as per FCA is 300 million per month. 40 % of that is Lloyds or �120 m a month. So at current run rate ,and this includes three months of higher post Arnie FCA adverts in Aug, Lloyds need 2.6 bn to cover claims if rate remains the same or put another way a further .3 bn on top of what they have ( 2.3 bn at end of Oct ) in reserve right now. Now, you could argue that the run rate will diminish as we get nearer the deadline and we have peaked at �398 per month ( FCA total for industry in Nov) . Or, will the ambulance chasers still manage to drum up even more claims. Personally I see the trend slowing - a lot less nuisance calls now. Also as I understand it , with the accumulation of past claimants data on record now vast, the Banks are knocking a much much larger number of bogus claims as they have much past data to check on. Also the FCA do analysis on claims data and claimants and are able to help indentify bogus claims. Lloyds may well make the call and provide for another .5 bn, but I don�t see it rising too much more than that