Good morning,
First of all i would like to thank invest engine for a great product, ive reccomended the platform to many friends and family.
My question today is i have a buy order 12 days old stuck in settlement.
Unfortunately support gave me a copy and paste answer of t+2 so dont know the next steps to resolve the issue.
Although its not a hugh amount of money i was consolidating all positions to go into a singular fund.
Thanks in advance
Michael
It’s a long standing known issue with transactions on IE unfortunately, and not just limited to obscure ETFs.
The issue with settlement times is as sold as Investengine. Settlement time of T+2 is in place since December 2013. Guidance from London Stock Exchange states that “Rule 5011 continues to allow member firms to agree an alternative settlement due date of no more than 20 business days after trade date for on Exchange trades.”
Anything longer than that and the trade should be cancelled.
I’ve had emails from customer service giving me cut/paste blurb about how they will try blah, blah, blah all the while I was waiting on trades to settle so I could rebalance.
This is one of the major drawbacks with fractional shares vs. full shares only, regardless whether they are ETF’s or individual shares.
Cheers for the replies i will wait for the 20 days and then look again at contacting support again.
Forget the 20 days, I had to wait up to 80 days! Search the forum, its full of complaints about this and its never resolved.
