I’m sorry, but this is getting ridiculous now, and it could well be causing me to lose money due to not being able to rebalance. Can I just cancel the trade? It’s 32p
13/07/22
Purchase of 0.002030 iShares USD Treasury Bonds 7-10 Years @ £156.58. External Ref = IO00225781
Hi Mark,
Apologies for the delayed response. I’ve gone into some details around the wider settlement issue in this post here: Transactions "Awaiting Settlement" - #14 by UncleBob
Appreciate you’re having a specific issue here with your one trades. I’m going to have a look into this and see what can be done chasing the counterparty and get its issues resolved.
This seems to be a much bigger issue with Invest Engine. A lot of people’s transactions have not been settled since Aug 2022. If Invest Engine was focused on keeping its customer safe and aware, it should have put up the volume trading for each ETF. Instead, the money is stuck with no real helpful reply. They only say that we are trying to work this out with their brokers.
It only broke my trust in the platform and now I am not sure if I will be able to continue further with such a platform. Saving fees is one matter but getting 100s of quids stuck in a settlement in today’s time is not a way to win investors.
So, if you are buying an ETF on this platform, please do check the volumes traded, maybe on CNBC. If the volumes are less, you know your settlement may get stuck for weeks via Invest Engine.
If someone like me, a new investor can learn this in 4-5 months, I am sure the management team knows about it but they have kept customers in the dark.
I am getting a bit worried that small things like this are not being addressed. It seems like it can easily be fixed by adding a warning to ETFs that transactions may take longer to settle on. At least then the user will have been warned and cant complain. I personally have not experienced a settle delay because i only buy into relatively popular ETFs.
However, I do worry that InvestEngine may be unnecessarily be driving some clients away by this.