I am giving II a bit more time, but will drop a note to the regulator.
My feeling is that this will all be put down to merging the platforms. I also use Halifax and will sign up with one other broker due to my biggest issue which is the security of my shares and cash held in nominee accounts and with third parties.
I've been feeling pretty insecure about my old TDW broking account, now iii, for the last few days. Thought I'd check this board and sure enough, I'm not alone, so thanks.
You may be interested in this, it's the FCA contact details:
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Telephone: 0800 111 6768
I have contacted them and would ask that others do the same. It has been impossible to buy on line through iii since last Thursday. I've never heard of such a screw up in this business.
I had already transferred my SIPP to A J Bell. They seem OK, but the trading platform is really rudimentary, in my view.
TDW were great, I thought. iii have made everything worse.
I'm about to jump ship to Hargreaves Lansdown, having read up on the alternatives. Next best might have been Halifax.
Sorry to arrive so late and to use the LLOY board. I'm still a big LLOY holder. No plans to sell.
At the very least the Directors should be charged with trading whilst insolvent, a criminal offence.
It is difficult to understand why suppliers would undertake work with a 120 day payment term. That would be from the invoice date which would be after they had paid out for materials and wages, so at least six months cash flow deficit. Not a good deal or business plan!
"Getting back into market is not easy, any advice would be appreciated."
I notice you hold PHP, am familiar with it and the sector.
Although I guess you might not want another very similar company but have you looked at MXF ? ( Medicx Fund )
Yield at current sp is 7.2 %, pays quarterly. The divi not fully covered but improving. No stamp on share purchase.
Company expanding but at what seems a modest cautious rate, recently entered the Irish market.
I was shorting the DOW yesterday afternoon at either side of the 26 K level.
7 shorts in and out fairly quickly for a total + 192 pts.
Although a morning short had resulted in a 30pt loss.
Nice result overall though.
Yes, markets are looking toppy although the DOW has fallen considerably from its high of yesterday.
I will have to admit shorting indices does sometimes make me a little nervous, easy to end up in a losing position.The DOW in particular has some big moves.
I also keep an eye on the VIX and would favour long ( depending on level of course )
Unfortunately spread with IG is wide.
One thing to look for is a rise in the VIX (CBOE). Today it has been rising all day. I actually said at the beginning of the year 3/1 (I think), that I would be long the VIX in my model portfolio. For me, it is much easier to play a correction that way, than to short a stock or an index. It can also act as a hedge.
The S&P 500 has been up every single session this year. That is pretty much unprecedented. Today, we, finally got a big down move 2808.5 to 2769. I'm not going to call the market top, but, I am willing to accept it could be. As far as LLOY is concerned is does mirror the FTSE 100. I think you will struggle to get much more upside without some short of news. FWIW I think 70.5 is a good place to sell, with the imtention of buying back cheaper.
It is also worth noting that the FTSE is undeperforming the US indices.
Funny BrownAdder just spent 20 mins catching up on posts but looking at the Dow amdFTSE I really was wondering if we have peaked and the correction some have been predicting is nigh. Interested in others comments especially soi etc. Lloyds likely to mirror the FTSE I would guess given its intrinsic link to the UK.
On a more serious note than my last post I think that this kind of thing can be very helpful.
I remember when I first started trading, back in '09 and the (earlier) days of "Follow the Money" as a newbie I longed for guidance and explanations.
One of the first boards I came across was the Black Beauty thread on ad v fn and it was such a godsend to find some people there who knew what they were talking about and were willing to discuss other stocks & trades.
It helped me enormously giving me trading ideas, analysis examples, explanations when I asked and oodles of confidence.
It also showed the difference between those who knew their onions and those who were only chewing the cud.
I will never knock similar posts, for every day we see new people in need of assistance and a decade later I find that I am often stuck in a rut in need of new ideas and know that, lacking formal training, the OT discussions can still be a learning experience.
Many thanks to you soi and any others who are willing to put your experience "on the line".
"Well done Frog, a sentiment followed by 80% of the population but will anything ever be done ???"
Probably 90%... possibly 95% or even more. It is not an easy issue, for sure - but that is no excuse for not even trying.
FWIW there are now at least a couple of running inquiries into the Carillion execs, and I would be very surprised if there isn't some degree of eventual redress - at the very least, abrupt cessation of ongoing payments, and possibly claw-back of previous bonuses, etc. And very possibly worse...
And there are has been some progress more generally in recent times, with shareholders more ready to vote down certain remuneration terms. Albeit from a fairly standing start... part of the problem being that too many institutional shareholders, whose votes are the ones that count, will doubtless feel constrained by the "gentlemen in glass houses..." syndrome. Shareholders such as Neil "£7m pa" Woodford, or Terry Smith, who I read has recently trousered a £8m bonus... to be fair to those two, they are paying themselves from their own businesses - but there are plenty of other very well remunerated fund managers who might understandably think twice before voting down a big pay packet.
Perhaps we could usefully try to come up with a solution on here? I am underwhelmed by the Jeremy Corbyn approach to it, and his suggested pay cap of 20x the average worker's whack... but maybe that's what it'll take. As with the energy supply companies, where self-regulation is patently required but is clearly not only lacking but being actively foresworn, the targets can only have themselves to blame if others take matters into their own hands. Then we might finally find out to what extent our public companies really need to pay up to attract and retain "top talent"...
"I agree with wheebz to a degree. I don't understand why some posters are continually posting about what trade they've just done... I do feel that the reaction on here has done nobody any favours. "
Lupo - on these boards as in life, it is inevitable we cannot please all of the people, all of the time. But if you can please some of the people some of the time - then you're doing okay. Personally, if just one person finds any one of my posts to be of interest and/or value, then I consider it worth my effort in sending...
And I think Soi's numbers - in terms of the people quick to defend his honour and his output whenever such accusations are levelled (fairly regularly) - speak for themselves, today as before. It's not just about his right to post, it's the consistency and quality of content which commands this support, and not just among active traders - the "credibility" factor, as per macbonzo, which he certainly has but other, more random and/or occasional posters may lack (but are certainly encouraged to earn over time). The fact that his posts are invariably accurately titled, concise and to the point merely enhances this credibility, as well as (IMHO) minimising their invasiveness to any who find them less useful.
At the same time, I will always defend wheebz's right to express an opinion, and anyone else so doing... but I also think that accountability can be presumed, including the concomitant right for others to contest and/or challenge as they see appropriate.
Is it not a credibility thing? BB are full of people voicing opinions and trying analyse news. The point about opinions is that they are rather similar to the nether region orofice i.e. Everyone has one.
If you can call real time trades, consistently, you, demonstrate that you can make money whilst the rest are yapping
It has come to light that the former Carillion Chief Exec Richard Howson will continue to receive his full pay, bonuses and benefits through to October this year. The BBC reports:
"Chief executive Richard Howson stepped down in July last year after a profit warning. He had been in charge since the end of 2011. There has been much criticism over the size of Mr Howson's pay award in 2016 which, including bonuses, totalled about £1.5m. He is also due to receive a salary until October this year. Finance director Richard Adam, who retired in December 2016 after nine years at Carillion received almost £1.1m in salary and bonuses in 2016."
Meanwhile many working people will lose their jobs and their pensions may suffer reductions due the the pension scheme deficit. Money continued to be paid out in bonuses which seemingly were unrelated to company performance.
The shareholders will carry some of the losses but perhaps we shouldn't be too sorry for them as divis were paid out despite growing pension deficits.
The ones who walk away with bags of money are, as usual, the failed bosses. Why when they fail do they not get statutory redundancy pay and a few weeks notice?
Our government is so blinded by the private sector that they keep pouring money into obviously failing business such as the Virgin run East Coast Line, Carillion and dodgy academy trusts like Durand and Wakefield City Academies with massively overpaid bosses and a multiplicity of poor value PPI schemes.
I agree with wheebz to a degree. I don't understand why some posters are continually posting about what trade they've just done; although it's apparently of some benfit - as someone posted, "Those of us that are regular traders post what they are doing to help each of", whatever that means. Personally, I very rarely comment on my trades: why should I? What does it bring to the table?
There's no denying that posters have the right to post whatever they like, though, and it's no worse, as someone pointed out, than the political claptrap that goes on.
I do feel that the reaction on here has done nobody any favours.
One of the benefits if skilled shorting it highlights these latent discrepancies. Ultimately, that is why Enron, Worldcom, Adelphia, Imclone were rumbled. If you looked at the short interest on Carillion, it was pretty evident to the dogs on the street that there was something amiss.
Thanks and I agree, that's why I was asking the question because Carillion must therefore have an adverse impact on the whole market, i.e. a company is able to 'hide' so much debt and possibly mislead shareholders in doing so.
Im not left wing but when a company is funding the Tories has contracts to run prisons etc It make me wonder.
I am mainly out of market hoping for some brexit sense or direction.
I have kept Bonds CNA GRG PHP PRU and some US Funds
recently bought VERX BNC and invesco Emerging European fund as a play on the EU.
Getting back into market is not easy, any advice would be appreciated.
Thanks and I agree, that's why I was asking the question because Carillion must therefore have an adverse impact on the whole market, i.e. a company is able to 'hide' so much debt and possibly mislead shareholders in doing so. What's the point in any of it, it's surely even more of an illusion that currency trading or bitcoin gambling isn't it?
"Okay apart from sentiment, what's different with Lloyds since the SP was at 79p per share? I mean the financial crisis is further behind us, they are better capitalised than they were, they have bought MBNA, they have sold off TSB (not sure on the timing of that), dividend payments have returned and finally HMG are now out of the picture.
So can anyone please explain to me why the SP isn't at least at the 79p level. I'm a novice for sure, but it simply doesn't seem to stack up to me in respect of the financials."
Hi Are Kid,
Valid questions. I'm out of LLOY's without regret, for now, but merely look after my Mum's LLOY's ISA.
Note that levels of circa 79 to 80 closing SPs not seen here since about August 2015. Highest close last year, 73.10 from May. This despite a broadly positive Q3 last October.
Briefly: PPI extension date to 29th August, 2019 foretells of another possible rise in late PPI claims adding to LLOY's already huge burden, having paid out over £18Bn. Final cost to LLOY's may exceed £20Bn. That's naturally disappointed many as it may affect timeline for increasing divi yield.
Brexit's longer-term uncertainties continue to affect UK-centric stocks like LLOY's more than most. - As you know, markets hate too much uncertainty.
Also, patently, UK house prices in many areas are very high & already beyond affordable. There's only so much more price-massaging that govt-schemes like "help to buy" can achieve. LLOY's particularly vulnerable to any significant UK house price correction.
UK's economy recently forecast to have lower growth than previously expected over the next few years, whilst UK rate rises are likely to rise much slower than previously thought.
Traditional banking models will face greater competition from online rivals offering better deals.
All these will have a varying impact on LLOY's.
Technically, LLOY has long-term resistance just above recent levels. So it'll probably need fresh positive data to break that resistance & consolidate.
SP should certainly be much higher again later. But that may be hard to come anytime soon until at least a final Brexit deal is sorted that doesn't impede financial stocks too much. - All the best!
"Okay apart from sentiment, what's different with Lloyds since the SP was at 79p per share?"
Are Kid - it's like learning physics at school. You spend all your time on the fundamental principles and proofs, but always on the presumption of ignoring things like air resistance. Yet in real-world application, it's all about air resistance - you simply cannot ignore nor avoid it.
Same with stocks - it's actually all about sentiment. So the asking of the question "apart from sentiment..." is really the end of the debate, rather than the beginning.
But the flip side is... sentiment changes. Not just "can change"... it invariably does change. Sentiment is progressively less and less of an issue the longer your time horizon, which is why patience is the prime quality of any true investor. But even over shorter term periods... there's every chance we will get 89p for LLOY, or 99p, without anything else really being "different", necessarily. Or 59p, I suppose (sadly)...
The short answer is it doesn't stack up; the SP should be higher but two things have dented confidence:
1. PPI - there have too many promises of "no further provisions" only to be proved consistently wrong. This liability has been horrific with a likely final cost of circa five years post tax profits - and even at this late stage I wouldn't be surprised to see another £2bn added to provisions at year end. One of the greatest examples of liability management mistakes in corporate history - never agree an open ended liability without safeguards or time limit but in 2011 the LBG Exec did!
2. Brexit - whether we like it or not LBG is seen in the markets as a read for UK PLC and we all know the markets hate uncertainty.
All things being equal the SP stands a good chance of emerging this year.
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