Mikeme
Member of DD Central
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Post by Mikeme on Mar 15, 2020 17:15:37 GMT
There will be a full FAQ update to our blog a little later today and that should answer most questions we trust. Stuart. I can't find the above. Was it done?
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Post by stuartassetzcapital on Mar 15, 2020 17:27:10 GMT
The first FAQ version is on its way today yes.
All relevant personnel have been working over the weekend to implements the new way of working to match the current environment, to try to anticipate the next government changes and any possible effects so we are ahead of the curve where possible.
Questions about why we weren't ready for a global pandemic breakout are simply answered by facts such as multiple immense FCA projects, and others, running that needed huge manpower dedicated to them - theoretical situations like this couldn't be prioritised over 'must have by XXX' projects required under regulation and law. I guess the government had similar 'now' requirements until this theory became fact for them too.
We are on it and the FAQ version one for how the AAs are to work for a while will be live later today. All normal cash withdrawals are being processed in the morning and MLA (bar "Invest Idle Funds" part) continues as normal.
We will continue to do the best for you and all stakeholders as always, that is what we are concerned for.
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Post by Harland Kearney on Mar 15, 2020 17:30:43 GMT
Any direct response to what Swept QAA investors should be doing? Are we already in the que?
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 15, 2020 17:42:08 GMT
Stuart and your staff thank you. I was only making sure I hadn't missed it.
Can you please make sure the average investor knows where to find it. Maybe an email to all?
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Post by stuartassetzcapital on Mar 15, 2020 19:10:53 GMT
Any investor logging in or even browsing the site will see the link to the article, and as it updates.
If no-one is planning to change anything with their investments then the messaging is far less important so that's one reason for no email.
And sending continuous email updates is not as good as one kept up to date FAQ and plan of action we feel.
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Post by stuartassetzcapital on Mar 15, 2020 21:50:23 GMT
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Post by Harland Kearney on Mar 15, 2020 22:02:56 GMT
I have just read though it, however I still have yet to find a answer.
Idle funds are turned off for investing into the QAA, yet I have no withdrawl notices in my que, and I'm still invested. How do I exit QAA in this situation?
Turning off “invest idle funds” where that uninvested cash is invested into the Access Accounts puts you into the queue. The queue is working already although withdrawals have not yet started up again – we will advise when they do through our updates to this blog.
I have done this, but I don't have any withdrawl pending, is that normal?
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r00lish67
Member of DD Central
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Post by r00lish67 on Mar 15, 2020 22:12:55 GMT
I have just read though it, however I still have yet to find a answer. Idle funds are turned off for investing into the QAA, yet I have no withdrawl notices in my que, and I'm still invested. How do I exit QAA in this situation? Turning off “invest idle funds” where that uninvested cash is invested into the Access Accounts puts you into the queue. The queue is working already although withdrawals have not yet started up again – we will advise when they do through our updates to this blog.I have done this, but I don't have any withdrawl pending, is that normal? Similarly, I still have a 30d request that has finished it's requisite 30 days as of 9am this morning and yet has not joined the queue (as far as I can see) FAQ states: "You enter the Access Account withdrawal queue when you submit a withdrawal request or your withdrawal request falls due. You are then added to the withdrawal queue along with any other people who still have any unfulfilled withdrawal requests pending." Is this just a display issue, or are all of the 30d withdrawal requests stuck somewhere?
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jlend
Member of DD Central
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Post by jlend on Mar 15, 2020 22:20:05 GMT
"We are expecting the updated queue system for Access Account withdrawals to restart by Thursday 19th March latest"
So the queue may not have updated yet.
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Post by Harland Kearney on Mar 15, 2020 22:31:23 GMT
I clicked it within the first 5 minutes of the site announcing the lockout, so maybe I've already sold out and can't be added. Although I dobut that somewhat;
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rrrupert
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Post by rrrupert on Mar 15, 2020 22:54:17 GMT
Perhaps I read it wrongly. But it seems to me the "queue" is not really a queue. I quote from the FAQ dated 2100hrs 15/03
"all queue members will be treated equally until further notice - joining the queue today versus tomorrow will not create a significant advantage as there will be a pro-rata distribution of cash available for distribution to all Access Account withdrawal queue members"
I interpret that to mean what they term a "queue" is just a list of withdrawal requests without any timestamp or need for a timestamp. I imagine money will be repaid in dribs and drabs over an extended period of time as interest and capital payments roll in.
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sapphire
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Post by sapphire on Mar 15, 2020 22:57:50 GMT
I have turned off the Invest Idle funds to stop the uninvested balance in my MLA being swept to QAA. The FAQ suggests this has triggered an addition to the QAA withdrawal queue.
However when I click "Queued Withdrawals" in the QAA panel I get the message "You currently have no funds queued for withdrawal in the Quick Access Account."
When I now click on "Withdraw" in the MLA panel I get the message:
"Please cancel your current withdraw target before proceeding.
Current withdraw target £XXXX.XX"
Two option buttons <<Close>> and <<Cancel Withdraw Target>>
XXXX.XX matches the "Awaiting Investment" amount in the MLA panel and also the "Total Investment" amount in the QAA panel.
Are others in a similar position seeing something similar?
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Post by Harland Kearney on Mar 15, 2020 22:59:43 GMT
Perhaps I read it wrongly. But it seems to me the "queue" is not really a queue. I quote from the FAQ dated 2100hrs 15/03 "all queue members will be treated equally until further notice - joining the queue today versus tomorrow will not create a significant advantage as there will be a pro-rata distribution of cash available for distribution to all Access Account withdrawal queue members" I interpret that to mean what they term a "queue" is just a list of withdrawal requests without any timestamp or need for a timestamp. I imagine money will be repaid in dribs and drabs over an extended period of time as interest and capital payments roll in. That will surely cause a blockage of people who have swept funds from getting them into the Manual account. Also means people who had cash sitting in the cash but happened to be swept will be in for a painful drawn out wait.
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rrrupert
Member of DD Central
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Post by rrrupert on Mar 15, 2020 23:03:39 GMT
I have turned off the Invest Idle funds to stop the uninvested balance in my MLA being swept to QAA. The FAQ suggests this has triggered an addition to the QAA withdrawal queue. However when I click "Queued Withdrawals" in the QAA panel I get the message "You currently have no funds queued for withdrawal in the Quick Access Account." When I now click on "Withdraw" in the MLA panel I get the message: "Please cancel your current withdraw target before proceeding. Current withdraw target £XXXX.XX" Two option buttons <<Close>> and <<Cancel Withdraw Target>> XXXX.XX matches the "Awaiting Investment" amount in the MLA panel and also the "Total Investment" amount in the QAA panel. Are others in a similar position seeing something similar? I have exactly the same situation.
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rrrupert
Member of DD Central
Posts: 121
Likes: 99
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Post by rrrupert on Mar 15, 2020 23:05:42 GMT
Perhaps I read it wrongly. But it seems to me the "queue" is not really a queue. I quote from the FAQ dated 2100hrs 15/03 "all queue members will be treated equally until further notice - joining the queue today versus tomorrow will not create a significant advantage as there will be a pro-rata distribution of cash available for distribution to all Access Account withdrawal queue members" I interpret that to mean what they term a "queue" is just a list of withdrawal requests without any timestamp or need for a timestamp. I imagine money will be repaid in dribs and drabs over an extended period of time as interest and capital payments roll in. That will surely cause a blockage of people who have swept funds from getting them into the Manual account. Also means people who had cash sitting in the cash but happened to be swept will be in for a painful drawn out wait. This is how I would interpret the situation.
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