The Lemon Fool

Did anyone get their VCT commission rebate letter this year 22/3 to use for tax return ? Can't seem to find one- usually comes in Jan . Thanks

There was a notification that they are setting it up to be paid directly by bank transfer instead of cheques but that it would take a couple of months longer to set up. So will fall into this rather than last tax year I imagine.

Thats my understanding too. I think that you will get the commission from 22/23 in 23/24.

I am assuming no-one has heard anything from WealthClub since the original notification.
I would have expected to have been asked for my bank details by now.

Kidman wrote:I am assuming no-one has heard anything from WealthClub since the original notification.
I would have expected to have been asked for my bank details by now.

Are you saying you've bought through wealthclub without submitting your bank details for dividend payments?

Of course there's a chance some users might want the payments to go to different accounts, but maybe they haven't considered that?

I was wondering about the huge logistical task of contacting clients for bank details when they could just send out cheques! Good point, they might have taken them from applications. But which bank account? Thanks for the thoughts, I will call them to clarify my situation.

Thank you for your email.

We are preparing to have the next rebate payment in September 2023.

This will be paid by an online open banking payment system. When the rebate is ready, we will email you with a request to enter your bank details and authorise the payment. This avoids us needing to store your bank details and also allows you to change the account which receives the payments each year without any hassle.

As soon as the rebate is ready we will email you.

I trust this answers your query, but please do not hesitate to contact me if you have any further questions.

Kind regards

So that’s the answer folks.
Cheers MW

Thank you Mainwaring for the update.

I am puzzled why they need to use an "open banking" solution as I don't wish to open my accounts to any third party.
I can't see whay they can't use BACS like any normal payer.
I don't wish to have to submit my bank details and authorisation every year when I can give them one set of account details and accept the obligation to update that if I wish to change.

I had an email from Wealth Club yesterday detailing how the commission payments will be done. Has anyone had any success with this transfer mechanism. I cannot get much sense out of it.

Karellan wrote:I had an email from Wealth Club yesterday detailing how the commission payments will be done. Has anyone had any success with this transfer mechanism. I cannot get much sense out of it.

Both my wife and myself have done it - different banks - and it was very quick and easy to set up in both cases. You just click on the link in the email and it takes you to your banking app where you give TrueLayer permission to read your account number via open banking when the time comes for the payment.

Of course, it may be much trickier if you don’t have your bank’s app on your phone. Or if you don’t want to use open banking…must admit I was a little reluctant myself.

I reluctantly tried it using a PC online login as I don't have a banking app.
It gave me five minutes to enter a code but the menus didn't tie up with the instructions and on the second try I gave up.
If this has to be done every year then I am not very impressed. Why can't they just take details of my account and use those until I tell them otherwise?

Kidman wrote:I reluctantly tried it using a PC online login as I don't have a banking app.
It gave me five minutes to enter a code but the menus didn't tie up with the instructions and on the second try I gave up.
If this has to be done every year then I am not very impressed. Why can't they just take details of my account and use those until I tell them otherwise?

I dont have an App etc too , I do all my online banking on my PC and just that. Sounds like my experience was much the same as your Kidman. I am not impressed too if I have to install all sorts of stuff. I note its not a good time to be a policeman in Norther Ireland . My electoral details have apparently been leaked as has my pension related info. I now have Nortons and Experian monitoring the dark web for my name to pop up. So I am not that keen to make it worse.

Good news for all of us who either don't like 'open banking' or have had difficulties getting the system to work (or both)

A very helpful gentleman from Wealth Club has just 'phoned me and said they are very happy to receive the details via a secure message sent through their online portal. Of course that assumes that one has a WC portal login which I do. If you do, go to 'My account' and select 'send a secure message' from the menu on the left hand side.

Furthermore, I had misunderstood something in past notices and this is a one-off collection of bank details to be used furthermore. There will not be a need to go through this procedure again unless one changes bank accounts, i.e. similar to a dividend mandate.

Indeed I have just learned similarly via email.

Kidman, many thanks for publishing this simple workaround which I have just had confirmed by WC and have used it. A shame they did not publicise this option