DeGiro Financial Complaints Query

michaelthebrady said:
@baba92 Welcome to the DeGiro / KiFiD show! Speaking to KiFiD, I believe that DeGiro have a huge amounts of these cases logged against them and seem to do nothing to change / improve their completely manual corporate actions process.... Worse there seems to be nothing to stop them operating in this EU loophole that they are in.

When I took my Final Complaint to KiFiD, they did what is happening to you. They asked for an additional two months time to review it after the initial 3 months completed. Do not be alarmed but they are really slow. I would recommend you call them and explain your case verbally to them and get a sense of the investigator. I found mine extremely helpful. I will say that this process is really slow and long. I put my case into KifiD in March 2023 and I only got a verdict at the end of January 2024. DeGiro are always delaying the process saying that they are trying to resolve it amicably when they are just delaying.

The hearing part if something to prepared well for. It will be a video call with two people from KifiD and I had three lawyers from the DeGiro legal team against me.

From a curiosity point of view, in the final complaint process from DeGiro, what reason did they offer for not giving you full compensation on your tender offer?
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Thanks very much Michael for sharing your experience, it’s extremely helpful. It does not look very promising from what I understand, even if Kifid’s decision goes in my favour.

Basically they said that because the tender process had not been initiated and centralized by the company itself / Euroclear but through a third party (bank) they were not able to participate to the tender. This means in my view « we or the custodian have not been in contact with the bank organizing the tender process ».
Shareholders who are with other brokers were able to participate to the tender so I don’t see why they could not. In regards to the compensation they mentioned I still have my shares and I could have sold them before. Shares were already quite illiquid, they became even more illiquid after, they only contacted me on the last day, a few hours before the end of the tender to mention it was impossible to tender. Finally, I was willing to tender them, not to sell them. Very simple.
 
Hi @michaelthebrady, I finally received the decision yesterday, they mentioned they did not need to organize a conference call and they actually ruled in my favor. However as you previously flagged the decision is non binding due to the Dutch vs UK law issue. I have asked Kifid how to best proceed going forward since they said they were closing the case without giving any instructions or advice. I wonder if it is worth at some point going back to DEGIRO with the decision and also maybe going to ABN Amro and Natixis (bank organizing the tender last year). Was there any development on your side?
If anyone has any recommendation please shout. Thanks!
 
@baba92 First of all, DeGiro will be notified of the decision as well so be in no doubt there. Is there a time limit to action it as part of the advice? Mine gave DeGiro 30 days to action it. I think you may have to give them some time.

If DeGiro do not action it, I would go back to KiFiD again and tell them. They maybe able to apply some informal pressure on them.

If they still do not respond to that pressure (as was the case in mine issue) then you may have to go to the courts to get resolution. Some people have told me you can go to your home court (UK) or you will have to do a case in the Netherlands and get a Dutch lawyer who specializes in Financial Services. How much is at stake here? The small claims court might be an option to consider if your amount is below 15k.
 
Again thanks for the great response. I have not seen anywhere in Kifid answer a time limit action. EDIT: they actually gave 4 weeks to DEGIRO.
I will follow your advice and wait a bit. Stake is 1k (I thought the case would be much faster) so I am not going to engage a lot of upfront expense here but I am keen to push as these people are not taking their responsibilities.
 
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