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.
 
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