My funds aren’t paying out income

I have been a client of Fidelity’s FundsNetwork platform for some 14 years. In March 2017 I asked it to switch my portfolio to different funds with the intention they would all pay me an income.

The switch was not smooth, and I queried the process. Then I received a letter confirming that the switches were all completed in accordance with my instructions.

Later in the year, on routine filing of papers, I discovered some funds were reinvesting dividends rather than paying me income.

I queried this months ago. Fidelity has admitted its error but has not offered any apology or restitution – let alone any sort of compensation. JP, DEVON

After you wrote to Fidelity to instruct it about the changes, it failed to amend the income preferences for the funds switched. As a result a total of seven distributions amounting to £1,067 were reinvested in error between May 19 2017 and November 30 2017.

This happened even though you had received written confirmation that the changes had been done as you had asked. It was only when you formally complained that the income preferences were set correctly.

Meanwhile, you say you were given three different calculations of what you were owed. Naturally this did not imbue you with confidence.

It took Fidelity a month to come back to me on this. Then it said: “We would like to offer our apologies for the less than satisfactory experience that Mr P has had with Fidelity.

“In recognition of the issues Mr P has faced and for the delays in resolving these, we have written to Mr P and made a goodwill payment of £500. Furthermore, we have also paid a further £70 to Mr P to cover the loss of interest on