Hey all,
I’m one of the PMs here at Freetrade, specifically, I look after our post-trade processes, including the dividend payment issue being discussed on this forum. This shouldn’t have happened and this was our mistake.
What happened?
A number of users that hold Apple stock through Freetrade received a higher dividend payment than they were entitled to on Friday.
Why did this happen?
This happened because of an internal calculation error where our systems failed to apply the correct $ / ÂŁ rate to this dividend.
What have we done about it?
We’ve corrected the error and debited the overpaid amount from each customer that was impacted. We’ve also contacted users who were impacted by this to inform them of the mistake and apologise.
Our operations and engineering team had a productive workshop on Monday to address this specific issue and we’ve currently enacted a plan to make sure that this doesn’t happen again.