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  • FIRST POST
    • philng
    • By philng 24th Nov 17, 3:22 PM
    • 534Posts
    • 50Thanks
    philng
    Td direct transfer to iweb very slow
    • #1
    • 24th Nov 17, 3:22 PM
    Td direct transfer to iweb very slow 24th Nov 17 at 3:22 PM
    Initiated transfer to iweb 25 october with the non isa account going through fine.

    However both mine and wife isa account still not done. Iweb say they have contacted iii 3 times and received no response. Iii claim they have not had these contacts but are inundated with transfer away requests.

    Anyone else having an issue? Probably sums up why i am transferring as totally not impressed with iii where my account was held prior to switching to td direct.

    Seems they have under estimated how many will want to leave.
Page 1
    • Economic
    • By Economic 24th Nov 17, 3:53 PM
    • 151 Posts
    • 99 Thanks
    Economic
    • #2
    • 24th Nov 17, 3:53 PM
    • #2
    • 24th Nov 17, 3:53 PM
    I am transferring my ISA from TD Direct to IG and ii acknowledged the receipt of the request from IG on 7th November. According to the transfer tracker on the ii website, they will contact IG on the 1st December to arrange the transfer! I transferred my dealing account from TD Direct to IG a few months ago and that only took a few weeks.
    • quaybab
    • By quaybab 24th Nov 17, 4:01 PM
    • 99 Posts
    • 18 Thanks
    quaybab
    • #3
    • 24th Nov 17, 4:01 PM
    • #3
    • 24th Nov 17, 4:01 PM
    Had a similar issue about 5 years transferring from iii to iWeb. I put a complaint in at the FOS about iii, iWeb and cofunds as the brokers were blaming the fund intermediary during the 3 month process. FOS said it was reasonable.
    In the past, cash to S&S ISA (paper) transfers took just over a week, 2 weeks for transfers including equities (TDW to iii).
    If I was in your position, I'd put a complaint into iWeb & TD and transfer somewhere else since iWeb are scaling back their business.
    • cloud_dog
    • By cloud_dog 24th Nov 17, 5:07 PM
    • 3,309 Posts
    • 1,866 Thanks
    cloud_dog
    • #4
    • 24th Nov 17, 5:07 PM
    • #4
    • 24th Nov 17, 5:07 PM
    ... since iWeb are scaling back their business.
    Originally posted by quaybab
    Have I missed something regarding iWeb?
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • xylophone
    • By xylophone 24th Nov 17, 5:43 PM
    • 23,654 Posts
    • 13,783 Thanks
    xylophone
    • #5
    • 24th Nov 17, 5:43 PM
    • #5
    • 24th Nov 17, 5:43 PM
    since iWeb are scaling back their business.
    Do you have a link to this information?
    • IanManc
    • By IanManc 24th Nov 17, 9:18 PM
    • 367 Posts
    • 545 Thanks
    IanManc
    • #6
    • 24th Nov 17, 9:18 PM
    • #6
    • 24th Nov 17, 9:18 PM
    "If I was in your position, I'd put a complaint into iWeb & TD and transfer somewhere else since iWeb are scaling back their business."

    IWEB are not "scaling back their business" at all. That allegation is simply not true.

    The only change to IWEB's business that is forthcoming is the following:

    "New regulatory requirements are coming into force in January 2018, which affect how complex assets can be traded. Because of this, we've decided to withdraw US ETFs, Leveraged ETCs & ETFs and US Investment Trusts after the 8th of December."

    The new EU Regulations require that a broker finds out if a customer understands the risk involved in owning complex assets before buying them. This means that firms have to find out if a customer has the experience and knowledge to understand the risks of investing in the asset. If something is classed as complex, it’s usually because of the way it’s structured and that it has specific features and risks that you need to understand before you invest.

    As IWEB isn't set up for doing this customer research, and at the prices they charge you wouldn't expect them to be, then they're not going to offer purchasing facilities in future for these assets which are classified as complex assets under the regulations.

    Purchasing of such assets is a niche investment which ordinary customers shouldn't be doing without advice anyway, so no longer selling them cannot possibly be described as "scaling back their business" as it has no consequences whatever for ordinary investors.
    Last edited by IanManc; 24-11-2017 at 9:40 PM. Reason: Further information added.
    • Optimist
    • By Optimist 25th Nov 17, 12:03 PM
    • 4,416 Posts
    • 5,475 Thanks
    Optimist
    • #7
    • 25th Nov 17, 12:03 PM
    • #7
    • 25th Nov 17, 12:03 PM
    Neither mine or my wifes ISA have been actioned by TD Direct. Now a month in and IWEB say no response from TD Direct. Must say I had the same issue with III when I moved from them to TD Direct !

    I note the TD direct site is down this weekend for "planned development"
    "The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."

    Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)
    • Archi Bald
    • By Archi Bald 25th Nov 17, 12:17 PM
    • 9,355 Posts
    • 7,418 Thanks
    Archi Bald
    • #8
    • 25th Nov 17, 12:17 PM
    • #8
    • 25th Nov 17, 12:17 PM
    I had confirmation by letter from iWeb for my ISA transfer request within 2 working days of sending them my request, and then an email confirmation from TD Direct / II a couple of days later. They are saying "Transferring assets can take up to 6 weeks, sometimes longer, depending on the complexity of the investments being transferred but we’ll work closely with IWEB to make sure this happens as quickly as possible." We'll see, I am only a couple of weeks into the process.
    • greenglide
    • By greenglide 25th Nov 17, 1:03 PM
    • 2,919 Posts
    • 1,894 Thanks
    greenglide
    • #9
    • 25th Nov 17, 1:03 PM
    • #9
    • 25th Nov 17, 1:03 PM
    My transfer of ISA and unwrapped investments from TD to HL took less than fortnight. It completed last week.

    Was these TD or legacy II accounts? Until II move all their II accounts to the TD platform they will have to handle them differently.
    • bowlhead99
    • By bowlhead99 25th Nov 17, 1:11 PM
    • 6,999 Posts
    • 12,605 Thanks
    bowlhead99
    I had confirmation by letter from iWeb for my ISA transfer request within 2 working days of sending them my request, and then an email confirmation from TD Direct / II a couple of days later. They are saying "Transferring assets can take up to 6 weeks, sometimes longer, depending on the complexity of the investments being transferred but we’ll work closely with IWEB to make sure this happens as quickly as possible." We'll see, I am only a couple of weeks into the process.
    Originally posted by Archi Bald
    I am moving one of my ex TD accounts to Youinvest. Like you I had that email soon after I had the confirmation from the transferee broker that they had received my request.

    That was 6 November ; this week 22 November I had a confirmation from TD/ii that 'the following securities have been transferred' ; the item listed was just my nominal amount of cash, £30 or so. As of earlier this week (ii website offline today) the cash was still showing on the ii account while as of today the cash isn't showing in my Youinvest account.

    But as you say, it's not 6 weeks yet so I will wait and see what happens to the rest and when.
    • quaybab
    • By quaybab 26th Nov 17, 3:40 PM
    • 99 Posts
    • 18 Thanks
    quaybab
    Do you have a link to this information?
    Originally posted by xylophone
    There's no link as they are keeping hush about it unless your a customer but it covers a fair few ETFs they offer.
    • lejog2003
    • By lejog2003 26th Nov 17, 4:28 PM
    • 200 Posts
    • 125 Thanks
    lejog2003
    There's no link as they are keeping hush about it unless your a customer but it covers a fair few ETFs they offer.
    Originally posted by quaybab
    IanManc has summed up the situation perfectly, all platforms are either start providing research for these funds or withdraw them. I assume since there hasn't been an outcry about other platforms, that few other platforms offer these complex assets anyway. I would guess if you want access to these funds, you'll have to pay for investment advice.

    There's lots of new MiFID II regulations coming into force on 3rd Jan. Its hardly hush hush, they apply to the industry EU-wide.
    • EdGasketTheSecond
    • By EdGasketTheSecond 26th Nov 17, 5:04 PM
    • 332 Posts
    • 183 Thanks
    EdGasketTheSecond
    I had an email from ii on 20th Nov. saying cash had been transferred (completed) to iWeb but it has not appeared in iWeb. Is that normal? How can the transfer be complete with no money in my new account?

    Also is it OK to carry on trading while the transfer takes its time or will that mess it up?
    • Economic
    • By Economic 26th Nov 17, 5:26 PM
    • 151 Posts
    • 99 Thanks
    Economic
    I had an email from ii on 20th Nov. saying cash had been transferred (completed) to iWeb but it has not appeared in iWeb. Is that normal? How can the transfer be complete with no money in my new account?

    Also is it OK to carry on trading while the transfer takes its time or will that mess it up?
    Originally posted by EdGasketTheSecond
    I had an email that said that the cash transfer to IG had been completed, but the cash is still in my account with ii so obviously it has not been completed!
    • IanManc
    • By IanManc 26th Nov 17, 5:33 PM
    • 367 Posts
    • 545 Thanks
    IanManc
    There's no link as they are keeping hush about it unless your a customer but it covers a fair few ETFs they offer.
    Originally posted by quaybab
    Rubbish. They are not "keeping hush about it". IWEB are simply implementing new EU Regulations relating to complex investments which will apply to every other execution only broker in exactly the same way.

    They're not "scaling back their business" and what you said isn't true. Execution only brokers are no longer allowed to sell complex assets. That is in the public domain, and all the execution only brokers complying with the Regulations does not amount to any single one of them, or all of them, scaling back their business because the assets are niche products which ordinary investors shouldn't be buying without advice anyway.

    Stop saying that IWEB are "scaling back their business" and "keeping hush about it" because neither are true. The business isn't changing and the Regulations aren't a secret.
    Last edited by IanManc; 26-11-2017 at 5:41 PM.
    • EdGasketTheSecond
    • By EdGasketTheSecond 27th Nov 17, 2:07 PM
    • 332 Posts
    • 183 Thanks
    EdGasketTheSecond
    Anyone else noticed the option to view the status of transfers has been removed from the TD / ii platform? It was there last week.
    • Economic
    • By Economic 27th Nov 17, 5:16 PM
    • 151 Posts
    • 99 Thanks
    Economic
    Anyone else noticed the option to view the status of transfers has been removed from the TD / ii platform? It was there last week.
    Originally posted by EdGasketTheSecond
    Yes. Another improvement to the website!
    • jimjames
    • By jimjames 27th Nov 17, 5:23 PM
    • 12,238 Posts
    • 10,775 Thanks
    jimjames
    I had an email from ii on 20th Nov. saying cash had been transferred (completed) to iWeb but it has not appeared in iWeb. Is that normal? How can the transfer be complete with no money in my new account?
    Originally posted by EdGasketTheSecond
    Yes it can be normal. The same is likely to apply to funds, I've found they can take quite a few days to be fully visible in the iWeb portfolio.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Rollinghome
    • By Rollinghome 27th Nov 17, 7:48 PM
    • 2,100 Posts
    • 2,281 Thanks
    Rollinghome
    I had an email from ii on 20th Nov. saying cash had been transferred (completed) to iWeb but it has not appeared in iWeb. Is that normal? How can the transfer be complete with no money in my new account?

    Also is it OK to carry on trading while the transfer takes its time or will that mess it up?
    Originally posted by EdGasketTheSecond
    Cash is still transfered by cheque sent through the post and the receiver will wait until the cheque has been banked and cleared before crediting your account. It's likely ii will be quicker at sending you an email than drawing a cheque and getting it in the post.

    When I transfered a S&S ISA from Fidelity to Iweb a few years ago it was exceptionally fast by comparison with others - about 2 weeks iirc. I more recently transfered the rump of Mrs R's cash ISA from Nationwide to Iweb in several tranches and all arrived in under 2 weeks.
    • EdGasketTheSecond
    • By EdGasketTheSecond 27th Nov 17, 8:46 PM
    • 332 Posts
    • 183 Thanks
    EdGasketTheSecond
    Yes but I'm not even sure its been sent as the cash is still showing in the ii account and has actually increased due to a dividend coming in. How can they claim the transfer is complete when the money is still there, apparently?
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