Re-investing Equity ISA's

Tycho_2

Some time ago, my IFA suggested that I should place my equity ISA's into a funds platform. More recently, for reasons which seemed to make sense, they proposed that I should transfer the funds from one platform to another, and I agreed thinking that this would take just a few days.

Four weeks later, this transfer has still not taken place. The major problems seems to be that the first platform is being very slow to process the instruction. The issue that this has highlighted to me is the question that if you have an IFA, and use a platform, who is actually responsible for the control of the funds? I have been chasing the IFA, but should I be the one who chases the platform? If I had needed to transfer into cash quickly, I would have been in real trouble.

dunstonh

The issue that this has highlighted to me is the question that if you have an IFA, and use a platform, who is actually responsible for the control of the funds?

What do you mean by control?

The IFA is responsible for giving you advice about them. However, the IFA has no actual control over the funds.

I have been chasing the IFA, but should I be the one who chases the platform?

The IFA should be chasing. If you are not happy with the delay (and most transfers only take about a week unless you have limited dealing point products) you should instruct the IFA to lodge a complaint on your behalf.

Tycho_2

dunstonh wrote: »

What do you mean by control?

The IFA is responsible for giving you advice about them. However, the IFA has no actual control over the funds.



The IFA should be chasing. If you are not happy with the delay (and most transfers only take about a week unless you have limited dealing point products) you should instruct the IFA to lodge a complaint on your behalf.

By control, I mean who has the legal responsibility (i.e. is under contract) to respond to my instruction? If you have a savings account with a high street building society, then when you want to move your money or withdraw it, it has to be the building society that has the responsibility to respond to the instruction.

You appear to be suggesting that it is the platform that is in control, but any complaint should be directed via the IFA. I instructed the IFA to switch the investment between platforms. It turns out that they then instructed the receiving platform to contact the 'losing' platform to make the arrangement. The latter, for one reason or another, has sat on this for weeks. In short, none of these three companies has acted in a professional or business like manner. There is culpability somewhere.

dunstonh

By control, I mean who has the legal responsibility (i.e. is under contract) to respond to my instruction?

The platform in that case.

ou appear to be suggesting that it is the platform that is in control, but any complaint should be directed via the IFA.

You can complain to the platform directly but you can ask the IFA to do it for you. That is part of the reason you use an IFA. Sometimes the IFA may need to get your involved but an IFA can put in a formal complaint on your behalf.

Tycho_2

dunstonh wrote: »

The platform in that case.



You can complain to the platform directly but you can ask the IFA to do it for you. That is part of the reason you use an IFA. Sometimes the IFA may need to get your involved but an IFA can put in a formal complaint on your behalf.

OK; thanks for the advice:)