Rules on transfer time

50Twuncle

I am having problems in transferring both ISA's and OEIC's from one investment company/provider to another
Whilst the ISA's have transferred in "reasonable" time - the OEIC's have taken a month (and counting...)
Is there any rule stating the max time allowed and what my compensation should be ?
I am blaming the "old" company - the new one appears to be trying......

SnowMan

Are you

a) doing an in specie transfer (known as re-registration) where the investments move over to the new platform or fund manager 'as if' without being bought or sold?, or

b) is the old provider selling the funds and transferring as cash so that you can buy funds on the new platform (or with the new provider)?

If it is a) then the requirement is only that it is done in a timely manner see this thread. In reality most re-registrations aren't taking place in a timely fashion.

If it is b) then transfers don't tend to take long, I've just done one of a small ISA fund that took about a week. You may be out of the market for a week or so. Losses or gains can happen while you are out of the market but provided this isn't too long then that is part and parcel of transferring (as opposed to re-registering where this risk is eliminated)

What loss do you think you have suffered?

Could do with some detail on how the existing funds are being held (with a specific platform or direct with the fund manager) and where the funds are moving to.

50Twuncle

SnowMan wrote: »

Are you

a) doing an in specie transfer (known as re-registration) where the investments move over to the new platform or fund manager 'as if' without being bought or sold?, or

b) is the old provider selling the funds and transferring as cash so that you can buy funds on the new platform (or with the new provider)?

If it is a) then the requirement is only that it is done in a timely manner see this thread. In reality most re-registrations aren't taking place in a timely fashion.

If it is b) then transfers don't tend to take long, I've just done one of a small ISA fund that took about a week. You may be out of the market for a week or so.

What loss do you think you have suffered?

Could do with some detail on how the existing funds are being held (with a specific platform or direct with the fund manager) and where the funds are moving to.

I am selling the old funds and starting afresh with new investments with a new company
I think that the losses would be the lack of "interest" from the time that the value was set/agreed to the time that the transfer actually takes place !
The ISA's transferred in about 2 weeks - but the OEIC's are still with the original company after a month !!
Sending you a PM

dunstonh

Whilst many platforms support re-registration on ISAs. Not many support it yet on unwrapped unit trust/OEICs. Have you asked the original company if they do that method?

SnowMan

21Twinkle wrote: »

I am selling the old funds and starting afresh with new investments with a new company
I think that the losses would be the lack of "interest" from the time that the value was set/agreed to the time that the transfer actually takes place !
The ISA's transferred in about 2 weeks - but the OEIC's are still with the original company after a month !!
Sending you a PM

I am not aware of specific timescales for transferring as cash.

Until the old investments are sold then of course they will go up and down in value along with the underlying investments. So the loss of interest is only really from when the investments are sold and the new investments purchased.

Of course you are subject to fluctuations through market movements while you are out of the market (which is really the 'interest' lost) and differing performance of the old and new funds during any delay.

Most 'platforms' terms and conditions say something along the lines that when they get an instruction to transfer as cash that they will sell at the next valuation point (or something like that). It then takes about a week for the proceeds to settle (standard and often set out in the terms and conditions) and then as often as not a cheque is posted to the new platform (isn't technology great?).

So it the settlement process and the sending on the cheque that delays things.

If you are unhappy with what has gone on find out the trail of what has happened. When did the new 'platform' send the transfer form onto the old provider. When did they receive it? When did they act on it? When did they send on the cheque? That sort of thing? That will help determine what has gone wrong if anything.

The way to avoid the probems of cash transfers is to re-register funds. However providers sometimes charge for this at up to about £30 per fund (I don't know the charges of the 'platforms' you mention in your PM, I vaguely recall one doesn't charge). However it isn't always possible if the funds which you are moving to aren't offered by the new 'platform' which is likely here.

50Twuncle

My FA has made a formal complaint to the company that I am leaving - they have not only made us "jump through hoops" but have required us to manufacture these hoops too !!

50Twuncle

Still no payments received from one of the companies involved (a BIG multinational) - it has taken over a month

Is there a standard rate for compensation ?