Iii

sorcerer

masonic wrote: »

When my transfer completed, HL wrote to me and stated any further income they received from my investments would be forwarded to II by cheque.

perfect thanks masonic.

planteria

this is all increasingly worrying, imo

it shouldn't take 12 weeks, should it?:think:

masonic

planteria wrote: »

this is all increasingly worrying, imo

it shouldn't take 12 weeks, should it?:think:

We were all warned by malfesto back at the beginning of February that it could take as long as 12 weeks.

planteria

so our eyes were open masonic, but do you think it is reasonable? i really hope that things will be sorted with II, the website will improve, and the CS will be joined-up.

masonic

planteria wrote: »

so our eyes were open masonic, but do you think it is reasonable? i really hope that things will be sorted with II, the website will improve, and the CS will be joined-up.

Don't get me wrong, I think it's crazy that it takes so long. A month would be a more reasonable timeframe. Hopefully this will be put under the spotlight and improved like cash ISA and current account transfers were.

le_loup

I agree a month should be long enough ... but even that is too long. If banks can be made to make account swaps in a week including shifting the DDs and DCs, this should be no different.
New broker - Old broker
Old broker - fund/share managers
Fund/ share managers - new broker
Say no more than a week for each - three weeks tops, and that's if paper is involved.

amandajc

For some reason this type of transfer still seems to have to be done via paper (despite fast transfer in theory being now available . ) In the light of this article and, as I have just had to start my transfer all over again because I mistakenly supplied the wrong address for my previous fund manager, I recently asked both sides (Royal London/CIS and iii) if things still had to be done by paper and was told "unfortunately so".

Hopefully things will improve in the future, and maybe the current problems due to demand will speed up progress on this, but that doesn't really help those of us still in the middle of it at the moment.

I'm pretty sure that it's not something that is down to mismanagement by iii though, and from this point of view, it doesn't give me any cause for concern as regards their service in general.

gterr

amandajc wrote: »

I'm pretty sure that it's not something that is down to mismanagement by iii though, and from this point of view, it doesn't give me any cause for concern as regards their service in general.

I tend to agree. I have transferred my Fund and Share account from HL to iii, and my ISA from HL to CSD. Both transfers were initiated in February, and both transfers are at much the same stage: funds have disappeared from HL, and some but not all have arrived at the new platform. Cash is stuck at HL. I've had recent communications from both iii and CSD telling me that they keep prompting HL to complete.


I'm also looking after similar transfers for two other family members, with the same outcome. One family member has an ISA with just one single fund, but that's still with HL, and no sign of any movement at all. HL told me in a secure message on 7th April that the cash associated with my accounts would be sent on by cheque "within the next few days". It seems pretty clear to me that the hold up is with HL, not iii or CSD.

naedanger

gterr wrote: »

It seems pretty clear to me that the hold up is with HL ...

This is my experience as well. I have a transfer that is still ongoing. I have been corresponding from time to time with both HL and my new provider and it seems clear from the correspondence I have seen that the delay is due to HL.

Once the transfer is eventually completed I intend to complain formally to HL about the very long delay. If they do not admit their service was well below acceptable standards and apologise then I will probably take my complaint to FOS. I believe I have enough evidence to show, on the balance of probability, the cause of the delay was HL's failure to follow clear instructions despite repeated reminders.

Yorkshirebornandbred

I have this year transferred 5 separate pension funds to iii from Friend Life and NPI and an ISA from Fidelity. All of the transfers took less than a month. It does seem that most people who complain about delays are comimg from HL.