Transfers of S&S ISA from HL to II

amandajc

Yes, I suppose that it's the usual story with new technology and the inevitable teething problems, when it goes well it is a big improvement on the clunky old systems but when things go wrong they need a lot of sorting out.

However, I wonder why iii seem to be late on the uptake with the new system and when they are thinking of adopting it. So far I have been waiting for 6 weeks for a transfer from RLUM (CIS). Only two funds are involved so I would have thought that this would probably have been quite a simple transaction?

It's the lack of communication about the progress of the process that is the most worrying aspect but I feel obliged to wait until at least 8 weeks are up before making enquiries.

masonic

amandajc wrote: »

However, I wonder why iii seem to be late on the uptake with the new system and when they are thinking of adopting it.

iii uses Cofunds for the funds part of its platform, and that is on the list.

So far I have been waiting for 6 weeks for a transfer from RLUM (CIS). Only two funds are involved so I would have thought that this would probably have been quite a simple transaction?

It's the lack of communication about the progress of the process that is the most worrying aspect but I feel obliged to wait until at least 8 weeks are up before making enquiries.

Each fund is transferred independently, so I don't think the number of funds involved will have an impact. A clear description of what the process involves would be very helpful, as well as updates confirming, for example, that requests have been forwarded to the fund managers etc.

robertoli

I started a transfer from ATS to II almost 3 months ago for my ISA and a week or two later also kicked off a SIPP transfer from H-L.

Neither are complete, not even partially. Yes, I am starting to lose the will to live with them.

My cash and holdings have disappeared from ATS about 3 weeks ago and haven't appeared in II. They don't seem to know what's happening and tell me they are checking with the other provider etc. but cannot give an ETA for the transfer to be completed. They told me they are treating it as a complaint etc. I couldn't really care less, I just want the transfer done.

Although I don't seem to be getting charged by any provider at the moment, it's not giving me a lot of confidence. Equally, like others here, I'm not too fussed about being unable to trade. But, it is starting to get frustrating. I'm now wondering about asking for the transfer to be canceled and go back to ATS but suspect this would cause even more carnage and I will never see my ISA again....

As for my SIPP, given the trouble they've had trying to handle one transfer so far, I've not even bothered asking about it. I'm hoping it might be done within the next 3 months perhaps. (To be fair, the last time I did a SIPP about 3 years ago it also took several months). Also starting to regret this as well...

What to do? Hopefully they will pull their fingers out soon and all will be well but apart from hope, I don't have much to go on.

Suspect it's dozens of temporary staff getting paid slightly above minimum wage punching through the paper work for each transfer one-by-one...

If it ever completes, I'll let you all know...!

amandajc

One good thing - iii have credited me with £30 extra free trading commission this quarter so I take this to mean that they are at least in the process of transferring my ISA and so have initiated the transfer offer (even if they aren't talking to me about it)

Geoffo_M

masonic wrote: »

Coming back to your point about the deals you placed immediately prior to your transfer, did you wait until after the settlement date (usually 4 working days after the contract date) to initiate the transfer, or could the new units have been unsettled at the point the transfer process kicked off?

I cut it pretty close myself, placing a fund switch on the same day I posted my transfer form to II, but because HL sent me its own form to confirm the transfer a few days later, I was past the settlement date by the time HL confirmed it was in the process of transferring my holdings to II and I didn't suffer any split holdings. I suspect if I had been even a couple of days earlier with the transfer forms HL would have prepared paperwork based on my original holdings and I'd be in the same boat as others who have dealt during their transfer.

No, really good point thanks, I didn't - I've looked back and bought them both on the 4th February but the settlement date wasn't until the 10th - and my request to transfer was on the 6th - right in the middle, I just didn't realise the implications at the time. What does that mean now then, I presume it will all filter across in the end, will it just mean I'll have to wait a lot longer for those two? No chance of them just disappearing into the ether is there?

Geoffo_M

robertoli wrote: »

They told me they are treating it as a complaint etc. I couldn't really care less, I just want the transfer done.

Yes II have told me the same thing - I think that just means they are acknowledging that they are into the official complaint procedure as directed by the FCA where they have to reply to you within a set number of weeks, think it's 4 -and then if you're not happy with their reply you can take it further to the Financial Ombudsman.

I hope you are lucky, at 3 weeks, it's still quite early for you but some consolation is you can see you are not alone here.

Chickereeeee

Is anybody in the situation of having income paying funds (with income paid out) transferred, and can tell me what happens to the income payments?

Do they stop during the transfer, accumulate somewhere or seemlessly keep paying out?

mike88

Are those who are transferring confident that once the process is over that the platform they are transferring into won't raise their fees? Banks/Building Societies do it regularly with savings accounts and I foresee the same happening with platform charges.

le_loup

Chickereeeee wrote: »

Is anybody in the situation of having income paying funds (with income paid out) transferred, and can tell me what happens to the income payments?

Do they stop during the transfer, accumulate somewhere or seemlessly keep paying out?

I've had the dividends from H-L as normal and none are yet due from the funds that HAVE transferred. I will know at the end of April because one of the successfully transferred fund is due a dividend payment then.

2shy

I am in the process of a SIPP transfer from HL to II.

I asked them when they would expect the SIPP fee. Their reply was once the Funds had been transferred they would take the fees from the account. Selling funds if need be to cover the 120+vat SIPP fee and 50+vat transfer in fee. I said I would rather have funds available to pay for the fees rather than selling funds but could see no way of adding funds to my SIPP just yet.
Their reply.

In response to your enquiry, the charges that will be deducted upon transfer will be your first annual administration SIPP fee of £120 + VAT and a Transfer in cost of £50 + Vat per pension transfer. If you were to deposit these funds into your SIPP account with your current provider, we would take the charge from the cash balance that is being transferred prior to selling any holdings to cover costs.

I have added funds at the HL side to cover, but had originally thought that I could have used some of the £120 transfer in sweetner offered to pay for some of this.... guess I will just need to use it for some trades.

Anyone that has successfully transferred able to add any info on when fees were collected?

TIA