Transferring S&S ISA From Fidelity To CSD - How Long?

ChopperST

As the title.

I am transferring an old S&S ISA from Fidelity to Charles Stanley Direct. With the referendum looming I sold out of all of my investments at the start of the month so I only have cash sitting there at present which I assume makes the transfer easier.

Has anyone made the switch to give me an idea how long/smooth the process will be?

Thanks.

JohnRo

In my experience, moving the contents of an account from Best Invest to CSD a few years ago, it's the company sending that drag their feet. I think it took a few weeks and I wasn't pleased, CSD customer service confirmed the date their letter had been sent and that BI had responded so had received the instruction.
I have vague memories of contacting them a few times to try and speed up the process, whether it did or not I'll never know but it took them far too long imo.

ChopperST

Thanks,

While my Fidelity account is sitting as cash I'm hoping it will make the process easier but time will tell I guess!

TrustyOven

ChopperST wrote: »

As the title.

I am transferring an old S&S ISA from Fidelity to Charles Stanley Direct.

... SNIP ...

Has anyone made the switch to give me an idea how long/smooth the process will be?

I did the same transfer, but last November.

Fidelity messed up the transfer (transferred only one of the 6 holdings), and I had to contact them and CSD to tell them about their mistake. They then did a second transfer with the rest of the portfolio and gave me an extra payment to cover shortfall in investments during the time I was out of the market due to their mistake.

I can't tell you at the moment which day I initiated the transfer, but I can say:

Last normal purchase with Fidelity: 20/10/2015
Fidelity portfolio liquidated: 10/11/2015
First part of the portfolio transferred to CSD: 17/11/2015
The rest of the portfolio transferred to CSD: 24/11/2015
First actual purchase at CSD: 26/11/2015
Fidelity sent "compensation" to cover being out of market: 15/12/2015

Hopefully that gives you some idea of the timings involved.

ChopperST

Thanks,

I have contacted CSD via their secure messaging service. As I am in cash it does make the process simplier and they have estimated 15 working days to complete the process.

Will report back if this is the case.

TrustyOven

Oh I found a scan of my trasnfer form, if it makes any difference / helps you...

I signed and dated the form on the 26/10/2015 (I think I dropped it into the postbox the next day) - but I don't know how soon after posting they would have received it and acted on it.

ChopperST

I have my answer - I posted the forms for the transfer on 28.6. Received confirmation from CSD they were received the paperwork on the 29.6. Funds arrived in my CSD account yesterday.

6 working days from them receiving the request to transfer for it being complete was all it took. Hope this helps anyone considering the same in the future.