Td direct transfer to iweb very slow

philng

Initiated transfer to iweb 25 october with the non isa account going through fine.

However both mine and wife isa account still not done. Iweb say they have contacted iii 3 times and received no response. Iii claim they have not had these contacts but are inundated with transfer away requests.

Anyone else having an issue? Probably sums up why i am transferring as totally not impressed with iii where my account was held prior to switching to td direct.

Seems they have under estimated how many will want to leave.

System

I am transferring my ISA from TD Direct to IG and ii acknowledged the receipt of the request from IG on 7th November. According to the transfer tracker on the ii website, they will contact IG on the 1st December to arrange the transfer! I transferred my dealing account from TD Direct to IG a few months ago and that only took a few weeks.

quaybab

Had a similar issue about 5 years transferring from iii to iWeb. I put a complaint in at the FOS about iii, iWeb and cofunds as the brokers were blaming the fund intermediary during the 3 month process. FOS said it was reasonable.
In the past, cash to S&S ISA (paper) transfers took just over a week, 2 weeks for transfers including equities (TDW to iii).
If I was in your position, I'd put a complaint into iWeb & TD and transfer somewhere else since iWeb are scaling back their business.

cloud_dog

quaybab wrote: »

... since iWeb are scaling back their business.

Have I missed something regarding iWeb?

xylophone

since iWeb are scaling back their business.

Do you have a link to this information?

Optimist

Neither mine or my wifes ISA have been actioned by TD Direct. Now a month in and IWEB say no response from TD Direct. Must say I had the same issue with III when I moved from them to TD Direct !

I note the TD direct site is down this weekend for "planned development"

Archi_Bald

I had confirmation by letter from iWeb for my ISA transfer request within 2 working days of sending them my request, and then an email confirmation from TD Direct / II a couple of days later. They are saying "Transferring assets can take up to 6 weeks, sometimes longer, depending on the complexity of the investments being transferred but we’ll work closely with IWEB to make sure this happens as quickly as possible." We'll see, I am only a couple of weeks into the process.

greenglide

My transfer of ISA and unwrapped investments from TD to HL took less than fortnight. It completed last week.

Was these TD or legacy II accounts? Until II move all their II accounts to the TD platform they will have to handle them differently.

bowlhead99

Archi_Bald wrote: »

I had confirmation by letter from iWeb for my ISA transfer request within 2 working days of sending them my request, and then an email confirmation from TD Direct / II a couple of days later. They are saying "Transferring assets can take up to 6 weeks, sometimes longer, depending on the complexity of the investments being transferred but we’ll work closely with IWEB to make sure this happens as quickly as possible." We'll see, I am only a couple of weeks into the process.

I am moving one of my ex TD accounts to Youinvest. Like you I had that email soon after I had the confirmation from the transferee broker that they had received my request.

That was 6 November ; this week 22 November I had a confirmation from TD/ii that 'the following securities have been transferred' ; the item listed was just my nominal amount of cash, £30 or so. As of earlier this week (ii website offline today) the cash was still showing on the ii account while as of today the cash isn't showing in my Youinvest account.

But as you say, it's not 6 weeks yet so I will wait and see what happens to the rest and when.

quaybab

xylophone wrote: »

Do you have a link to this information?

There's no link as they are keeping hush about it unless your a customer but it covers a fair few ETFs they offer.

lejog2003

quaybab wrote: »

There's no link as they are keeping hush about it unless your a customer but it covers a fair few ETFs they offer.

IanManc has summed up the situation perfectly, all platforms are either start providing research for these funds or withdraw them. I assume since there hasn't been an outcry about other platforms, that few other platforms offer these complex assets anyway. I would guess if you want access to these funds, you'll have to pay for investment advice.

There's lots of new MiFID II regulations coming into force on 3rd Jan. Its hardly hush hush, they apply to the industry EU-wide.