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Alliance Trust ISA Transfers

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Their website says they can only do "cash" transfers into an S&S ISA at the moment.

Does anyone know why this is the case or when it may change? No, I haven't asked them yet before anyone says it :)
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Comments

  • sjp999
    sjp999 Posts: 146 Forumite
    Eighth Anniversary 100 Posts
    Aren't all S&S ISA transfers in done as cash?
  • MallyGirl
    MallyGirl Posts: 7,201 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    no - you can do 'in specie'
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  • noh
    noh Posts: 5,817 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 27 February 2018 at 10:33PM
    rathernot wrote: »
    Their website says they can only do "cash" transfers into an S&S ISA at the moment.

    Does anyone know why this is the case or when it may change? No, I haven't asked them yet before anyone says it :)

    Can you link to where it says that on their web site?
    I am unable to find it.

    Edit: I have now found it.
    https://atonline.alliancetrust.co.uk/atonline/register/ApplicationStep1.action

    I think it is self explanatory

    "We are currently in the process of introducing new technology to support transfers and to make the process faster and easier for our customers. To aid this transition, we are only accepting cash transfers at this time."
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    rathernot wrote: »
    Does anyone know why this is the case or when it may change?

    Because they are overwhelmed at the moment and haven't got enough staff to cope. Alliance Trust's service has been shocking for months.

    The stuff about technology is a cover - you can introduce new technology while still using the old processes until it's in place. They are still accepting in-specie transfers for people who already have accounts, and there is no technological reason why they couldn't do the same for people who want to open new ones - they just haven't got the staff.

    When will this change - either when they hire enough staff to provide normal levels of service, or enough customers leave the platform in disgust that the staff can cope.
  • xylophone
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Are you sure that you wish to contemplate an in specie transfer?

    I don't think I could face it again....

    https://forums.moneysavingexpert.com/discussion/5782468
  • ArchBair
    ArchBair Posts: 153 Forumite
    I have just completed an in specie S&S ISA from Fidelity to iWeb and it was done with no problems over a4/5 week period. I must say Fidelity did not put up any barriers so I didn't need to contact them or iWeb but just watched the transfer outs online as and when they occurred.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    xylophone wrote: »
    Are you sure that you wish to contemplate an in specie transfer?

    I don't think I could face it again....

    https://forums.moneysavingexpert.com/discussion/5782468

    Is that, perhaps, more an issue to do with Interactive Investor, rather that in specie transfers per se?
  • xylophone
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    perhaps, more an issue to do with Interactive Investor,

    There are problems with II but I fear that there are also problems as far as I can make out between the custodians/fund managers...

    Really it has been nothing but delay, error and frustration and my transfer is still not complete (wrong number of units on one fund/dividend problems/ date discrepancies....)

    It is time that the FCA forced the institutions to complete a transfer efficiently and within a set time period- it is obvious that it can be done within days rather than months - it is a case of requiring the institutions to act professionally and in the interests of the investor.
  • I started the process of transferring my SIPP to ATS last October and have been billed since November.

    Last week I finally got most of my SIPP in place but there are still 3 funds lost in the ether somewhere with no suggestion of when this may be resolved.

    My email request for the refund of the fees from last November didn’t receive a reply.
  • jimjames
    jimjames Posts: 18,650 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ArchBair wrote: »
    I have just completed an in specie S&S ISA from Fidelity to iWeb and it was done with no problems over a4/5 week period. I must say Fidelity did not put up any barriers so I didn't need to contact them or iWeb but just watched the transfer outs online as and when they occurred.

    Same here. Fidelity to iWeb was an effortless move on my part
    Remember the saying: if it looks too good to be true it almost certainly is.
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