Fund “lost” in platform transfer

daff

At the beginning of June I transferred six assorted funds from Aegon to Halifax.
All but one have turned up, this being a HSBC FTSE tracker.
I’ve rang Halifax a few times but don’t get very far.
Is 8 weeks wait excessive? - the others turned up very quickly.

Is it time to start a written complaint and if so to whom?
I suspect Aegon have done their bit, I have a letter saying funds have been reregistered.

Thanks.

SonOf

Can we assume that you used the re-registration method and not the cash transfer method?

Is 8 weeks wait excessive? - the others turned up very quickly.

Re-registration can take upto 6 months. So, 8 weeks is quick.

Is it time to start a written complaint and if so to whom?

No. 8 weeks is far too early and unnecessary.

I suspect Aegon have done their bit, I have a letter saying funds have been reregistered.

Probably waiting on HSBC. Its usually the fund house that is where the slow bit is.


As you no doubt know from reading the risk warnings, the re-registration method is much slower than cash transfers and you are warned about the longer delay. So, this should not be surprising you.

daff

OK thanks
Tho Halifax site says transfers “Once we've received a valuation from your other broker transfers usually take around 2 to 3 weeks if you're moving cash or UK stocks”
The other stock turned up in a couple of weeks.

Tom99

They used to have a email address and were very helpful in the past, it was:

[EMAIL="customercare.hsdl@halifax.co.uk"]customercare.hsdl@halifax.co.uk[/EMAIL]

However Halifax Bank as such do not have an email address as they tell me they have numerous other ways I can contact them.

londoninvestor

Tom99 wrote: »

They used to have a email address and were very helpful in the past, it was:

[EMAIL="customercare.hsdl@halifax.co.uk"]customercare.hsdl@halifax.co.uk[/EMAIL]

However Halifax Bank as such do not have an email address as they tell me they have numerous other ways I can contact them.

Is there a Live Chat facility? There is for Lloyds Sharedealing (which is basically the same platform). I found them very responsive when I asked them about the progress of my transfer. I'm not sure my chasing them accelerated anything, but at least I knew nothing had been "lost".

masonic

daff wrote: »

OK thanks
Tho Halifax site says transfers “Once we've received a valuation from your other broker transfers usually take around 2 to 3 weeks if you're moving cash or UK stocks”
The other stock turned up in a couple of weeks.

Not for funds in my experience.

Is the HSBC FTSE tracker a fund or an ETF? Were the other holdings you transferred funds or stocks? Different timescales apply to each and stocks may well transfer more quickly.

SonOf

daff wrote: »

OK thanks
Tho Halifax site says transfers “Once we've received a valuation from your other broker transfers usually take around 2 to 3 weeks if you're moving cash or UK stocks”
The other stock turned up in a couple of weeks.

It is quicker than it used to be but Halifax have been optimistic on that. yes, some take a week or two. Some take a month or two. Some take many months. Their warning really out to warn you of worst case scenarios rather than best case.

londoninvestor

SonOf wrote: »

It is quicker than it used to be but Halifax have been optimistic on that. yes, some take a week or two. Some take a month or two. Some take many months. Their warning really out to warn you of worst case scenarios rather than best case.

That 2-3 weeks does stipulate that it's for cash and stocks though. Do they state a time for funds? (If they don't indicate that funds take longer, then yes they're being overoptimistic.)

dividendhero

I'm in middle of a transfer from JP Morgan to Halfax..progress is glacial.:mad:

Don't get why a share transfer takes so long, I've had a house transferred in less time and buying/selling a block of shares takes about 10 seconds

masonic

dividendhero wrote: »

Don't get why a share transfer takes so long, I've had a house transferred in less time and buying/selling a block of shares takes about 10 seconds

The answer to that question is that the reregistration process is manual and paper-based. It involves sending a paper application to the relevant fund house or company, who then have to process it and send a paper confirmation back. This is not a core activity, nor one that generates any revenue, so it is fairly low priority.

xylophone

Some while back I transferred in specie from II to iweb.

Six months of blood, sweat and tears....

I would never again transfer in specie.