Vanguard ISA transfer delay 87 days and counting

Daximum

I started my ISA transfer on the 11th February. Natwest cash ISA to Vanguard Stocks and shares ISA. 
Contacted both Vanguard and NW several times in the last 3 months, they both blame each other. Natwest said they are waiting for Vanguard to confirm if they want them to proceed with the transfer. Getting super annoyed now. Especially because if the transfer was completed in 30 days as it should have been, the market was the lowest..
Made a formal complaints and ready to take it further to the Ombudsman. 
Has anyone experienced such long delays? 
If I do end up taking the case to the Ombudsman, what can I expect?

Aminatidi

My mum transferred a S&S ISA to Vanguard and that was kicked off literally on or around the 11th February as I think that's the date she opened the Vanguard account.

It finally went through last week.

I have to say the customer service from Vanguard was very good and she didn't lose out as it was an in-specie transfer but I was surprised at just how long it took to go through.

The transfer was from Fidelity so supposedly electronic and "paper free" which I took to mean it would go through quicker.

I'm guessing some of it will be staffing levels due to the current situation.

Stargunner

Your ISA with Nat West should still be invested so you should have benefitted from the market recovery since the end of March. Is your ISA with Vanguard open to allow you to pay in up to your £20k annual allowance.

Albermarle

Your ISA with Nat West should still be invested

It was a cash Isa....

New_World_Man

I started my transfer from Utmost to Vanguard at the end of February. Cash account so no shares to be sold. Not finished yet. Good communication from Vanguard and I have to chase Utmost. Latest is that Utmost need Vanguard to confirm their account details to send them the money. Alas, Utmost wrote to me to ask for these details. Sure they could have just asked Vanguard. Not rocket science. Client perception is important in all walks of life. I am in no particular rush for the transfer but Vanguard have been pro-actively communicating with me and Utmost only seem to react when prompted.

xylophone

If this were an in specie transfer I wouldn't be at all surprised.

But cash !!!!  And let's not drag out the tired lockdown excuse - you requested a simple cash transfer on 11 February, a good six weeks before lockdown commenced. 

This is utterly ridiculous and in your position I would be making a formal complaint to Vanguard whose responsibility it is to arrange the transfer.

Albermarle

Maybe the first negative thread I have read about the blessed Vanguard on this forum 

newatc

It's probably not Vanguard as they are on the receiving end.
I confess I'm getting a little annoyed with lockdown excuses for things that should almost be routine.

Aminatidi

Albermarle said:

Maybe the first negative thread I have read about the blessed Vanguard on this forum 

Speaking for my experience using them for my mum I must admit I was almost expecting some kind of saint-like experience from start to finish

To be fair their website is OK but there are some bits that I think are not as clear and intuitive as other providers I've used personally.

For example my mum kept receiving "we haven't received your signed transfer form yet" reminders from them even though Fidelity is an electronic transfer.

Part of me think they're cheap so fair enough but part of me thinks they're huge enough to sort it so it's a bit frustrating even though I guess it's just personal opinion.

Again though the thing that did reassure my mum was that their communication was good and I can't think of any time she asked a question where they didn't reply within 24 hours.

Swipe

Oh dear. That doesn't bode well for my Nationwide cash ISA transfer I started this week.

dunstonh

Alas, Utmost wrote to me to ask for these details. Sure they could have just asked Vanguard.

I believe that Utmost are not using the Options transfer system but the old paper method.   Normally with that method, you get the discharge forms from the ceding scheme, sign them and send them to the receiving scheme with your application (which may be done online so the only thing you send the receiving scheme is the discharge form).  The receiving scheme then send the discharge from along with their pension scheme details and bank account to the ceding scheme and await the transfer to complete.  If you didnt complete discharge forms, then that is why you have this delay.    If both providers use the Options transfer system then this is not an issue as it electronically passes that data and doesnt require the discharge forms.

but Vanguard have been pro-actively communicating with me and Utmost only seem to react when prompted.

That is to be expected as the receiving scheme drives the process.   The ceding scheme reacts to it.

However, your issue is a pension transfer and that is different to an ISA transfer.

On to the subject of this thread....

I started my ISA transfer on the 11th February. Natwest cash ISA to Vanguard Stocks and shares ISA. 
Contacted both Vanguard and NW several times in the last 3 months, they both blame each other. Natwest said they are waiting for Vanguard to confirm if they want them to proceed with the transfer.

Whilst many S&S ISAs use the electronic transfer system, many cash ISAs still use a paper based one when its cash ISA to S&S ISA.    When you get issues like this, its often because the address used is incorrect.   For example, if you apply online with no paper forms and you are asked who your existing ISA provider is, you are often given the choice to select a provider or type in the name and address manually.     Where the provider name exists, the address is added automatically.   However, usually, that address is the stocks & shares ISA department and not the cash ISA department.  So, do you recall if you selected Natwest or you had to type in the address for Natwest?  If you typed in the address, did you use the right address (i.e. not your branch and not the S&S ISA address).   I use two FNZ based platforms (FNZ is the software supplier that Vanguard use) and if you select Natwest with them from the list, it fills in the S&S ISA address details.  Not the cash ISA transfer address.

The address you use for cash ISA transfers is:

ISA Transfer Team, RPO Chatham, Waterside Court, Chatham Maritim, Chatham, ME4 4RT

it is different to S&S ISAs.

It is possible that Vanguard are sending through electronic requests to the wrong part of Natwest and Natwest are sitting there waiting for for the information but are not getting it.

Cash ISAs to S&S ISAs are nearly always best inputting the address manually and not selecting the provider from the list.