Fidelity to iWeb ISA fund transfer issue

Shocking_Blue

Dear all,

I guess this is a combination of a cautionary note and advice seeking. Apologies for the length of the post.

In November last year I requested iWeb transfer of an ISA fund I had with another provider (Fidelity) to the iWeb platform.

On Jan 10th Fidelity finalised the transfer, and confirmed this on my account with them. The fund disappeared from the Fidelity platform.

Since then I’ve been in contact with iWeb as the fund has not yet appeared on my account with them. Here the issue begins:

iWeb have informed me that the transfers are processed through a third party by the name of AEGON. Apparently, AEGON have been unable to complete the transfer onto iWeb as they are still waiting for information from Fidelity. iWeb have said that AEGON have told them that they need something called the ‘deal reference’ to ‘locate’ the fund. I’ve been back on to Fidelity and they are unclear as to what exactly this is, or means. They told me that the transfer had been made through a system called ALTUS, and that all iWeb had to do was to go onto that system and the units were there, ready to be put onto my account. I called iWeb customer services back and told them this and they said the problem was that they only ‘started using ALTUS yesterday’, and any transfers made before then on that system would not be visible to iWeb. I asked them if they could perhaps clarify this with Fidelity but I have had no response.

I've made numerous phone calls to Fidelity and iWeb but the process seems to be stalled and I'm not sure when or if this is going to be resolved (I've not been contacted with any updates).

The problem is compounded by the fact that I’m unable to speak to either iWeb’s internal transfer team directly, or AEGON themselves.

The fund (HSBC Global Strategy Balanced) is still not on my iWeb acount, and I’m now getting concerned. It’s currently, then, a ‘we sent it’ / ‘we can't find it’ situation, which with 20+K is less than ideal.

Just wondered if members her had any thoughts, feedback or possible advice on this. Would be appreciated.

Thanks in advance.

 

ChilliBob

I don't have advice, but I'm questioning if my cash isa transfer, to iweb, was a good idea and if I should invest there or move it again somewhere else!
Hard to know who is at fault here but iweb sound a bit behind the curve

xylophone

A few years back I embarked on an in specie transfer of my II ISA to iweb - it was a nightmare and I vowed that I would never again transfer in specie.

As to where the blame lay I think that iweb were more sinned against than sinning but the intermediary process involved in such transfers is probably the root of the difficulties.

Matters were finally resolved after around six months and I have had perfectly satisfactory service from iweb - I should also say that a relative stayed with II and says that their service has improved vastly over the past couple of years.

You can make a formal complaint - I certainly did but I'm not sure that it sped up the process.

Eco_Miser

ChilliBob said:

I don't have advice, but I'm questioning if my cash isa transfer, to iweb, was a good idea and if I should invest there or move it again somewhere else!
Hard to know who is at fault here but iweb sound a bit behind the curve

This problem relates to to transferring in funds, apparently using a new system. You won't be doing that, so there should be no worries. I've been using Iweb for about six years now, with absolutely no problems.

OP, I'm sorry, but have nothing helpful to add. Your transfer appears to have fallen into the crack between worlds. Be patient, persistent and polite in your communications.

Alexland

Transferring assets between platforms is very hit and miss sometimes it goes very smoothly and other times it feels like pushing an elephant up a hill. The worst transfer I ever had took 9 months. It might take lots of phone calls and chase messages to both sides, you might never get to the bottom of who was to blame, but don't worry your investment is safe and you have to keep the faith that they will get there eventually with enough encouragement.

ivormonee

I have nothing specific to add but am completely confident that your units are not "lost"; ie. they will, at some point once everyone has pulled their finger out, appear on your account with iWeb.
I had something similar before and, whilst I can't now recollect the exact details as it was a while ago, seem to remember that the solution then was that the transfer, involving a third party re-registration, simply had to be re-done manually. It took an extra couple of weeks than it would otherwise have done, but did get sorted out in the end. I am sure the situation you now face is very much the same.

Chickereeeee

I transferred from Fidelity to AJ Bell about a year ago. This took nearly 6 months, which was most certainly down to Fidelity. They failed to read a fund code off of a hand-completed form correctly. Even though name of the fund name was correct, as were the SEDOL and ISIN codes.

jimjames

ChilliBob said:

I don't have advice, but I'm questioning if my cash isa transfer, to iweb, was a good idea and if I should invest there or move it again somewhere else!
Hard to know who is at fault here but iweb sound a bit behind the curve

Cash will be no problem at all. It's fund transfers that can cause issues. In terms of iWeb I've been with them 5+ years with no problems.

IvanOpinion

No idea where you issue lies but I transferred two different ISAs from Fidelity to II and both went through in 2-3 weeks.

Shocking_Blue

Dear all,
Many thanks for your replies. 
The re-assuring comments are a help, as are those that suggest this is not necessarily a completely out of the ordinary experience. I spoke to iWeb again today and asked if their transfer team could perhaps let me know what the issue was, what they were doing to try to resolve it, and how long it might take. Just knowing what's going on would help a lot.
Have also had satisfactory service from iWeb up to this point. 
Will wait to hear from them and hope things get resolved soon.
Thanks again.

happybagger

I have missing funds between L&G and iweb. Three out of four L&G funds were passed through in a month. The fourth L&G fund has gone astray. I've called iweb twice, the last time a fortnight ago, and was told "it's within timescales" and blamed Aegon.

They know the funds are not showing, and they correctly stated the number of units without my prompting, so they are not lying, but it is disconcerting two months on, when three quarters of the funds showed up, but the other quarter doesn't.