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Fidelity to iWeb ISA fund transfer issue

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  • granta
    granta Posts: 503 Forumite
    Tenth Anniversary 100 Posts Photogenic Name Dropper
    I sympathise as have experienced a similar issue between 2 other providers when transferring in specie, one of whom was Fidelity. For a different ISA transfer more recently, I decided to sell my funds into cash and then transfer but there was still an issue due to incorrect instructions/miscommunications between the two. Has required many phone calls and messages.
    In my case, raising a complaint did help as the complaints manager become a useful contact point to the transfer team in getting things resolved and moved on more quickly. I think I remained polite but it was very frustrating and time consuming!
  • Thanks again for the comments.
    I just wondered what members' thought my next steps, if any, might be. As I noted, I've been onto to both iWeb and Fidelity via telephone several times: as far as Fidelity are concerned it's done and dusted; and as far as iWeb are converned (or AEGON, who are doing the transfer for them) they are still waiting for Fidelity to provide information so they can locate the fund. I'm just a bit concerned that if I leave it no-one will do anything (the customer services reps at iWeb have been a little vague and non-commital as regards what AEGON or their transfer team are doing, and as i said above, it's apparently not possible to speak directly to either of them). I've provisionally planned to wait for the letter of explanation they are apparently going to send me (although I'm not counting on that),  and perhaps give them a call every fortnight or so, or is it best just to wait? A little averse to raising a complaint but I guess that is a possible option at some point. Again, any thoughts  on next steps most welcome.
    Thanks
  • granta
    granta Posts: 503 Forumite
    Tenth Anniversary 100 Posts Photogenic Name Dropper
    Thanks again for the comments.
    I just wondered what members' thought my next steps, if any, might be. As I noted, I've been onto to both iWeb and Fidelity via telephone several times: as far as Fidelity are concerned it's done and dusted; and as far as iWeb are converned (or AEGON, who are doing the transfer for them) they are still waiting for Fidelity to provide information so they can locate the fund. I'm just a bit concerned that if I leave it no-one will do anything (the customer services reps at iWeb have been a little vague and non-commital as regards what AEGON or their transfer team are doing, and as i said above, it's apparently not possible to speak directly to either of them). I've provisionally planned to wait for the letter of explanation they are apparently going to send me (although I'm not counting on that),  and perhaps give them a call every fortnight or so, or is it best just to wait? A little averse to raising a complaint but I guess that is a possible option at some point. Again, any thoughts  on next steps most welcome.
    Thanks
    HI S_B
    Your situation sounds similar mine in some ways, both parties being non committal, no action, blaming each other etc. One of the providers offered to raise a complaint. I first declined this as I didn't want it to hold things up, but actually, once I did agree, it made a big difference, becuase someone else for forced to investigate, and communicate back to me. This is what made the transfer finally go through (it was done in a week once the complaint became formal). I'm still waiting for the outcome of the formal complaint and don't care that much what it will be, but I am most glad that my ISA transfer of a 5 figure sum has finally happened. Maybe registering a complaint with both providers could help your situation? I don't think you have anything lose. I don't normally like complaining, but I am very glad I allowed it (and that they offered it).
  • Dear all,
    Just thought it might be appropriate if I updated members on the issue outlined above. The fund now seems to have made it across to my iWeb account, the apparent issue outlined above now having been resolved. Just to note that after I had gotten a little exasperated with them, iWeb were actually rather responsive, calling me back, mailing and e-mailing to update and reassure me that things were in hand and being processed. Maybe it was just one of those potential delays (in a world where we expect transfers to be immediate). Thanks once again for the input on this. Was appreciated and helped with the interpretation of what was happening with the transfer.
  • Glad you got things sorted Shocking_Blue
    I am just going through the formal complaint process with iWeb after asking me to sign and post the ISA transfer forms for the 3rd time! I should have known better after having issues moving my SIPP to them!
    Apparently from the start of this week it is now possible to phone the iWeb transfer team direct which should hopefully improve things.
  • drphila
    drphila Posts: 334 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Apparently from the start of this week it is now possible to phone the iWeb transfer team direct which should hopefully improve things.
    Thanks for that. Is it the usual number?

  • DireEmblem
    DireEmblem Posts: 930 Forumite
    Part of the Furniture 500 Posts Name Dropper
    edited 1 April 2021 at 11:02PM
    What I am reading from this thread, is that sadly if you want to transfer providers, transfer cash and deal with the time out of market?
  • cattie
    cattie Posts: 8,841 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    What I am reading from this thread, is that sadly if you want to transfer providers, transfer cash and deal with the time out of market?
    That depends on each individual & their circumstances. I did an inspecie funds transfer about 18months ago from Ageon to iweb. Although it did take some time, around 3months in total, I'd been warned by iweb that Ageon could be a little slow effecting transfers. It made no difference to me as I was still invested in my chosen funds, so no time out of the market & I had no intention of selling or switching any of the funds in my portfolio.



    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • Notepad_Phil
    Notepad_Phil Posts: 1,551 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    What I am reading from this thread, is that sadly if you want to transfer providers, transfer cash and deal with the time out of market?
    If time is of the absolute essence then yes, however I personally much prefer the certainty of knowing that if there's a significant rise in the markets then the portfolio being transferred is also rising - especially if the portfolio is on the larger side where a rise in value could have a significant cost if you have to buy back in. There's also the selling and buying costs that you may have to pay if you transfer in cash.
  • drphila said:
    Apparently from the start of this week it is now possible to phone the iWeb transfer team direct which should hopefully improve things.
    Thanks for that. Is it the usual number?

    Sorry for the delay
    No it wasn't an option on the IVR
    The complaints agent I spoke to inferred that you should be given the number on new transfers 
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