Length of time to transfer a S&S ISA?

MaxterMind

Once a new S&S ISA provider has e-mailed the current S&S ISA provider to inform them that an ISA transfer has been requested, approximately how long might this take to complete? Only cash in the S&S ISA, no investments.
Thanks.

Alexland

How long is a piece of string? If it's a cash balance transfer it can be done in a few weeks but if it's a transfer of asset(s) then it can take a lot longer for them to be reregistered to your new account and even longer if there is a dribble of dividends due into the old account. Also depends on the backlog of other people's transfer applications that the old or new provider are already sifting through, if any paperwork gets lost in the post and if the transfer teams involved are adequately resourced and motivated.

MaxterMind

Alexland said:

How long is a piece of string? If it's a cash balance transfer it can be done in a few weeks 

It's just a cash transfer. I had hoped maybe it might take a few days, but from your post above it would appear that that won't be the case.

Alexland

MaxterMind said:

It's just a cash transfer. I had hoped maybe it might take a few days, but from your post above it would appear that that won't be the case.

Really depends on the providers - which are we talking about?

eskbanker

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

MaxterMind

ISA provider that I'm transferring to e-mailed current S&S ISA provider over  3 weeks ago to initiate transfer. They then did a follow-up e-mail to them again about a week ago as they hadn't heard from the current provider.

I telephoned current ISA provider after hours, and they inform me they have no ISA transfer in progress. 

I'll have to contact the current ISA provider transfer team directly.

DireEmblem

It does seem a long time to transfer cash or stock.  I mean the 3-6 weeks in a digital age.

MaxterMind

DireEmblem said:

It does seem a long time to transfer cash or stock.  I mean the 3-6 weeks in a digital age.

It's only cash as has to be in this form in order to transfer. Any stock was sold weeks ago to facilitate this.

Thrugelmir

MaxterMind said:

ISA provider that I'm transferring to e-mailed current S&S ISA provider over  3 weeks ago to initiate transfer. They then did a follow-up e-mail to them again about a week ago as they hadn't heard from the current provider.

I telephoned current ISA provider after hours, and they inform me they have no ISA transfer in progress. 

I'll have to contact the current ISA provider transfer team directly.

Probably the admin team is busy with actions relating to the demands of clients in relation to the end of the tax year. Not good timing to initiate a transfer. 

MaxterMind

eskbanker said:

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

Would you suggest contacting the Financial Ombudsman Service as soon as the 31 day point is reached without the transfer occurring, or continue waiting?

underground99

MaxterMind said:

eskbanker said:

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

Would you suggest contacting the Financial Ombudsman Service as soon as the 31 day point is reached without the transfer occurring, or continue waiting?

When it gets to longer than the 30 day period, you  would have a good reason to complain to the company in writing. But after receiving your complaint, the company then needs some time to consider and reply to your complaint, and the clock won't start ticking on that until they have received your complaint.

If you are not happy with their response and remedy after giving them enough time to sort it (usually 15 days for complaints on payment services or 8 weeks for most other types of financial services complaints), then you can escalate your complaint to the FOS. You can do it earlier than that if the company has already said it's given you a formal resolution and is not going to do anything more about it.

But in short, no you can't just go running to the FOS if you think they are late. If you don't like the service, complain, and when they respond in writing they will give you a summary of your complaint, whether they accept it or not, and what they propose to do about it, and will explain that you have the right to complain to the FOS if you don't like their resolution.

The FOS isn't a service for complaining about things you don't like. It's for complaining about the fact that the regulated financial services business has wronged you and that their complaints process didn't bring an adequate resolution for your loss or problem.