ISA transfer initiated 28.12.20 still not complete, advice if possible

shaz4473

Hi, I initiated a transfer of stock and shares isa on the 28th December 2020 and the transfer is still not complete.  I have emailed the transfers team at the receiving company twice in February for an update (most of the investments were showing a completion date in February but there were 5 that had not been completed) but did not receive any response and then contacted customer services on the 3rd March ( advised it would be complete within a week), 9th March (advised would be complete within a couple of days) and finally 16th March when I was told that they were awaiting valuations on 5 investments and had not had any contact from the ISA provider that my funds were being moved from.    I realised when I started the transfer that my ISA would be out of the market for a period of time but is this acceptable and can I do anything about it?  
Any advice is greatly appreciated 

dunstonh

Is it a cash transfer or an in-specie transfer?
cash transfers tend to take about two to three weeks.   in-specie transfers can take up to 6 months.   
A certain platform is massively behind on transfers at the moment.  

shaz4473

Sorry, I don't know what an in-specie transfer is.  The isa was invested in shares and was being transferred as they were to the new company.

Albermarle

The isa was invested in shares and was being transferred as they were to the new company.

That is what 'in specie ' means . Transfers are a lot quicker , if you sell the investments first and make the transfer in cash.

jaybeetoo

shaz4473 said:

Sorry, I don't know what an in-specie transfer is.  The isa was invested in shares and was being transferred as they were to the new company.

'In specie' is a Latin term meaning 'in the actual form'. Transferring an asset 'in specie' means to transfer the ownership of that asset from one person/company/entity to another person/company/entity in its current form, that is without the need to convert the asset to cash.

You have done an in-specie transfer.  You are not out of the market.  You just can’t sell your investments until the transfer is complete.

Which platforms are you transferring from and to?

smjxm09

I have just started the same process.  I have investments with the Pru via Link Asset Management Ltd, which they will need to convert into a cash bubble before it passes over to Vanguard to buy one of their investments.  The process involved me sending off a paper request to Vanguard who then has to post it on.    With many people working from home who is opening the post?

dunstonh

smjxm09 said:

I have just started the same process.  I have investments with the Pru via Link Asset Management Ltd, which they will need to convert into a cash bubble before it passes over to Vanguard to buy one of their investments.  The process involved me sending off a paper request to Vanguard who then has to post it on.    With many people working from home who is opening the post?

If both sides use the Origo transfer system then its not posted.  If either of them don't then it reverts to the old fashioned way.

cattie

When I transferred from Aegon to Iweb inspecie, it took about 3 months pre covid. I had been warned by iweb beforehand that Aegon could be slow so I didn't worry too much over the time it took, especially as I knew I was still invested.

As your transfer was initiated over the festive period along with the delays from Covid, I wouldn't get too panicked about things dragging on this long, it being the company you're transferring from that is probably on the slow side.

claire111

I am transferring from HL to iWeb inspecie

Application received 4 December, still going through,  iWeb did warn me that HL would be slow......

masonic

claire111 said:

I am transferring from HL to iWeb inspecie

Application received 4 December, still going through,  iWeb did warn me that HL would be slow......

Providers can contribute to the delays, but it's generally the fund houses that are mainly responsible for the timelines. You may find some of your funds transfer quicker than others.

Thrugelmir

smjxm09 said:

With many people working from home who is opening the post?

Far fewer than there were pre Covid. Then the mail has to be scanned. Where it will sit in a work queue for processing.