Sloooow SIPP transfer

fineclaret

I commenced an in-specie transfer from Fidelity to ii last October. One fund eventually shifted early January, a few more a couple of weeks later, and Fidelity sent a closing statement on Feb 10th, all transfers complete from their end in January. But now, 6 weeks on from that, 3 funds on that list, a third of the pot total, remain invisible to me. In my naivete, all it seems to require is a change of name on some database or other! Repeated questions to ii about this don't inspire confidence that these assets haven't just disappeared down the back of the metaphorical sofa. There seems to be no audit trail, though I'm sure there must be. I've just received a mail indicating I'm back at 'stage 3 of 5: valuation', despite actual transfers having taken place and Fidelity indicating completion. Am I being impatient? Is this kind of glacial turnaround typical in present times?

Mutton_Geoff

I transferred away from Standard Life in specie and they took a total of six months. There has been a recent new rule regarding in specie transfers to make it easier for clients but this has come too late for you.

https://adviserservices.fidelity.co.uk/secure/important-updates/our-approach-new-re-registration-rules/

dunstonh

I transferred away from Standard Life in specie and they took a total of six months.

Standard Life are usually very quick.  Indeed, one of the quickest.  I am guessing it was either Standard Life Wrap or Standard Life Elevate as they are the only two SL offerings that support in-specie transfers (the rest use insured funds.  Although there may have been an old SIPP version available for a short period that could do it).

Often though, it's not just the receiving scheme or the ceding scheme that is involved in the delay but the fund house themselves.

There seems to be no audit trail, though I'm sure there must be.

There will be an audit trail.   However, different platforms take different views on what data they make available.  The quality of the front end and data shared with you should form part of your research when choosing the platform.

Am I being impatient?

In-specie transfers can take up to 6 months.  So, you are not at that point yet but getting close.    Certain fund houses are very quick and others are quite slow.    

The risk warnings should have told you that it could take up to 6 months.

Mutton_Geoff

dunstonh said:

I transferred away from Standard Life in specie and they took a total of six months.

I am guessing it was either Standard Life Wrap

It was. There were 4 funds (out of 20 transferred/sold to cash) that were sticking points. I ended up contacting the fund managers directly who claimed they had not had any instruction from SL. I raised a complaint after the transfers were complete and SL offered me some cash compensation as they admitted they "fell below their usual standards".

fineclaret

@dunstonh:

Often though, it's not just the receiving scheme or the ceding scheme that is involved in the delay but the fund house themselves.

Yes, the main bulk of funds were Fidelity's own, so they just had to elbow someone! Oddly though Baillie Gifford were both the first fund to transfer, days after Fidelity's instruction, and one of the o/s ones 2 months later. Different managers in the same company, of course.

There will be an audit trail. However, different platforms take different views on what data they make available. The quality of the front end and data shared with you should form part of your research when choosing the platform.

I was certainly given to believe that they would take more ownership of the process, and give me more progress info, but it's all been reactive, and non-specific, so it's easy to form the impression they have not even got sight of the missing funds - a false impression I'm quite sure. Fidelity's communication, ironically, has been loads better!

The risk warnings should have told you that it could take up to 6 months.

"If you’d like to transfer in your existing investments then the transfer will take longer - typically 8 to 12 weeks, depending on the type of investments you hold.", it says here. I'm not sure when that 12 week clock starts ticking, but might be forgiven for thinking it starts the day I initiate the process. I'd certainly planned and expected to have it done by April 5th from an October start. Of course, some of it is out of their hands.

Thanks for your responses, anyway; I shall just have to hold tight!

dunstonh

Yes, the main bulk of funds were Fidelity's own, so they just had to elbow someone! Oddly though Baillie Gifford were both the first fund to transfer, days after Fidelity's instruction, and one of the o/s ones 2 months later. Different managers in the same company, of course.

i have had good experience with BG.   I reported an error on their fund data and they were on it and had it sorted very quickly and efficiently.   Other fund houses where I have done similar often dont even bother to get back to you or you forget about it and get a reply two months later that doesn't actually address the problem.

I was certainly given to believe that they would take more ownership of the process, and give me more progress info, but it's all been reactive, and non-specific, so it's easy to form the impression they have not even got sight of the missing funds - a false impression I'm quite sure. Fidelity's communication, ironically, has been loads better!

I think that is in part a servicing issue and a transparency issue.   If you cant see the audit trail you are relying on faith.   If you can see the audit trail you see the dates and times and message on what was done.       The system is a mixture of reactive and proactive with most platforms.   Most will do chasers but when they do the chaser is very much down to the service levels of that platform.  

"If you’d like to transfer in your existing investments then the transfer will take longer - typically 8 to 12 weeks, depending on the type of investments you hold.", it says here. I'm not sure when that 12 week clock starts ticking, but might be forgiven for thinking it starts the day I initiate the process. I'd certainly planned and expected to have it done by April 5th from an October start. Of course, some of it is out of their hands.

I would have added a warning that it can take up to 6 months sometimes.   Most do not but it can and does happen.  So, better to position that than as a possibility.

fineclaret

Well, I wrote this post at the end of March. Daffs just starting to poke their heads up, dawn chorus just starting to chirrup. Now it's cracking the flags, full-on summer, fledglings flown. And still nothing. I sent a formal complaint 6 weeks ago, which was rejected. It's all Fidelity's fault for not responding to calls/emails, apparently. Which is remarkable, because I can get hold of Fidelity! They tell me repeatedly all is complete from their end.

Stuck in the middle. I could complain to the Ombudsman, but it takes 7 months for them to even assign it! And I don't know which company to complain about, since I don't know where fault lies, if anywhere. I certainly don't get the feeling anyone's in the driving seat on this one - while ii assure me they're trying, I get the feeling they are only ever in react mode. 

Marcon

allanm02 said:

Well, I wrote this post at the end of March. Daffs just starting to poke their heads up, dawn chorus just starting to chirrup. Now it's cracking the flags, full-on summer, fledglings flown. And still nothing. I sent a formal complaint 6 weeks ago, which was rejected. It's all Fidelity's fault for not responding to calls/emails, apparently. Which is remarkable, because I can get hold of Fidelity! They tell me repeatedly all is complete from their end.

Stuck in the middle. I could complain to the Ombudsman, but it takes 7 months for them to even assign it! And I don't know which company to complain about, since I don't know where fault lies, if anywhere. I certainly don't get the feeling anyone's in the driving seat on this one - while ii assure me they're trying, I get the feeling they are only ever in react mode. 

Start here, with the section headed 'complaints' - free, impartial and normally the PO would require you to take advice from them before the PO's office will consider a case: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-problems

Should be a lot quicker than 7 months!

Chickereeeee

I am in a similar situation, although  beleive I now have the end in sight. I have been communicating via email with both platforms involved in the transfer, and the most used complaint/excuse was 'the  other side are not replying to my emails'. Several times this was blamed on the the sender using a 'group' address, rather than that of an individual. Numerous times, an email was sent, and the sender did not follow up on the lack of response until I chased them.

Poor communication between platforms meant several dates were missed, and seemed to be the main cause of the glacial slowness. It is only for the delay in transferring the last few holdings that the fund manager is now getting the blame.