AJ Bell ISA Transfer Times

masonic

Billycock said:

dunstonh said:

Starwarsb2b said:

kuratowski said:

Sell the investments, transfer in cash.

But then you are out of the market.  How many days would that be typically?

With most providers/platforms, out of market for about 3-5 days.  I have read posts over the last few months that HL have issues with transfers taking much longer than normal.  I don't know if that is still the case.

I don’t know about transfers to HL but my daughter has been waiting over 3 months for a transfer from HL 
Myself my transfer from Shawbrook to Vanguard took 7 weeks, showing as available cash for investments in my Vanguard ISA wrapper now, trouble is it won’t let me choose investments, sent them a secure message and was told by Remi that he’ll pass it on to his ISA team to see what the problem is, still waiting for a response on the issue.

It is not uncommon for cash to be received by cheque and for the provider to hold the funds until they clear. However, they should not show as available if this is the case.

Billycock said:

As a matter of principle I might just transfer the ISA’s straight out of Vanguard without investing with them. Have to make sure I can take that action first. 

You could do that, but would it be in your interests to do so? Presumably you want to invest the money, how likely is it you'll do that quicker via another provider? Raising a complaint about the length of time it took seems reasonable.

Billycock

masonic said:

Billycock said:

dunstonh said:

Starwarsb2b said:

kuratowski said:

Sell the investments, transfer in cash.

But then you are out of the market.  How many days would that be typically?

With most providers/platforms, out of market for about 3-5 days.  I have read posts over the last few months that HL have issues with transfers taking much longer than normal.  I don't know if that is still the case.

I don’t know about transfers to HL but my daughter has been waiting over 3 months for a transfer from HL 
Myself my transfer from Shawbrook to Vanguard took 7 weeks, showing as available cash for investments in my Vanguard ISA wrapper now, trouble is it won’t let me choose investments, sent them a secure message and was told by Remi that he’ll pass it on to his ISA team to see what the problem is, still waiting for a response on the issue.

It is not uncommon for cash to be received by cheque and for the provider to hold the funds until they clear. However, they should not show as available if this is the case.

Billycock said:

As a matter of principle I might just transfer the ISA’s straight out of Vanguard without investing with them. Have to make sure I can take that action first. 

You could do that, but would it be in your interests to do so? Presumably you want to invest the money, how likely is it you'll do that quicker via another provider? Raising a complaint about the length of time it took seems reasonable.

I have complained, sent another message today basically saying shocking and deplorable, I'm fine about the 7 week wait for the transfer,I expected the transfer to take awhile.However, I'm not fine about the cash being stagnant in my account for 2 weeks in so far. Yes, would be longer drawn out if I was to transfer to another provider. But like I said, as a matter of principle.

masonic

Billycock said:

masonic said:

Billycock said:

dunstonh said:

Starwarsb2b said:

kuratowski said:

Sell the investments, transfer in cash.

But then you are out of the market.  How many days would that be typically?

With most providers/platforms, out of market for about 3-5 days.  I have read posts over the last few months that HL have issues with transfers taking much longer than normal.  I don't know if that is still the case.

I don’t know about transfers to HL but my daughter has been waiting over 3 months for a transfer from HL 
Myself my transfer from Shawbrook to Vanguard took 7 weeks, showing as available cash for investments in my Vanguard ISA wrapper now, trouble is it won’t let me choose investments, sent them a secure message and was told by Remi that he’ll pass it on to his ISA team to see what the problem is, still waiting for a response on the issue.

It is not uncommon for cash to be received by cheque and for the provider to hold the funds until they clear. However, they should not show as available if this is the case.

Billycock said:

As a matter of principle I might just transfer the ISA’s straight out of Vanguard without investing with them. Have to make sure I can take that action first. 

You could do that, but would it be in your interests to do so? Presumably you want to invest the money, how likely is it you'll do that quicker via another provider? Raising a complaint about the length of time it took seems reasonable.

I have complained, sent another message today basically saying shocking and deplorable, I'm fine about the 7 week wait for the transfer,I expected the transfer to take awhile.However, I'm not fine about the cash being stagnant in my account for 2 weeks in so far. Yes, would be longer drawn out if I was to transfer to another provider. But like I said, as a matter of principle.

Things like this can happen anywhere. If, as a matter of principle, this situation requires you to take action that will not be particularly detrimental to the offending party, but will be costly to yourself, then you are of course entitled to do so. However, I'd have thought sticking around, pursuing a complaint, and seeing that you are not left out of pocket as a result of this issue, would be both a better outcome and more satisfying than walking away. It would, for example, be normal for a provider to compensate you for any missed gain in the value of your investments during the time your money was available to invest and the time you were actually able to invest it in practice. Plus a gesture of good will for the inconvenience suffered. Surely extracting such a sum from them is more satisfying than simply taking your business elsewhere? You are unlikely to get much in the way of compensation if you do not give them the opportunity and reasonable time to put things right.

Billycock

Well fair play, I'll be patient and see how things pan out.