Iweb ISA Transfer in - 2months and counting!

Umiamz

IWeb don't seem to know what they are doing. I've just transferred an ISA out from them to HL in record time (thanks to HL) - just less than 6 weeks.

A couple of days after the transfer completed I received an email from IWeb apologising for the delay and saying that they are unable to get the information they require from HL but will continue pressing them and hope to complete the transfer as soon as possible!

masonic

Aylesbury_Duck said:

valiant24 said:

Aylesbury_Duck said:

I've been chasing iWeb after six months, and they're now blaming Vanguard for not yet releasing the funds!  The funds disappeared from Vanguard a month ago now.  This is so frustrating.  And not a little unnerving that between them, two financial companies can't definitively agree where my investments are!  It might be time to go to the ombudsman because I'm fed up of each blaming the other and in the meantime, I can't access or even see my investments.

I am 4 months and counting with transfers from Embark and Selftrade (now EQi, now ii) to iWeb.   Spoke to the iWeb lady again last week and she blames each of the other two, saying they can't cope following takeovers.

As you say the most frustrating thing is to be stuck in the middle, not really knowing whose fault it really is in either case.

I'm fairly certain it's iWeb's fault.  They are the common denominator in all of these examples, it can't be that all the other companies mentioned are simultaneously incompetent or understaffed.  I've had three different answers to the same enquiry in as many weeks on two webchats and one phone call, so they're clearly just saying things to fob me off or kick the can down the road.  They really should have considered halting inward transfers when it was apparent they hadn't got the resources to deal with the existing backlog.  I'll give them another two weeks then I'll be starting the ombudsman process.  After seven months and counting, my patience has run out.

I wouldn't wait. The Ombudsman process itself can drag on and you can always withdraw your case if a resolution is found in the interim. Edit: Just seen the date of the post I replied to, by now you'll have pulled the trigger anyway. Good luck.

Aylesbury_Duck

masonic said:

Aylesbury_Duck said:

valiant24 said:

Aylesbury_Duck said:

I've been chasing iWeb after six months, and they're now blaming Vanguard for not yet releasing the funds!  The funds disappeared from Vanguard a month ago now.  This is so frustrating.  And not a little unnerving that between them, two financial companies can't definitively agree where my investments are!  It might be time to go to the ombudsman because I'm fed up of each blaming the other and in the meantime, I can't access or even see my investments.

I am 4 months and counting with transfers from Embark and Selftrade (now EQi, now ii) to iWeb.   Spoke to the iWeb lady again last week and she blames each of the other two, saying they can't cope following takeovers.

As you say the most frustrating thing is to be stuck in the middle, not really knowing whose fault it really is in either case.

I'm fairly certain it's iWeb's fault.  They are the common denominator in all of these examples, it can't be that all the other companies mentioned are simultaneously incompetent or understaffed.  I've had three different answers to the same enquiry in as many weeks on two webchats and one phone call, so they're clearly just saying things to fob me off or kick the can down the road.  They really should have considered halting inward transfers when it was apparent they hadn't got the resources to deal with the existing backlog.  I'll give them another two weeks then I'll be starting the ombudsman process.  After seven months and counting, my patience has run out.

I wouldn't wait. The Ombudsman process itself can drag on and you can always withdraw your case if a resolution is found in the interim. Edit: Just seen the date of the post I replied to, by now you'll have pulled the trigger anyway. Good luck.

Yep, my complaint to the ombudsman is in.  I've since had confirmation from Vanguard that the funds are back in their holding account, because iWeb sent them back!  They're now trying again.  So I'm over eight months in and pretty much back where I started.

MoneySavingAndy

Hi All,

Just thought I'd throw in a quick comment about my very recent experience of transferring to iWeb, perhaps helpful to balance out and compare with some of the other feedback provided on this thread.

I had an S&S ISA with Fidelity (funds only, mainly trackers) that I initiated transfer to iWeb on 4/10. I completed the transfer request online (easy), which gave a message to say that it could all be transferred electronically, but for belt 'n' braces I sent in a transfer form by e-mail as well to an address that their customer services team provided.

Before initiating the transfer, I checked that the dozen or so holdings that I had with Fidelity were all available on iWeb, which they were, so that the transfer / re-registration could be done in specie without having to sell down any holdings and transfer cash.

The funds for a couple of fund managers were transferred in about a week, and the others took a bit longer... I've just checked today and all the remaining holdings are now correctly showing (they had moved out of Fidelity a few days ago and temporarily 'disappeared', but I was not concerned as the holding was being moved, rather than being cash out of market).

So, in summary, for my specific experience of an in specie Fidelity to iWeb transfer I have been very happy - the whole process took less than three weeks with zero intervention on my part.

Andy.

Mothman

MoneySavingAndy said:

Hi All,

Just thought I'd throw in a quick comment about my very recent experience of transferring to iWeb, perhaps helpful to balance out and compare with some of the other feedback provided on this thread.

I had an S&S ISA with Fidelity (funds only, mainly trackers) that I initiated transfer to iWeb on 4/10. I completed the transfer request online (easy), which gave a message to say that it could all be transferred electronically, but for belt 'n' braces I sent in a transfer form by e-mail as well to an address that their customer services team provided.

Before initiating the transfer, I checked that the dozen or so holdings that I had with Fidelity were all available on iWeb, which they were, so that the transfer / re-registration could be done in specie without having to sell down any holdings and transfer cash.

The funds for a couple of fund managers were transferred in about a week, and the others took a bit longer... I've just checked today and all the remaining holdings are now correctly showing (they had moved out of Fidelity a few days ago and temporarily 'disappeared', but I was not concerned as the holding was being moved, rather than being cash out of market).

So, in summary, for my specific experience of an in specie Fidelity to iWeb transfer I have been very happy - the whole process took less than three weeks with zero intervention on my part.

Andy.

I think you were lucky. I too initiated an in specie ISA transfer from Fidelity to iWeb, but at the beginning of September. Like you I pre-cheked that each fund was available on iWeb but as of today not one fund has been moved.

Aylesbury_Duck

I'm still waiting for an in specie transfer to iweb initiated in January...

masonic

Sadly it is probably the case that more effort will be focused on correcting the experience for new customers than resolving long-standing problems experienced by those whose suffering has already breached any reasonable person's tolerance.

Daliah

At least cash ISA transfers to iWeb seem to get done in record time.

• 24/2/2022: Request for fixed term ISA to be transferred upon maturity sent to iWeb by snail mail (online request not possible as old provider requires a wet signature)
  
  
• 11/03/2022 (Fri): ISA matured
  
  
• 15/03/2022 (Tue): transferred money in iWeb account; Fund order placed

If I tried really hard to find a negative, it would be that iWeb did not notify me that the money was now available for investment. Overall I am very happy with this transfer.

valiant24

Aylesbury_Duck said:

I'm fairly certain it's iWeb's fault.  

I am too.  I waited 5 months for them to do one last year.   More recently I moved my Fundsmith held in a ISA directly with Fundsmith to iWeb.   iWeb mailed me saying Fundsmith hadn't responded.   Luckily Fundsmith's admin is really switched on and I contacted them, and they (Fundsmith) kept me updated!   Exactly as last year's where the only updates I got were from the platform I was leaving .....