Transfer stocks from Fund & Share account to Stocks and Shares ISA

DMHReaper72

I have a number of stocks in a Fund & Share account with Hargreaves Lansdown.  They currently are unable to perform a transfer of the stocks in to an ISA using the normal bed and ISA process, and instead are advising I sell the stock and buy it back.

This is a risk I am unwilling to take.

Is there a way I can move my stock from my HL F&S account to a stocks and Shares ISA with another broker?

If so could I have some recommendations for a decent UK broker please?

Thank you very much for your help.

Thrugelmir

DMHReaper72 said:

I have a number of stocks in a Fund & Share account with Hargreaves Lansdown.  They currently are unable to perform a transfer of the stocks in to an ISA using the normal bed and ISA process, and instead are advising I sell the stock and buy it back.

This is a risk I am unwilling to take.

Is there a way I can move my stock from my HL F&S account to a stocks and Shares ISA with another broker?

If so could I have some recommendations for a decent UK broker please?

Thank you very much for your help.

Sounds as if Bed and ISA is what they are suggesting. As it's not possible to directly transfer shares into an ISA from a GIA.  

DMHReaper72

Thrugelmir said:

DMHReaper72 said:

I have a number of stocks in a Fund & Share account with Hargreaves Lansdown.  They currently are unable to perform a transfer of the stocks in to an ISA using the normal bed and ISA process, and instead are advising I sell the stock and buy it back.

This is a risk I am unwilling to take.

Is there a way I can move my stock from my HL F&S account to a stocks and Shares ISA with another broker?

If so could I have some recommendations for a decent UK broker please?

Thank you very much for your help.

Sounds as if Bed and ISA is what they are suggesting. As it's not possible to directly transfer shares into an ISA from a GIA.  

Yeah. That's what I thought I could do.  However, their page says this

Notepad_Phil

If you have enough money then you could prefund the ISA and then sell your stocks followed as quickly as possible by buying them in your ISA. I don't know how quickly HL would take in selling and buying, but I've done similar sells and purchases in under a minute so hopefully the market won't turn too much against you in that time.

ColdIron

As mentioned, there is no magic with Bed & ISA, it's a sell and rebuy whether HL do it or you do it yourself. The only practical difference is that with HL's (unavailable) Bed & ISA process they will give you a break on the transaction fee(s) (if any) so instead of 2 * £11.95 per stock you only pay 1 * £11.95. Obviously this does not apply to funds/OEICs

This is a risk I am unwilling to take.

There is no risk other than being out of the market for a short period, but since all ISA contributions must be cash this will happen whether you do it with HL or another platform

DMHReaper72

ColdIron said:

As mentioned, there is no magic with Bed & ISA, it's a sell and rebuy whether HL do it or you do it yourself. The only practical difference is that with HL's (unavailable) Bed & ISA process they will give you a break on the transaction fee(s) (if any) so instead of 2 * £11.95 per stock you only pay 1 * £11.95. Obviously this does not apply to funds/OEICs

This is a risk I am unwilling to take.

There is no risk other than being out of the market for a short period, but since all ISA contributions must be cash this will happen whether you do it with HL or another platform

Risk is im in AMC and GME.  This could jump at any time.

Thrugelmir

DMHReaper72 said:

ColdIron said:

As mentioned, there is no magic with Bed & ISA, it's a sell and rebuy whether HL do it or you do it yourself. The only practical difference is that with HL's (unavailable) Bed & ISA process they will give you a break on the transaction fee(s) (if any) so instead of 2 * £11.95 per stock you only pay 1 * £11.95. Obviously this does not apply to funds/OEICs

This is a risk I am unwilling to take.

There is no risk other than being out of the market for a short period, but since all ISA contributions must be cash this will happen whether you do it with HL or another platform

Risk is im in AMC and GME.  This could jump at any time.

Equally could fall. Such is the level of speculation that surrounds meme stocks. 

DMHReaper72

Thrugelmir said:

DMHReaper72 said:

ColdIron said:

As mentioned, there is no magic with Bed & ISA, it's a sell and rebuy whether HL do it or you do it yourself. The only practical difference is that with HL's (unavailable) Bed & ISA process they will give you a break on the transaction fee(s) (if any) so instead of 2 * £11.95 per stock you only pay 1 * £11.95. Obviously this does not apply to funds/OEICs

This is a risk I am unwilling to take.

There is no risk other than being out of the market for a short period, but since all ISA contributions must be cash this will happen whether you do it with HL or another platform

Risk is im in AMC and GME.  This could jump at any time.

Equally could fall. Such is the level of speculation that surrounds meme stocks. 

Meme stocks is simply a MSM tag.  I've been in since Jan.

Im comfortable.

dunstonh

 They currently are unable to perform a transfer of the stocks in to an ISA using the normal bed and ISA process, and instead are advising I sell the stock and buy it back.

Bed & ISA is a joined up sell and repurchase.  So, the way they are suggesting is no different except it is two manual steps instead of one.

DMHReaper72

dunstonh said:

 They currently are unable to perform a transfer of the stocks in to an ISA using the normal bed and ISA process, and instead are advising I sell the stock and buy it back.

Bed & ISA is a joined up sell and repurchase.  So, the way they are suggesting is no different except it is two manual steps instead of one.

As I understood it, the Bed and ISA process would be a swift transfer (sell and re-buy), with no need for funds to clear.  The way HL have described the alternate process suggests there will be a 4 day waiting period for funds to clear in my account and then be available to use for repurchase.

Thrugelmir

DMHReaper72 said:

Thrugelmir said:

DMHReaper72 said:

ColdIron said:

As mentioned, there is no magic with Bed & ISA, it's a sell and rebuy whether HL do it or you do it yourself. The only practical difference is that with HL's (unavailable) Bed & ISA process they will give you a break on the transaction fee(s) (if any) so instead of 2 * £11.95 per stock you only pay 1 * £11.95. Obviously this does not apply to funds/OEICs

This is a risk I am unwilling to take.

There is no risk other than being out of the market for a short period, but since all ISA contributions must be cash this will happen whether you do it with HL or another platform

Risk is im in AMC and GME.  This could jump at any time.

Equally could fall. Such is the level of speculation that surrounds meme stocks. 

Im comfortable.

Appears not if you view time (in minutes), of being out of the market as carrying risk.  Though even trading these types of stocks when volatility really kicks in is nigh impossible for a retail investor. As the retail execution houses won't be prepared to quote live prices.