Transfer of Legal & General ISA to Vanguard - a £24K shortfall?

happyuk

I recently applied to transfer a stocks & shares ISA I had with Legal & General into an ISA I have with Vanguard.

At the time of the transfer the total of all accounts I had with L & G was approximately £68,000. 
This consisted of about 9 individual accounts consisting of UK / USA index trackers that I had started / closed at some point, but the sum total of all these was DEFINITELY in the region of £68K.

Over the past few days I kept track of the transfer progress in my Vanguard account. 
The total ISA value in my L&G account was since marked as £0.0 but to my horror the Vanguard account said the estimated total of the L&G transfer in progress was only £44,772.01, a shortfall of approximately £24,000!  Today this transfer has now been marked as completed, as in no other transfers in progress.

Can anybody reading this give an explanation as to why this might be? Does money typically get transferred in several chunks / tax years?
To me a mistake of this magnitude would be inexcusable. It's not as if the S&P 500 or FTSE All Share have tanked these past few days.

I have just fired off an online secure message to express my concern, hoping for a speedy resolution.  I am also intending to contact them by phone today, albeit with no small amount of dread, given the number of companies using covid as an excuse for poor service and understaffing these days.

Any feedback would be much appreciated.

dunstonh

Can anybody reading this give an explanation as to why this might be?

Not all the money has arrived yet?  Or the funds purchased have not settled yet.

This will be a cash transfer rather than an in-specie transfer.  So, the funds need to be sold to cash and once that is done the money transferred to the new provider.     If you have multiple accounts at L&G (rather than just one), it will often be sent in chunks based on each account.   

Or it could be that you have bought multiple funds at Vanguard and they have different dealing points and settlement points.  

L&G issue a letter saying how much they have sent to the new provider.   So, it should match that.  Vanguard should issue a letter confirming amounts received (the contract notes may differ from that).


 

Albermarle

I transferred an L& G ISA to Fidelity and it arrived in stages as a mixture of funds and cash Plus some arrived and disappeared again , which I later worked out was Fidelity converting a fund to a new clean class. It took about a week to fully settle down. 
Probably best if you are patient for a few more days before firing off complaints .

Alexland

Have a look in your L&G account document section to see the contract note(s) which will detail the various investment sale prices. Don’t worry it will get sorted in the end.

Thrugelmir

happyuk said:

This consisted of about 9 individual accounts consisting of UK / USA index trackers that I had started / closed at some point, but the sum total of all these was DEFINITELY in the region of £68K.

The closed accounts would have no balance , i.e. value. Why are you counting them?