Expected transfer time of S&S ISA from HL to Vanguard?

sebtomato

Hi,

I have instructed Vanguard to transfer my HL S&S ISA to them. How long is it realistically likely to take? 

I had no Vanguard funds in my HL S&S ISA, so I guess everything will be sold first and cash value transfered?

GeoffTF

At least 3 months, I would expect, judging from personal experiences of transfers and reports from other people. You could be out of the market for a long time. It would be safer to buy Vanguard funds with HL and transfer them in specie.

sebtomato

GeoffTF said:

At least 3 months, I would expect, judging from personal experiences of transfers and reports from other people. You could be out of the market for a long time. It would be safer to buy Vanguard funds with HL and transfer them in specie.

That would be a long time. Who would be generating such delay? HL dragging their feet or Vanguard being slow?

Surely, even if all investments had to be sold first, that would only take a week maximum to do and settle. 

Crag30

Mine from Charles Stanley to Vanguard was about a week

masonic

sebtomato said:

GeoffTF said:

At least 3 months, I would expect, judging from personal experiences of transfers and reports from other people. You could be out of the market for a long time. It would be safer to buy Vanguard funds with HL and transfer them in specie.

That would be a long time. Who would be generating such delay? HL dragging their feet or Vanguard being slow?

Surely, even if all investments had to be sold first, that would only take a week maximum to do and settle. 

I would expect that things have improved significantly now. Previously lots of providers were having extreme delays due to staff working from home and unable to deal efficiently with paper based communications during the transfer process.

GeoffTF

sebtomato said:
That would be a long time. Who would be generating such delay? HL dragging their feet or Vanguard being slow?

The always blame each other. HL to Vanguard seems to be a particularly bad combination.

sebtomato said:
Surely, even if all investments had to be sold first, that would only take a week maximum to do and settle. 

It would be good if it did.

Thrugelmir

sebtomato said:

GeoffTF said:

At least 3 months, I would expect, judging from personal experiences of transfers and reports from other people. You could be out of the market for a long time. It would be safer to buy Vanguard funds with HL and transfer them in specie.

Surely, even if all investments had to be sold first, that would only take a week maximum to do and settle. 

If you were the only person transferring then, yes. Administration costs platforms money. There is only a finite amount of resource allocated to the task at anyone time. Departing customers aren't going to high priority. 

GeoffTF

Thrugelmir said:

sebtomato said:

GeoffTF said:

At least 3 months, I would expect, judging from personal experiences of transfers and reports from other people. You could be out of the market for a long time. It would be safer to buy Vanguard funds with HL and transfer them in specie.

Surely, even if all investments had to be sold first, that would only take a week maximum to do and settle. 

If you were the only person transferring then, yes. Administration costs platforms money. There is only a finite amount of resource allocated to the task at anyone time. Departing customers aren't going to high priority. 

Vanguard and iWeb currently have big volumes of transfers in. Vanguard is nearly doubling in size year on year. Lloyds keeps it cards close to its chest, so we do not know the numbers for iWeb. That flood will eventually come to an end. I expect that there is a reluctance to train up lots of staff for what may be a transitory load.

dunstonh

That would be a long time. Who would be generating such delay? HL dragging their feet or Vanguard being slow?

There have been posts from others indicating that both are on the slow side.   So, you have a double whammy!    Most of the delay is usually with the ceding scheme more often than not.

sebtomato

I must admit I am impressed transferring two pensions from Aviva to Vanguard.

Requested the transfer on Sunday on the Vanguard website, transfer has been completed this morning, so done in less than 4 working days.

Not sure if pensions are quicker than ISAs, but it was surely fast.

Albermarle

sebtomato said:

I must admit I am impressed transferring two pensions from Aviva to Vanguard.

Requested the transfer on Sunday on the Vanguard website, transfer has been completed this morning, so done in less than 4 working days.

Not sure if pensions are quicker than ISAs, but it was surely fast.

I can beat that . Aviva to Fidelity in less than 48 hours . It seems Aviva are particularly quick in transferring pensions out .