iWeb - Any success with Fund class conversion ISA transfers?

Sea_Shell

I've been posting on the iWeb thread, about my concerns about my ISA transfer.

Has anyone here, successfully had a transfer to iWeb of a S&S ISA complete, when it included a change (conversion) of class for a fund?

How is it supposed to happen?  What are the steps?

Sea_Shell

Anybody?






🎶All by myself, don't wanna be, all by myself 🎶

masonic

I've just replied to one of your other posts, but in essence it is best endeavours only...

Anything they can transfer directly in specie they will request is reregistered

Anything else, where they support a different unit class, they will try to arrange to be converted and then reregistered

Anything that cannot be transferred in specie, and they are unable to convert, is sold and transferred as cash.

This is all authorised by you when you make the declaration in the transfer request.

Sea_Shell

Thanks.  I just replied on the other thread.

george4064

Good luck!

I’ve only ever transferred listed securities so never had any need to convert to different share classes. 

Sea_Shell

Update.

After much to and fro, this has been effectively been put in the "too hard" pile, by both iWeb and Fidelity.  They "blame" each other.

The upshot being that, if we didn't want it sold to cash*, then they're having to transfer back the whole thing.  Including the fund that initially moved smoothly.

So that's where we are, and are waiting for that to happen.

We'll be no worse off, and back where we were.

Once the dust settles, we'll re-evaluate our options, but we have some ideas😉


* We didn't want to do this, as they issue a cheque rather than electronic cash transfer.

masonic

You'll have to refresh my memory if incorrect, as I can't easily locate the post you made in the other thread, but I thought the fund in question fell in value while you were out of the market and you were able to buy it back at profit, so confused as to why you are now reversing the transfer.

The fund was Rathbone Global Opportunities, right? So it still looks down relative to when it would have been sold at Fidelity.

Sea_Shell

masonic said:

You'll have to refresh my memory if incorrect, as I can't easily locate the post you made in the other thread, but I thought the fund in question fell in value while you were out of the market and you were able to buy it back at profit, so confused as to why you are now reversing the transfer.

The fund was Rathbone Global Opportunities, right? So it still looks down relative to when it would have been sold at Fidelity.

Sorry.  Mine finalised as you thought.

This is DHs.    

Sea_Shell

Still no movement by anyone ☹️

Sea_Shell

Well, we've been on holiday, and still no movement from either side!!

More phone calls on Monday then ☹️

Sea_Shell

Phone call to Fidelity.   Apparently they've chased iWeb twice for them to assist in sending the ISA back.   We don't know what the exact procedure is supposed to be here.

Email sent to known contact (supervisor) at iWeb, to ask what the delay is.