SIPP transfer delays - complaint query

granta

I have been experiencing delays to an ongoing SIPP transfer (since early 2023). A complaint was raised around 8 weeks ago and I have now received an 8 weeks letter stating that I have the right to refer to the ombudsman.

The transfer is still ongoing with no sign of it being completed (it's one line of stock!).

My question is whether to wait until the transfer completes and see how they handle the complaint and refer to FOS only if necessary, or refer to them now? I can't see any advantage in passing it to them now but have no experience of this so would be useful to hear from anyone who does.

xylophone

The transfer is still ongoing with no sign of it being completed (it's one line of stock!).

Do you mean you held only one fund/ETF/ company in you SIPP or that the transfer (in specie presumably) has completed all but one line of stock?

Either way, what is the excuse?

HappyHarry

Presumably this is an in-specie transfer where the stock is transferred directly without selling and repurchasing. These transfers can take months. There can be delays at the sending pension company, delays at the receiving pension company, and frequently delays at the fund manager that has to sign off on the process (this part is usually the reason for the delay). 

I am not sure what the FOS would do as the delay might well not be the fault of the business you are complaining about. If the delay is with the fund manager, they won't even have agreed to any kind of service level to you, so a complaint there is unlikely to be fruitful.

Your best bet is likely to be just to keep chasing the receiving pension provider, and get them to put pressure on whoever is causing the delay.

granta

xylophone said:

The transfer is still ongoing with no sign of it being completed (it's one line of stock!).

Do you mean you held only one fund/ETF/ company in you SIPP or that the transfer (in specie presumably) has completed all but one line of stock?

Either way, what is the excuse?

Yes I only held one ETF (VEVE) and that is all I'm looking to transfer.

Both providers keep claiming that the other has not received the other provider's communication. I am now the conduit chasing and passing on messages on a daily basis.

granta

HappyHarry said:

Presumably this is an in-specie transfer where the stock is transferred directly without selling and repurchasing. These transfers can take months. There can be delays at the sending pension company, delays at the receiving pension company, and frequently delays at the fund manager that has to sign off on the process (this part is usually the reason for the delay). 

I am not sure what the FOS would do as the delay might well not be the fault of the business you are complaining about. If the delay is with the fund manager, they won't even have agreed to any kind of service level to you, so a complaint there is unlikely to be fruitful.

Your best bet is likely to be just to keep chasing the receiving pension provider, and get them to put pressure on whoever is causing the delay.

It's an in specie transfer of 1 stock line. I appreciate they can take some time but when I have transferred VEVE etf before, it has been relatively quick. This has taken nearly 9 months and seems to be due to communication issues between the two providers. At one point, I was even given a transfer and settlement date but then the provider said they were waiting for the receiving provider to accept and the dates passed. 
I am chasing them almost daily or passing messages back and forth.

It doesn't seem sensible to refer to FOS at this stage until the transfer completes. I just wanted to check on the Forum whether I was missing something.

Lifematters

I’m still waiting on a transfer request I started a year ago. I raised a complaint several months ago and also received an 8 weeks letter stating that I have the right to refer to the ombudsman. I waited a further couple weeks then decided to refer to ombudsman. I had hoped that might speed up the transfer but it still hasn’t happened. At least the ombudsman now has all the communications between myself and the company up to the date I referred it to them, that in itself will take some time to wade through. 

QrizB

Not that it helps the OP, but I switched my SSISA from ii to iWeb in specie earlier this month. It took twelve calendar days.

dunstonh

Yes I only held one ETF (VEVE) and that is all I'm looking to transfer.

Are you looking at an in-specie transfer or a cash transfer?

Both providers keep claiming that the other has not received the other provider's communication. I am now the conduit chasing and passing on messages on a daily basis.

The receiving scheme controls the process.   If both sides use Origo then its easy.  If not, then its paperwork.

Are you providers using Origo?  If not, have you completed the discharge form and stock transfer form?

granta

QrizB said:

Not that it helps the OP, but I switched my SSISA from ii to iWeb in specie earlier this month. It took twelve calendar days.

That has been my experience with other in specie transfers too! Clearly this is a case of bad luck (or bad communication)

granta

dunstonh said:

Yes I only held one ETF (VEVE) and that is all I'm looking to transfer.

Are you looking at an in-specie transfer or a cash transfer?

Both providers keep claiming that the other has not received the other provider's communication. I am now the conduit chasing and passing on messages on a daily basis.

The receiving scheme controls the process.   If both sides use Origo then its easy.  If not, then its paperwork.

Are you providers using Origo?  If not, have you completed the discharge form and stock transfer form?

It is in specie.

They are using paperwork and yes, all the paperwork, discharge forms etc were completed many month ago. They are handling everything else now

Albermarle

QrizB said:

Not that it helps the OP, but I switched my SSISA from ii to iWeb in specie earlier this month. It took twelve calendar days.

Out of interest how many different investments were there ?