Transferring S&S ISA from Vanguard when it gets above ~£30k

GeoffTF

FIREmenow said:

How important is it to diversify trackers?

It is pointless for global equity trackers. A single tracker is already as diversified as you can get. The big fund managers are very unlikely to go bust, and the fund assets are required to be ring fenced anyway. Buying several just makes extra work and usually adds extra cost too.

FIREmenow

Have started the transfers from Vanguard to ii today. As soon as I chose Vanguard a message popped up saying Vanguard has a 10-12 week delay so it will take longer than ii's estimated time (7wks) - just for info if anyone is considering it.

Mine is in-specie and I'm not funding it this tax year so no rush for me. Need to get it onto flat-rate fees so it's got to be done.

dunstonh

FIREmenow said:

Have started the transfers from Vanguard to ii today. As soon as I chose Vanguard a message popped up saying Vanguard has a 10-12 week delay so it will take longer than ii's estimated time (7wks) - just for info if anyone is considering it.

Mine is in-specie and I'm not funding it this tax year so no rush for me. Need to get it onto flat-rate fees so it's got to be done.

In specie can take upto a year (actually, the longest I have seen was 14 months - most of the funds were transferred in about 2-3 months but two Vanguard funds took 14 months)

Aminatidi

FIREmenow said:

Have started the transfers from Vanguard to ii today. As soon as I chose Vanguard a message popped up saying Vanguard has a 10-12 week delay so it will take longer than ii's estimated time (7wks) - just for info if anyone is considering it.

Mine is in-specie and I'm not funding it this tax year so no rush for me. Need to get it onto flat-rate fees so it's got to be done.

Well I guess that solves that one for me.

What a joke.

Bostonerimus1

If you don’t like the terms or service at a platform you should not let any horror stories stop you from moving your money, that just prolongs the agony. When you move the money make sure you document everything so printout your latest statements, record calls and make photocopies of all documents. Give yourself plenty of time to make the transfer and understand complaints and ombudsman processes before you start. Unfortunately service standards in the UK seem to have collapsed, but that might be my bias from listening to too many complaints on Radio 4’s “You and Yours”.

As a contrast I just moved an old DC account from one US provider to another in the US to simplify my finances which will make things easier if I end up moving back to the UK. Electronic transfers weren’t available so I just got a cheque from one provider and sent it overnight to the other provider with a deposit form; this is a standard practice in the US. Total time to see the money in my account was one week and I spent a total of 5 mins on the phone to get it done. 

FIREmenow

Aminatidi said:

Well I guess that solves that one for me.

What a joke.

I'll update on how long it takes, these are just estimates at the moment. Most Vanguard funds are widely available so moving in-specie should be fine.

In the meantime I'm putting this year's allowance into iWeb, and next year's into ii and the transfer can keep ticking over.

FIREmenow

Thanks @Bostonerimus1 I've downloaded and screenshotted all my documents and I'm keeping a close eye.

FIREmenow

An update if it is helpful to anyone. Vanguard ISA to ii. Their contact with me so far:
27 Feb switch requested by me
28 Feb ii say they've contacted vanguard
29 Feb - secure message from Vanguard saying they've given valuation to ii and await their instruction to proceed.
5 March ii confirm receipt of valuation and show list of funds, number of units and cash balance given by Vanguard, ii has confirmed to Vanguard they want to proceed with switch.
6 March ii confirm dates are agreed, and that Vanguard should now 'instruct (possibly by post), chase and confirm' the movement of each fund with the fund manager. Email makes it clear that the ball is very much in Vanguard's court now and for updates on progress and timescales I should contact vanguard directly.

ii estimated completion started as 16/4/24, has now changed to 10/4/24

Valuation is correct and updates from ii have been clear.

And now, we wait...

FIREmenow

Two fund investments have now transferred over, waiting for the last one and the cash balance now.

FIREmenow

Just to update, got an email from Vanguard around 10pm saying the transfer was complete. That's exactly a month.

The third and final fund has gone from Vanguard but I can't see it in ii yet.

Vanguard still have the small cash balance and my last quarterly fees DD is in May, so I imagine the last bits will take a bit of tidying up yet.

@Aminatidi I saw that you had a speedy transfer