Vanguard: New Minimum Monthly Account charge

Manu08manu

Is anyone else experiencing delays with transferring out of Vanguard? Today marks 30 days since I initiated my transfer (the target timeframe for ISA transfers), but nothing has been completed. My new provider sent a follow-up request to Vanguard a week ago, and it seems no action has been taken. It looks like I'll be seeking delay compensation, but I'm not entirely sure how that process works. Has anyone else been through this?

MeteredOut

Manu08manu said:

Is anyone else experiencing delays with transferring out of Vanguard? Today marks 30 days since I initiated my transfer (the target timeframe for ISA transfers), but nothing has been completed. My new provider sent a follow-up request to Vanguard a week ago, and it seems no action has been taken. It looks like I'll be seeking delay compensation, but I'm not entirely sure how that process works. Has anyone else been through this?

It's been a little under 3 1/2 weeks since my friend submitted their transfer request, but nothing back yet - too early to chase though.

I suspect Vanguard have a fairly large volume of transfer out requests. Whether that is the desired outcome of their fee change, only they can know.

orange-juice

I received an email from Invest Engine at the start of Jan to say they've been in touch with Vanguard, but nothing since. They say "Vanguard currently have a large number of transfers to process.." - believable, but who knows.

Alexland

Calidad said:

What do people make of platforms like eToro? Vanguard ETFs are available fee free, however there are spreads. Is it a worthwhile option? I ask as I rarely see it mentioned.

eToro don't offer the popular tax advantaged investment accounts such as S&S ISAs (apart from the Moneyfarm managed portfolio) or SIPPs so they are not much use to UK personal investors.
Also they push complex financial instruments and trading strategies which are likely to cause harm to their customers.

Swipe

orange-juice said:

I received an email from Invest Engine at the start of Jan to say they've been in touch with Vanguard, but nothing since. They say "Vanguard currently have a large number of transfers to process.." - believable, but who knows.

Very believable. I suspect they are inundated with transfer requests and likely that 50% of their staff only returned to work this week.

Albermarle

MeteredOut said:

Manu08manu said: us

Is anyone else experiencing delays with transferring out of Vanguard? Today marks 30 days since I initiated my transfer (the target timeframe for ISA transfers), but nothing has been completed. My new provider sent a follow-up request to Vanguard a week ago, and it seems no action has been taken. It looks like I'll be seeking delay compensation, but I'm not entirely sure how that process works. Has anyone else been through this?

It's been a little under 3 1/2 weeks since my friend submitted their transfer request, but nothing back yet - too early to chase though.

I suspect Vanguard have a fairly large volume of transfer out requests. Whether that is the desired outcome of their fee change, only they can know.

Even normally they are not the quickest/ most responsive, so probably just got worse.

Manu08manu

I'll be giving Vanguard a call tomorrow, as it's been over 30 days now. It will be interesting to see how long they estimate the transfer will take and to get an update on the current status. 

eskbanker

Manu08manu said:

I'll be giving Vanguard a call tomorrow, as it's been over 30 days now. It will be interesting to see how long they estimate the transfer will take and to get an update on the current status. 

They'll probably point the finger back to your new provider, and you'll be left wondering which of them actually is holding things up....

Hoenir

Manu08manu said:

Is anyone else experiencing delays with transferring out of Vanguard? Today marks 30 days since I initiated my transfer (the target timeframe for ISA transfers), but nothing has been completed. My new provider sent a follow-up request to Vanguard a week ago, and it seems no action has been taken. It looks like I'll be seeking delay compensation, but I'm not entirely sure how that process works. Has anyone else been through this?

Working time lost over the Xmas / New Year period ?  Starting any process shortly before Xmas is unfortunately likely to be delayed. 

Manu08manu

eskbanker said:

Manu08manu said:

I'll be giving Vanguard a call tomorrow, as it's been over 30 days now. It will be interesting to see how long they estimate the transfer will take and to get an update on the current status. 

They'll probably point the finger back to your new provider, and you'll be left wondering which of them actually is holding things up....

Thats is basically what they have done. They are saying, they have not recieved the letter saying the transfer was accepted in full on the 3rd January.