Trading 212 slow ISA transfers IN

thriftyspender01

It feels like there is only one person handling ISA tranfers IN, they work part-time and have frequent time off! Initially you get stuck in queue for over a week, then it has to be reviewed for several days, then wait over another  week for the provider to send the funds. Not at all as efficient as mainstream providers (banks/building societies)  Just to add insult to injury T212 has decided to drop the interest rate even though the bank rate is unchanged. As Martin would say...time to ditch and switch, as better deals are available elsewhere. Don't think I'll be returning to T212 and wouldn't really recommend them.

eskbanker

The ISA regulations require that cash ISA transfers are completed within three weeks, even though many combinations of providers achieve better than this.

Stingy_Samson

Yesterday i requested a transfer from Virgin (currently just in a flexible Cash ISA after maturing this week) to my T212 S&S ISA. i think initially i was in position #703 or something like that. Estimated time states ~7 days. 

Today i have moved down to the dizzy heights of #695 in the queue. So unless processing speeds ramp up significantly, it's going to be more like 7 weeks than 7 days!!

Sg28

My cash isa transfer from zopa completed on the 23/4. The transfer was initiated on the 31/3. This was after around 2 weeks in the queue. 

Rusty190

eskbanker said:

The ISA regulations require that cash ISA transfers are completed within three weeks, even though many combinations of providers achieve better than this.

Is that 3 weeks, as in 21 days @eskbanker, or 3 weeks as in 15 working days and what, if anything, happens if that timescale is breached? 

eskbanker

Rusty190 said:

eskbanker said:

The ISA regulations require that cash ISA transfers are completed within three weeks, even though many combinations of providers achieve better than this.

Is that 3 weeks, as in 21 days @eskbanker, or 3 weeks as in 15 working days and what, if anything, happens if that timescale is breached? 

15 business days, so actually more than three weeks at times of year when bank holidays are involved:

Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager, unless the investor stipulates that the 15 days starts on a later date. The 15 days are broken down as:

1. The new ISA manager has 5 business days to forward the instruction to you.
2. You have 5 business days to send the funds and information to be provided to the new ISA manager.
3. The new ISA manager has 3 business days to apply the funds to the new ISA.
4. The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers

I'm not aware of any sanctions in the event of failure to meet these timescales though, but the FCA might eventually show an interest if there are repeated complaints about non-compliance via FOS.

Sg28

Looks like mine completed on the 15th working day.