S&S ISA Transfer Timescales

Organgrinder

Hi, just looking for information.

On Aug 6th I opened a new ISA and requested a transfer of my Wealthify S&S ISA. After a couple of weeks I contacted new provider who confirmed they had sent the transfer request to Wealthify on Aug 6th. I contacted again last week and was subsequently told they had been in touch with Wealthify again and the transfer was progressing.

Yesterday (Sept 1st) Wealthify messaged me to tell me they were initiating the transfer which may take approx 30 days, taking us possibly to Oct 1st.

Today I logged into Wealthify to see they have sold my investment with a transfer figure.

A couple of questions.

Is this figure the value that will be transferred?

Is it normal that a company only informs you of a transfer a day or two before it's actually done?

dunstonh

Is this figure the value that will be transferred?

The value should be the amount on the contract notes, plus any cash held minus any charges.

Is it normal that a company only informs you of a transfer a day or two before it's actually done?

Most tell you afterwards, or don't tell you at all (until the next statement).  Transfers out do not equal account closure with most.

Yesterday (Sept 1st) Wealthify messaged me to tell me they were initiating the transfer which may take approx 30 days, taking us possibly to Oct 1st.

With mainstream providers, S&S ISA transfers typically take 3-10 working days.

Albermarle

Even with large pension transfers, they often do not inform you that it has happened.
That includes the sender and the receiver.
I always thought that was pretty odd, with significant sums involved, that the first you know it has happened is when you log on to check your account(s).

Organgrinder

Thanks, exactly this. 

You'd think they'd confirm you made the transfer request and not tell you the day of the transfer that it will take up to 30 days.

Oh well. Seems to be going through ok and as a bonus looks like it was a 30 day high prior to falling today.

Organgrinder

Update.

I was far too optimistic!

Turns out that Sept 1st wasn't transfer day.....it was the day they started the selling process. Although they continued with some purchases for another week.

Friday 12th was the final sale and it's been sat as cash since, earning no money.

I contacted the new provider who said they requested a transfer on Aug 7th and followed this up on Aug 26th.

So I've raised a complaint. 40 days and counting! 

dunstonh

Friday 12th was the final sale and it's been sat as cash since, earning no money.

Today is only two working days since trade.    Most funds have +2 or +3 as their settlement date.   

Turns out that Sept 1st wasn't transfer day.....it was the day they started the selling process

It's unlikely that the sales started on 1st Sept unless there are restricted dealing points on the investments in the portfolio.   With settlement being either 2 or 3 days after trade and trade being the next available point after keying the sell request, its likely that this started much later than 1st Sept.

I contacted the new provider who said they requested a transfer on Aug 7th and followed this up on Aug 26th.

Looks like the first one never got actioned but the second one did.

However, there is a good chance you are financially better off because of the delay as the period in question saw markets rise.   

Organgrinder

Maybe so, but surely it should not take 40 days.

dunstonh

Organgrinder said:

Maybe so, but surely it should not take 40 days.

Nope.  About a week is typical.

i.e. if keyed on the Monday, traded on the Tuesday, Settlement on the Thursday and funds sent to new provider on the Friday.

Organgrinder

Well hopefully all sorted soon. I've had the new provider remind them again today and initiated a formal complaint.

I won't hold my breath though!