T212 ISA transfer in woes

GT-R

Hi,

ISA transfer from Fidelity to T212.. kept me waiting for 10 days without a word. Followed up and told I need to start selling holdings because some of the securities don't match and so cannot be transferred in specie.. all are non-specialist non-restricted LSE listed investment trusts and ETFs

Tried to explain in great detail how they have to match as there aren't ISIN variants available on LSE like there can be with fund ISINs but got some nonsense back from a T212 'transfer operations specialist' that the securities they offer don't match those I hold with Fidelity. The one ISIN number they sent that was different looked to me very much like a typo on their part.

all the ISIN numbers for each holding with Fidelity match perfectly when cross referenced with the LSE website entries for them.

anyway back and forth with T212 all afternoon, a different 'specialist' every time... going round in circles.

Then thought let's just see if they really are different (knowing they can't be) and proceeded to buy £1 worth of all the securities I hold with Fidelity (that cannot be transferred...) from my T212 account. Of course they are all available and I had no issue whatsoever obtaining them on T212.

During the back and forth with their never ending supply of new 'specialists' I was at one point told this, which seems odd but also the only thing that might explain it.

The reason is that they (Fidelity) can deliver securities only via the UK Depository Crest, but we (T212) can receive them only via the European Depository Euroclear.
 
Since your broker can facilitate only full transfers, you'll have to sell the ineligible instruments and transfer the proceeds in cash if you want to proceed.

surely depositories are able to communicate with each other and facilitate electronic transfers in 2025..

can anyone make any sense of it?