S&S ISA Transfer

mparter

Has anyone done a transfer from a Lloyds Ready Made Investments ISA? And if so how long did it take.

I realise there will be slightly more delays at this time of year but I initiated a transfer on Trading 212 a couple of weeks ago and Lloyds haven’t even acknowledged it yet.

I’m also assuming Lloyds will have to sell the investments before transferring them as I believe it’s a particular Scottish Widows investment instrument that doesn’t exist on T212.

Albermarle

The Govt target is for a S&S ISA transfer to take no longer than 30 Calendar days.
Probably initiating a transfer just before Xmas was not the best timing.

dunstonh

I realise there will be slightly more delays at this time of year but I initiated a transfer on Trading 212 a couple of weeks ago and Lloyds haven’t even acknowledged it yet.

• Have T212 requested it electronically, via email or by postal mail? 
• Have T212 sent it to the right Lloyds?  (Lloyds have multiple departments depending on the distribution channel, and they cannot see the others, so they can't pass it on if the wrong details are used - e.g. You have the SW platform, SW legacy investments from the old Black Horse, Clerical Medical and Halifax days as well as SW originals from before Lloyds Bank along with the  robo offering (Ready Made ISA) that has nothing to do with SW and is controlled by Embark (another Lloyds bank company).

I’m also assuming Lloyds will have to sell the investments before transferring them as I believe it’s a particular Scottish Widows investment instrument that doesn’t exist on T212.

You shouldn't be assuming anything on that point.   The application form for transfers asks you to select whether it's in-specie or cash transfer.   Some of the Lloyds ISAs could in-specie transfer but some cannot.

mparter

dunstonh said:

I realise there will be slightly more delays at this time of year but I initiated a transfer on Trading 212 a couple of weeks ago and Lloyds haven’t even acknowledged it yet.

• Have T212 requested it electronically, via email or by postal mail? 
• Have T212 sent it to the right Lloyds?  (Lloyds have multiple departments depending on the distribution channel, and they cannot see the others, so they can't pass it on if the wrong details are used - e.g. You have the SW platform, SW legacy investments from the old Black Horse, Clerical Medical and Halifax days as well as SW originals from before Lloyds Bank along with the  robo offering (Ready Made ISA) that has nothing to do with SW and is controlled by Embark (another Lloyds bank company).

I’m also assuming Lloyds will have to sell the investments before transferring them as I believe it’s a particular Scottish Widows investment instrument that doesn’t exist on T212.

You shouldn't be assuming anything on that point.   The application form for transfers asks you to select whether it's in-specie or cash transfer.   Some of the Lloyds ISAs could in-specie transfer but some cannot.

After speaking to T212, they emailed the form to an email address supplied by Lloyds (but was a Halifax address).

Lloyds gave me another email address for them to use so T212 have also sent the paperwork to that address.

As the instruments on Lloyds aren’t available on T212, they will be sold and the cash transferred to T212.

If it came to it and I had to complain, who do I complain to? T212 or Lloyds?

I wish you could withdraw the money yourself and move it to another provider rather than all this faff!

dunstonh

If it came to it and I had to complain, who do I complain to? T212 or Lloyds?

The receiving scheme is the one that drives the transfer process but they have to be told the right details in the first place.     In this case, it appears that the electronic transfer system was not being used.     Lloyds do use the electronic system so it sounds like a limitation on the T212 side (both sides have to be on it for it to be able to be used).

Identifying the fault and who is to blame is probably difficult.  As mentioned, each Lloyds distribution has its own email address.   So, did T212 contact the right one or the wrong one?  If they contacted the wrong one, was that their fault or lack of experience (the staff member may not know Lloyds has many distribution channels - and is it really their fault for not knowing?).  Did Lloyds give out the wrong email?  That seems unlikely but it is more likely that the correct email was given out for the department that was contacted but it was the wrong department.

So, in all, a range of potential issues where probably neither was at fault but just a set of circumstances that led to the wrong contact method.

I wish you could withdraw the money yourself and move it to another provider rather than all this faff!

Its not much of a faff most of the time and I have done countless numbers.  I find it's when you get smaller or newer players that the issues tend to occur, as they tend not to use the electronic system, and when it reverts to postal or email, that is when problems can start.