Electronic ISA transfer from Trading 212

curriej99

https://forums.moneysavingexpert.com/discussion/comment/82023380#Comment_82023380

Trading 212 only began offering their Cash ISA product 14 months ago, so it is only now people are beginning to realise the issue with trying to transfer out of them. I just found out today, after several attempts. Perhaps Martin will put a note about this issue alongside the entry in 'Top Paying Accounts'. I think it's fair to say that no one could have forseen this problem beforehand and researching would have revealed little. I wonder what the FCA would have to say about this company…

masonic

https://forums.moneysavingexpert.com/discussion/comment/82059580#Comment_82059580

The FCA doesn't get involved in individual consumer complaints, so they will say what I'm about to tell you...

If your transfer takes more than 15 working days, then you can complain, and if your complaint isn't resolved to your satisfaction within 8 weeks, take your complaint to the Financial Ombudsman Service. Typically, it is the receiving provider who is accountable for the transfer.

The FOS may alert the FCA to high volumes of complaints about a particular provider and issue.

To some extent this will come down to falling back to a paper-based process at a time when Royal Mail is at its least reliable ever. I've factored 2-3 weeks as being the normal delivery time for items of post I am expecting. It seems those providers who can process T212 transfers electronically like Lloyds, Moneybox, and Tembo are unaffected, while Santander seems to be problematic. Perhaps Santander has some questions to answer.

YBR

Just to add to the collection of anecdotes, …

For me Kent Reliance failed to get a response 2 times, and I had to do a new form each time, by the third time round the KR window had closed. KR were proactive about trying to get it sorted, within their system's limits.

Tried again with Charter Savings Bank and although it took some time it has now gone through effortlessly. I think it took over 15 days from my perspective, T212 took 2+ weeks to acknowledge receipt of the instruction. When they had got it, I had to give them my verification to go ahead but there was no notification from them, it was just by chance that I logged in to check.

I conclude T212 are awkward, but that it does depend on which new provider is managing the transfer.

dulcieb

Yes it's hard to get your money transferred out of Trading 212 with their general requirements for a physical form. Two months so far and various providers. Some just won't deal with them. Sometimes you don't find out until you've completed an application…

Albermarle

A regular thread topic.

Trading212 ISA transfer — MoneySavingExpert Forum