Why are you blocking transfers to WealthKernel?

Ronski

Why have you been carrying out delaying tactics and now completely blocking transfers to WealthKernel?

Other providers have had no issues transferring funds, but you are actively blocking them.

I had no intention of transfering my holdings away from here, but this sort of nonsense will give me good reason to, how can I trust a company that's doing this without a very good reason.

Nik Burrows

Ronski
There has already been a lot of speculation and accusation in other channels around this.
Cobens have not and indeed could not delay or reject transfers to another provider. This falls to Quai/IM.
As an FCA authorised and regulated firm they would only do so with good reason and that would ultimately have to be justified to the regulator if required.
Any decision will have been communicated to Weathkernal and I understand that Quai/IM have been in contact with them over the last couple of weeks.
Ultimately if either party disagrees with the action of the other it would be taken to the regulator
The two parties that are fully aware of the detail of this are Quai/IM and Weathkernal. Comment from anybody else, is speculation or opinion and Cobens have no desire to add this.

Ronski

Thank you for the reply, that doesn't put my mind at rest, I have invested a small sum of money with them. Presumably Quai doesn't participate in this forum, so are you able to find out any details?

Nik Burrows

Quai have confirmed that the transfers have raised several areas of concern which are now under investigation.
The FCA and Wealthkernal have been informed.
The transfers will remain on hold until the investigations are complete.

Ronski

Thanks, hopefully just something simple then.

PM3

Today is 2 montns since my request

Adam Kay

Hi PM3,

I understand you have emailed Quai in the last day or so and in any event please refer to them. We (Cobens) are not involved in the transfer process.

Regards

Adam

? Offline

I note my post has vanished, I wonder why?

PM3

Adam; To be fair, Quai took over the SIPP ( in my case ) but the processes , mechanisims to interact, make changes, make requests etc , by me , were given to Coben Direct by Quai and as such I am pretty sure COBENS are at the very least jointly involved in what is happening or not happening.

For the record I emailed Quai 4 weeks ago and today
My transfer request was nearly 9 weeks ago

Quai ( I use as a collective noun ) do not answer it seems .

Regards, Paul

Adam Kay

Hi Paul,

We (Cobens) are involved only insofar as we know of the status quo, have been the messenger in some cases. You and the 7 other affected parties are welcome to contact me directly. I won't be dealing with this on a public forum.

Regards

Adam

? Offline

,

Many thanks for your email.

As we communicated with you prior to Christmas, we are undertaking due diligence on the overall Vanquish proposition and will not be transferring any accounts at this point.

The team are dealing with your complaint and will respond within the required timescales.

Thanks
Tony

Tony Webb
Chief Executive

Just received the above....

I also received phone calls from a Cobens person asking me if I wanted my accounts transfering, in about July last year, something very odd going on!

Nik Burrows

As detailed by Adam above, Cobens have no part in the transfer process so please direct any queries to Quai

The response posted above by Malcom is from Tony, the Chief Exec at Quai, we are not able to add anything to this.