ISA transfers out
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Moving ISA is quite the vacuum of no information . It feels like it is structured so that both parties in transfer do nothing to inform the owner of the money as to what is really happening ( feels like nothing tbh )
2 months in trying to move my ISA from Cobens to Vanguard
Frankly it has been more simple and transparent to move a family and household literally half way round the world, several times, than this ridiculous low level administrative request .
Bah humbug -
So, update from Vanguard is that they are waiting on IM/Quai/Cobens ( they are as confused about the structure as I am ) whom they did manage to get a response along the lines of " due to backlog ...blah blah blah"
I have an idea, the money is sitting already in cash , do the transfer already.
I will concede that perhaps bottom of the piling customers who are going to be lost already might seem like a good plan. Fly in ointment is that it means that customers will withdraw their other plans, and not proceed with those planned. A sad demise of a previously leading provider.
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If the assets have already been sold and the cash is sat waiting for transfer, do you have a claim for lost opportunity? If I remember correctly it’s something that was recommended on the old PH thread and IM helped folks make such a claim.
Not 100% comparable but I recently had an IoM entity fail to make timely payment of proceeds of a sale to me claiming they had problems with a system update. They weren’t interested in making things right so I referred them to the ombudsman … which got me interest at 4% and £100 for my inconvenience.
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Indeed. While money was sold down 1st time, I was not sure which side was delaying ( it was vanguard as they were struggling with who exactly they were supposed to be talking to, then gave up and sent me a paper form ) so I put the money back in money market to earn at least some interest while nothing happening and at least for 3 weeks I was getting 23 ish a day instead of FA^2 . Went up north for a couple of weeks and offline. The day I left it was magically transferred back to cash in few working days ( seems maybe my paper form hit someone's desk ) Ok its only £500 ( I spent more than that on records last month ) but its at very least the principle.
To both institutions defence the whole ISA and Pension transfer thing is potentially fraught with many opportunities for fraud/mistakes/overclaims etc and they have to cover themselves. The boot would certainly be on another foot if it were a customer not paying/owing though. I'll let it lie another couple of weeks, I don't need the money as such rather I just hate it being out of any market too long .
I just transferred a different 6 fig ( just) sum that I had planned to put into my Cobens GIA ...to Vanguard GIA . The whole back office thing is really giving me a cold chill. -
Hi Paul,
Your switch to cash was 11 September. Under normal circumstances an ISA transfer takes 30 days. I can not say this minute whether Quai will complete same within this time period but I don't see any excessive delays. If you want an update regarding your personal affairs please contact us through the usual channels. We won't be commenting on it here.
It is also worth noting that Quai stepped in to rescue your previous provider, as it failed.
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Adam, Thanks. I figured all the time between initialising and finally getting a request to fill in a paper form was dead time. Vanguard must have finally got it to the "right" desk around 5th( date of switch to cash ) , so we will see how it goes from there.
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I guess it's a good point that Adam makes about rescuing and without the (to many of us) baffling complexity of the structure these days which has the money held by a trustee, it could have been that we would have all lost of our money.
My retirement and consolidation timing was unfortunate, but I expected it to be messy, and I don't think my new IFA and fund manager admin team have helped either, but do agree with another poster that it's the vacuum which has been frustrating.
Interesting comments above about compensation. All my other transfers seemed to work seamlessly as far I could tell, they all went through quickly and I could see the money in the portal at its new home. Yet I've just been paid the 3rd lot of compensation from other providers. Aviva paid without even being asked, they said for delays, but it seemed fine to me.
It does look like mine and wife's ISA transfers are starting to happen now. I've emailed Nik and if he and / or Adam have been instrumental in urging them along then I'm grateful for that.
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I guess it's a good point that Adam makes about rescuing and without the (to many of us) baffling complexity of the structure these days which has the money held by a trustee, it could have been that we would have all lost of our money.
My retirement and consolidation timing was unfortunate, but I expected it to be messy, and I don't think my new IFA and fund manager admin team have helped either, but do agree with another poster that it's the vacuum which has been frustrating.
Interesting comments above about compensation. All my other transfers seemed to work seamlessly as far I could tell, they all went through quickly and I could see the money in the portal at its new home. Yet I've just been paid the 3rd lot of compensation from other providers. Aviva paid without even being asked, they said for delays, but it seemed fine to me.
It does look like mine and wife's ISA transfers are starting to happen now. I've emailed Nik and if he and / or Adam have been instrumental in urging them along then I'm grateful for that.
@Sheepshanks Alas anyone having their case bumped up by " favours" necessarily means than someone has to be bumped down . I mean this in the most general of terms, not Cobens etc . Such is the world .
Perhaps its karma , for my years of jumping to head of many queues in the "developing world " by application of paper lubricants
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I don't know that is has been bumped up as such - it's the vacuum you referred to that seems to be the issue. It seems my fund manager messed up the original transfer request but then there was a long period where no-one from my side knew what was going on as they said Quai wasn't responding much.
It's been frustating to me as I'm in other people's hands when I'm used to sorting things out myself.
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Hi Nick,
I’ve emailed you regarding a transfer request into Vanguard from June. Cobens are stating they have not received a request, Vangard confirmed it was sent 12/6/24 to IM via Origo system. Chasers have been sent to transfers@seccl.tech and abdullah.Kasim@intelligentmoney.com but no responses. Please confirm next steps and if you require transfer request from a different provider name and email etc
Regards
Darren -
Just to 'close out' my transfers - I heard that the money appeared over the last couple of days with my new DFM.
I can't really say how long it's taken as I'm not sure where the correct stating point should be, and, as mentioned earlier, there were some issues with the orginal request from my DFM. Once under way, the selling down and then transfer of the resulting cash happened within a couple of weeks.
I don't know the extent to which Nik / Adam helped, but I'm glad it's all sorted now.
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@higgi I have been in process of transferring and ISA form IM to Vanguard ( which at this point I will state that it looks VERY like it is about done as cobens portal now shows funds taken from the cash pool as been transferred , but vanguard don't show yet . Touch wood, looks like its done deal give or take another day or so )
Now...back to what I was going to say. VANGUARD went around the same dance trying to use Origo which they gave up after I contacted them with all the confusing contact info IM/Cobens/Quai and gt them to focus on the official telephone contact number ( they didn't get thru) and the help desk email.
now the change , VANGUARD issued me with a PAPER from, and instruction how to return to them etc .....and give or take 4/5 weeks later them receiving my completed form by post , seems to have done the trick
Vanguard were kinda stupid on this , as they communicated with me via their secure messages but never mentioned the form for me to print/sign/send..... it just appeared in my document folder . I only looked at folder as I had made a purchase and wanted to check the form that comes each time to said folder.Thumb in air timings .... 5 weeks IM and Vanguard in circles( each for their own process reasons ) , 5 weeks of a real transfer process progressing logically .
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The industry really needs to shake up the transfer system, the party losing the money seems to have little incentive to move the asset, and the receiver cannot do much beyond poking the sender!
Took NEST 6 months to transfer a mere £5k pension pot to IMPC for 'er indoors last year, Coops helped by poking them but it took an email to NEST's CEO to obtain action.
By direct comparision, I had a Structured Product mature in June, and was able to move it to a different Structured Product with a different supplier within a week.
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Hi Mabbs9
You have mail
Nik
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Hi Paul,
i would think 2 months would be sufficient. If you had dealings with a specific Quai official you could email them to ask for the balance to be remitted. If not I can action this for you if you wish. Checking for dividend receipts would be something I would recommend you do via the dashboard-I wouldn’t rely on the transfers team to do so. There is a small cash balance present
Regards
Adam