ISA transfers out

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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.

Mabbs9

I'm still waiting for a transfer out. 5th September it showed as 'verified' by my new provider. Ombudsman rules suggest 30 calendar days for a S&S transfer. Any suggestions to check this is actually happening?

Nik Burrows

Hi Mabbs9

You have mail

Nik

Mabbs9

Received with thanks.

PM3

Curious . After the transfer ( out) of ISA, what happens to the inevitable small residual cash ? Does that transfer later into the ISA ? I would expect a reasonable wait timewhile settling dividends etc that are paid later , but what a month, 2 ....3 ?

Adam Kay

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

PM3

Adam Thanks. I'll let it lie another couple of weeks and then email the general help address.

There is only £141 balance, but its a handy little amount to leave in the Vangauard ISA to use for instant trade fee , as one has to pay the fee with cash that resides in the ISA and not external and no othe way to put cash in( this year )without selling any units.
Not like Cobens all inclusive fee eh !

higgi

There are certainly issues in moving ISAs from IM/Quai. I instructed back in June and am still waiting. If I talk to Vanguard they blame IM and vice Versa. I am told today that things are finally moving but the process is frustratingly painful!

leef44

I have been waiting over two months for an ISA transfer out to Hargreaves Lansdown. Nik has been helping me follow up for the last week yet there is no joy. What needs to be done to get this to happen? The funds are sitting as cash except about £20 which is nothing compared to the interest which I am losing on the funds not moving.
I have offered that Cobens keeps the remaining change but just to transfer what is sitting in cash but I don't know how much longer I have to wait for anything to happen here.
This is very frustrating and just leaves a very bad feeling about the company. What can be done here?

Nik Burrows

@leef44
Hi Leef

Apologies for the delays, as you are aware from our communication this week, I am pushing to get this competed for you. Unfortunately the issue lies with IM/Quai. I have a call with the senior team on Monday and expect to get this resolved for you then.

Nik

leef44

Thank you Nik.

Perhaps you could propose giving the client the option to abandon the small change remaining in funds since it costs the company more to withdraw than the amounts themselves. This would help expedite the process.

Frank