ISA transfers out
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I wonder if it's possible to establish that everything is correctly in place to transfer mine and my wife's ISA's out?
I know there were some issues with my side making the wrong kind of requests so I'd like to know if we're all set now, please?
Thanks
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Hi Bob,
I believe you were corresponding with Nik on this and he will be able to give you an update.
Regards
Adam
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Thanks Adam - will he see posts in here or do I need to email him again?
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Hi,
Yes, Nik monitors the forum, however if you ever need information relating to your account it is best to email as there is not always a lot we can discuss on a public forum.
Regards
Adam
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Thanks, I have tried that. A status update would be welcome - I'm expecting it to be "all set" but the reassurance would be great.
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Hi Bob
As per my last update to you, your IFA has placed the request with Quai/IM and all I (Cobens) are able to do is ask for updates from Quai/IM on progress as the transaction is taking place between your IFA and Quai/IM. I am happy to and will continue to chase for updates but the most efficient route is still likely to be your IFA. As you are aware I have tried to identify the reasons for delays and ended up caught between the two with your IFA saying they had submitted a request and Quai/IM stating that it was sent to Seccl not them and so while happy to continue to do what I can I do think it will be resolved more quickly with two parties communicating.
Nik -
The Seccl thing was months ago now. My IFA has sent screenshots showing the Origo transfer requests and is at a loss to understand why they're also being asked for forms and covering letters (but they sent them anyway).
Perhaps I've got this wrong, but I understood that IM PC clients had transferred to Cobens?
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Hi Bob,
All IM clients are now with Quai. Quai are the product provider, Cobens are the service provider. You are transferring a product, so it is Quai who are managing the process.
Regards
Adam
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The Seccl thing was months ago now. My IFA has sent screenshots showing the Origo transfer requests and is at a loss to understand why they're also being asked for forms and covering letters (but they sent them anyway).
Perhaps I've got this wrong, but I understood that IM PC clients had transferred to Cobens?
Hi Bob
IM and now Quai/IM have two main types of client, advised clients that have an IFA and direct clients who don't.
Before the changes the direct clients were looked after by IMPC.
After the changes the direct clients are now looked after by Cobens Direct.
After you appointed your IFA your IFA takes over the role of your service provider so in your case, as I have previously explained to you, you now fall into the advised client stream. We will still do what we can to help in this type of case but it is difficult when we effectively get caught in the middle. All I am suggesting is that you IFA may be better placed to move this on as they are now dealing directly with Quai/IM to resolve it. I am relying on what our IFA says and then what Quai/IM say so can only pass on the information I am given as we are not involved in the process.
Nik
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Hmm....OK, I might be missing something then. I didn't knowingly appoint an IFA to advise me on IM business. The fund manager is trying to extract the ISAs in the same way any transfer would need to be requested by another provider in order to keep the ISA coverage.
It doesn't make any obvious sense to me that I would move from Direct to Advised, but then I don't understand the nuances of how the industry works.
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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