Freetrade ISA out transfers seemingly taking longer than FCA deadlines

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1

Hi,

As per this document: Individual Savings Accounts (ISAs): Transferring your ISA - GOV.UK

Cash ISA’s should take no more than 15 working days to transfer.

“Other types of transfer” should take no longer than 30 calendar days to transfer.

This is the FCA ruling on the deadline for transferring out your ISA. I assume a Stocks and Shares ISA falls into the 30 calendar day deadline.

4 weeks ago I started my Freetrade transfer out to Trading 212. I received a reply that this was happening quite quickly, but have had limited replies. I have since been informed that this will likely take Freetrade 4-6 weeks, meaning at best they are at the FCA deadline limit. For me, they are already over the 30 calendar day limit.

The advice on the linked document is to go to your ISA provider (Freetrade) which I have done and then contact the Financial Ombudsman Service, which I will be doing soon.

Has anyone else had a transfer out take longer than 30 calendar days and contacted the Financial Ombudsman Service as a result?

2

There have been some other posts about long delays, but I understand that T212 had a lot of transfer requests from Vanguard users as well which didn’t help the length of time. See below thread where one transfer failed Freetrade Competitors - #2348 by Coolsmp