I have been trying to transfer my SIPP to Freetrade for over two months now. It’s now got to the point where they don’t even answer my emails. Are you not taking transfers anymore?
That’s disappointing as I was hopeful that we would get a SIPP transfer campaign with a free shares bonus soon.
I’d be surprised if FT has halted Sipp transfers altogether. There is a hefty backlog but I had one transfer complete only a few weeks ago. It did take ages though, I think it was about three months in all.
We definitely haven’t stopped transfers, but as some have indicated we’ve been working through a backlog. As part of that work we’ve been prioritising transfers out for the last few weeks and have made significant gains (we’ve also got a handful of contractors helping us out). We’re also working on improving this process overall. I’m happy to chase up your SIPP transfer in to get a status update. Will DM.
My transfer completed in 11 days
There will always be variance in the time it takes to complete a transfer because of a number of things - in specie transfers are typically more time intensive than cash-only, for example. The efficiency with which the two parties (Freetrade and the other broker) interact too are also a factor.
We’re looking at all of this and identifying ways that we can make this process smoother and more manageable for everyone. @Shilpa I have flagged your case to our transfers team so someone can look into the reason for the delay and get back to you.
Thank you. Did you say you were going to DM me? I haven’t received anything nor an email response from Freetrade whom I’ve been chasing for a few days now.
Wow, that’s fast! What’s your trick? I’ve been chasing Freetrade for a month now and they still haven’t got this going yet. For sure the holdup is on Freetrade’s side.
My transfer was a cash transfer and as @acamp said these can be much faster.
Also my other provider deducted balance from my account a day after FreeTrade confirmed that they have sent transfer request.
That sounds like the perfect experience.
On my part, I’ve had to send a transfer form by post, only to be told a month later that they haven’t received it. They’ve also now closed my support ticket so every time I have to open a new one. And because I’ve been replying to them on email (email didn’t bounce) they claim they didn’t pick up the messages because I was emailing rather than sending a message in the app. This was never an issue before.
I can see someone from customer service has gotten back to you. I apologise for this experience. It’s not ideal to require paper copies of these forms but unfortunately that’s what your current provider required to initiate a transfer.
If you reach out to your current provider to request your discharge forms you can send these in to us at the same time as the LOA and this will speed things up.
@acamp, this is very confusing. I wasn’t asked to reach out to my current provider for discharge forms previously. Is this something new in the process? The SIPP transfer process seems very uncertain. I’ve been told several different processes already, and you’ve just added to it by this post…