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.
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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.
Hi there,
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.
Best,
Alex
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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.
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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.
Hi Shilpa
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.
Best
Alex
@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…
Warning!!!
I have nearly £40000 in my Freetrade SIPP and have been trying to transfer it to HL since 14th July!!!
Freetrade are not responding to any requests from HL and Freetrade do not have a telephone number for HL to contact them directly so there’s nothing HL can do.
Freetrade have assured me they have made contact with HL but HL have confirmed that no contact has been made.
My main issues with Freetrade are that is it an App based system, it has several bugs, the daily display charts don’t display properly and on several occasions the app stopped working and there was nothing I could do and made me feel very insecure, not particularly a problem for long-term investors but if you’re trying to do shorter trades this is a big issue.
Do not put any large amounts of money into Freetrade, it’s an app based system that is ok when it works, but when it doesn’t there’s nothing you can do until they resolve the issue - unlike other brokers that have an app + website + phone line to carry out orders.
Do not use their SPP service, you may never see your money again!!
Hey @FreetradeWarning you don’t need to spam your post across many threads.
I’ve flagged it for @acamp to see if he can offer any assistance. I hope it gets resolved for you, it sounds like a processing issue not willful obstruction
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Thanks for raising this. I’ve picked this up with our transfers team who are investigating and I’ll DM you for a few more details.
Apologies as our communication has clearly not been up to snuff in this instance. We’ll get to the bottom of this. Rest assured your money is safe and secure and we’ll get your transfer actioned as soon as we can.
Best,
Alex
Just to update on this, we’ve found your transfer and note that it was requested at the end of August but authorisation from your new broker was not received until mid-October. We wrote to you earlier today informing you that we’ve received this authorisation and that the transfer will complete in the next 10 to 15 working days.
Apologies for any delay.
Alex
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Ah not many facts within Freetrade Warning’s post I see…