I have recommended Freetrade to 2 friends - they both downloaded the app to have a play and were so impressed they decided to move their portfolios from Halifax to FT.
They filled in all the paperwork to do the transfer and sent it off to Freetrade.
So far so good - but here is where the trouble starts.
Both received this message from FT - after several months:
"We have received a valuation from your current ISA provider.
Your stock is held directly in the US (DTC) market and we are only able to accept via the GB (Crest) market. Can you please confirm if you would like the stock sold and transferred as cash or left with your current provider?"
To sell the shares and rebuy (when we are talking about £40k in one case and £100k in the other) is going to incur massive forex fees - so both people have decided to stay with Halifax.
They are both frustrated they went to the effort of filling in the forms - only to be told that some shares can not be transferred.
The other issue is whilst the transfer has been requested they cannot sell the shares on Halifax and their accounts have been locked.
I am not sure what the solution is - ideally finding a way to accept the transfer so this isn’t an issue. If this isn’t possible - maybe waiving the 0.45% forex fee for transfers in - or at a minimum making it clear before filling in the forms that shares held on the US stock market cannot be transferred?
Either way - I thought I should bring this to your attention as you have missed out on 2 significant transfers because of this - and hopefully the process can be improved!