SLOW processing of ISA transfer out

Has anyone else experienced poor turnaround times for an ISA transfer out of Freetrade? Despite me requesting this (as a sale of existing funds and cash transfer) over 5 weeks ago, this is still being chased by the platform I’m transferring in to (Interactive Investor). I’ve sent two or three messages to Freetrade chasing this - as have II - and still no transfer!

It’s getting very tedious and I can’t think of any reason why it should take this long. Freetrade just respond to my messages saying they aim to turnaround ISA transfers within 4 weeks.

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Hi,
Yes, this is correct and I’m in exactly the same position. Frustrating but I think that it’s just a matter of being patient as the estimated time is 4-6 weeks and there’ve been several bank holidays inbetween. My new provider has also informed me that they’ve been chasing it without receiving any response.

Hopefully it will go without a hitch and it will be sorted in a few weeks. However, if I experience any of the issues that have been mentioned elsewhere on this thread about FreeTrade rejecting the transfer request on the grounds of not having received it, or anything like that, I’ll follow up with them in an email labelled “Official Complaint”. Once you’ve made an official complaint and it’s not resolved to your satisfaction within 8 weeks (frustratingly long I know), you have the right to take it up with the Financial Services Ombudsman.

Hi both

I appreciate the slow progress on transfers is quite frustrating. We’re working through a fairly significant backlog and are making good progress. Once we have received confirmation from you to proceed, the wheels will be in motion and things will get processed.

Please do reach out to me directly if there’s anything that you’d like me to chase up in particular.

Best,
Alex

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Hi Alex,

Thanks for responding. I’m not sure what you mean by “Once we have received confirmation from you to proceed…”. I’ve already agreed to the transfer on a couple of occasions via the initial request and as a follow up when I chased the transfer a few weeks back.

Thanks,

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:face_with_raised_eyebrow:
Don’t get me started on this.
I could write a dissertation on the debacle of trying to transfer out.
But I won’t .
My views have been read many times :speak_no_evil:

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Sorry that was poorly worded. I just meant to say that the transfer will be progressing since we have received this confirmation from you.

I’ve flagged both cases to our team to see if there are any issues and you should receive a communication directly if there is any further action needed.

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And thank you from me too for responding, I do appreciate it Alex. I was also confused by the wording but I understand what you mean now. It is good that you are aware of both of our cases and are willing to hear from us directly if need be as I had been worried about the response time had I been forced to go through the Helpdesk.

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Took exactly 30 WORKING DAYS for my transfer out. Im just waiting on my final dividend payments to withdraw from the likes of PSN, TW and LLOY and then I’m all transferred.
Standard moan about the price increase. Maybe the backlog wouldnt be so bad if they hadnt put the prices up twice in less than 12 months.

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I started transferring out almost 4 weeks ago, i don’t mind waiting, however its very hard to get conformation from freetrade about whats happening, i was asked if i wanted to liquidate all my positions to send the cash or pay for each stock transfer, i said i would liquidate all my positions so they could send the cash and i have yet to receive any word back.

There’s already a recent thread on this. Don’t know if you tried searching but using the same thread would prevent duplication and clutter.

It would be good to have a section in the app which shows the status of pending transfers in and out, what stage they’re at and a ballpark ETA.

these are the ISA rules; provided your paperwork is completed correctly a S&S ISA T-out should take a maximum of 30 calendar days, the FOS is your next point of call

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I have given up on the transfer and withdrew my funds instead. While waiting, of course, monthly payments of ISA were taken away without a problem…

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That was a mistake… not only are you now out of the market, you’ve lost your ISA subscription as you’ll have to add that money back into a new ISA.

Transfers with brokers are just a waiting game

I would normally agree with you on this, but I don’t in this instance. I did similar to the OP in that I withdrew the majority of my FreeTrade ISA and am only waiting for transfer on the remaining part of it. Why?

Basically, because I fully expected the transfer to take a long time and unfortunately due to the provider I’ve chosen, I cannot do in specie transfer. Therefore, anything I would wish to transfer would result in me being out of the market. Instead of doing so with my entire portfolio, I’m thankfully losing out on growth and dividend payments on only a small part of it. Since I never reach my £20k allowance in a year, the loss of the tax free status is of no great loss to me, anything I cannot add this year, I can add to a GIA-equivalent this year and not get anywhere near the £1,000 dividend allowance and this money I can add into next year’s ISA allowance.

Mine was the other way around. Freetrade were much more proactive chasing a transfer in from Vanguard, who have been completely hopeless on my SIPP and ISA. I guess it’s an in vs out thing lol.

The in specie part for my ETFs transferred within 4 weeks but communication was poor after it looked like it had stalled early on with Freetrade wating for InvestEngine and IE wating for Freetrade.
I’m still waiting on the cash to transfer out via BACS and it’s been over 5 working days, so having to chase that up.
Also, worryingly, only the cash element was showing 11th May but since 12th May, my Freetrade ISA account is now showing 205,941 Eurasia (EUA) shares that aren’t mine!
At least the cash amount is still the same.
Support were informed 24 hours ago about this but still no resolution.

Going into week 5 of my cash ISA tranfer out, they won’t even tell me if my account is actually be transferred or not.

I’m fine with waiting but not while not even knowing if the transfer process is even happening.

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I have started ISA transfer yesterday and it is electronic request (no paper), how would I know if FT got the transfer request? should I wait for an email from FT?

Yeah if your broker doesn’t do in specie transfers then it’s not as bit a problem. Though if I remember right your shares don’t get sold until shortly before they’re transferred so if you had a lot in your ISA you could still let the process do it’s thing.

Reasonable option though in that circumstance. I’ve never chosen to transfer to a broker that doesn’t do in specie

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