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 Iām transferring in to (Interactive Investor). Iāve sent two or three messages to Freetrade chasing this - as have II - and still no transfer!
Itās getting very tedious and I canāt 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.
Hi,
Yes, this is correct and Iām in exactly the same position. Frustrating but I think that itās just a matter of being patient as the estimated time is 4-6 weeks and thereāve been several bank holidays inbetween. My new provider has also informed me that theyāve 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, Iāll follow up with them in an email labelled āOfficial Complaintā. Once youāve made an official complaint and itās 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.
I appreciate the slow progress on transfers is quite frustrating. Weāre 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 thereās anything that youād like me to chase up in particular.
Thanks for responding. Iām not sure what you mean by āOnce we have received confirmation from you to proceedā¦ā. Iāve 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.
Donāt get me started on this.
I could write a dissertation on the debacle of trying to transfer out.
But I wonāt .
My views have been read many times
Sorry that was poorly worded. I just meant to say that the transfer will be progressing since we have received this confirmation from you.
Iāve 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.
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.
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 Iām 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.
I started transferring out almost 4 weeks ago, i donāt 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.
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
That was a mistakeā¦ not only are you now out of the market, youāve lost your ISA subscription as youāll have to add that money back into a new ISA.
I would normally agree with you on this, but I donāt 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 Iāve 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, Iām thankfully losing out on growth and dividend payments on only a small part of it. Since I never reach my Ā£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 Ā£1,000 dividend allowance and this money I can add into next yearās 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 itās 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.
Iām still waiting on the cash to transfer out via BACS and itās 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 arenāt mine!
At least the cash amount is still the same.
Support were informed 24 hours ago about this but still no resolution.
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 doesnāt do in specie transfers then itās not as bit a problem. Though if I remember right your shares donāt get sold until shortly before theyāre transferred so if you had a lot in your ISA you could still let the process do itās thing.
Reasonable option though in that circumstance. Iāve never chosen to transfer to a broker that doesnāt do in specie
