I’ve got a transfer to FT from ii in place and today I just heard from FT’s support team that my Apple, Tesla, Workhorse and Virgin Galactic shares are not able to be transferred “via the standard Crest market”.
Can anyone explain this to me? I’m pretty frustrated as all the shares I own are listed on FT and at no point in the process has this ever been explained as a risk. Has anyone found a workaround? How do I get these shares moved over into one place.
I agree that it’s not clear at all. I’ve been waiting for Freetrade to support in-specie ISA transfers. For ages it was cash only, but now it seems to be supported?
On the ISA Transfer FAQ (https://freetrade.io/isa/isa-transfer#ISA-transfer-rules) it says “If the stocks in your existing ISA are in our universe, you can transfer them without selling. If not, you’ll need to sell them for cash.”
So if that’s not entirely true and there are exceptions, it should be clearer. It sounds like the above is only true for UK shares?
This is madness - I checked all the FAQ’s and even contacted support before kicking off the transfer to make sure I knew everything. I checked that all the stocks I own where in the FT stocks list spreadsheet and even opened a plus account early which I’ve already been charged for. I sold 4 different shares that where not supported in FT before the transfer kicked off and those shares have all gone up in value since, plus I took £7.99 fees per sale, all for nothing.
This is baffling to me that it’s taken this long to get to this point
I can’t even ring FT and discuss so I’m waiting on the email thread replies
Ask for a partial refund if you are unable to make use of the isa while a transfer is in progress?
This is a good point, if they’ve said they support them but don’t then this should be pointed out to them.
They’re usually pretty good in app, they’ve screwed up a bit imo as they don’t support something they suggest they support. I’d just tell them what they could do to help rectify it to your satisfaction.
I pointed this out ages ago and it appears to have fallen on deaf ears sadly despite being promised something would be done to ensure it doesn’t happen again…
Is the in app chat any quicker than waiting for this thread?
The gent on the email thread is really not helping at all. I’m fuming because it’s taken so long to get to this point. I’ve now got to risk selling my Tesla, Apple, Workhorse, Arrival and VG shares and then wait 2 weeks for the cash to be transferred at which point I’m already £40 down in fees and then god knows what in potential losses on these flying EV shares.
Does anyone know another workaround to this?
Message them directly in the app?
I would have thought they could request that your ineligible shares are sold on transfer of the ISA rather than by you manually.
Alternatively have them sell all investments at the time of transfer (usually the day before), though I don’t see why they can’t transfer eligible investments then sell all remaining investments
This is what they are offering me…
- Cancel the transfer
- Transfer eligible stocks and leave the non-eligible stocks in my ii account
- Transfer eligible stocks, sell the non-eligible stocks and transfer the cash to FT
For 2 - They can’t seem to clarify to me what happens with my current ISA, does FT become active when the transfer happens? If so then are the remaining stocks that aren’t transferrable then locked? (because if I sell them myself surely I’m then using two S&S ISA accounts which aren’t allowed by the taxman). It also means I then have to pay £9.99 a month to both ii and FT. (FYI: My shares in ii have all been bought in this tax year)
For 3 - FT have told me non-eligible stocks would be sold and it would take two weeks to transfer the cash, even though all the non-eligible stocks are in the FT universe. Looking at the current state of those shares, WKHS for example has shot up 48% in the last 30 days. If I have to sell these shares and then wait 2 weeks, I could miss out on a lot of money, also, it would mean I end up with less shares for them.
The gent on their support thread isn’t really helping me and I’ve not requested a manager. I don’t see why FT can’t hold the stocks for me at the price they are sold on ii. I really want to use FT but they are not making me feel very welcome and when I told the gent about the FAQ’s stating none of this, he just ignored it .
Terrible first impression. I’m missing out on very green markets right now too
Surely there is a workaround.
It would take two weeks or it would take up to two weeks? Freetrade will be beholden to however long it take ii to sell the shares and transfer them to Freetrade. Once it’s on Freetrade the process seems to be really fast (it was a few days for the cash to be transferred then it was pretty much immediate when Freetrade received the cash).
I’m not sure if they’re even allowed to make loans like that.
Welcome to the mess of transfers, my last provider my only option was to sell everything, it took a whole month with everything sold. Freetrade was lightning fast in comparison.
Make a complaint if the information you were provided wasn’t correct