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FT: Switching your pension or ISA: why does it take so long

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yorkshirelad1
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FT: Switching your pension or ISA: why does it take so long

#224409

Postby yorkshirelad1 » May 25th, 2019, 8:27 pm

Today (Sat 25 May 2019) FT Money has a two-page article on ISA & SIPP switching which may be of interest
Print edition title: "Switching your pension or ISA: why does it take so long"
Online version title "Investors itching to switch kept waiting for up to a year"
It may be found via Google http://www.google.com/search?q=switchin ... rch=ft.com

I'd have been very happy if I'd have transfered my ISA in 29 days..... it took months.
And there continues to be no appetite to set rules for time limits on transfers....

paulnumbers
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Re: FT: Switching your pension or ISA: why does it take so long

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Postby paulnumbers » May 25th, 2019, 9:50 pm

I find cash transfers are generally very quick nowadays, usually less than 5 working days. S&S more hit and miss, some of mine have taken months.

I’ve done a lot of transfers over the years and my feeling is that things have improved. it would be nice if it could be managed by the punter rather than the bank though, it doesnt seem beyond the wit of man for there to be a system that allows transfers to certain sort codes, withh all isa’s having specific sort codes - or something like that.

Alaric
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Re: FT: Switching your pension or ISA: why does it take so long

#224433

Postby Alaric » May 25th, 2019, 11:38 pm

paulnumbers wrote: it would be nice if it could be managed by the punter rather than the bank though


Outside of ISAs and SIPPs, it can be done at a price for shares anyway. The method is that you ask for your holdings to be returned to paper form. That is or ought to be a standard and thus quick procedure. Having received the paper certificates, you then fill in the receiving Broker's form to decertify and post them off.

You remain invested and any dividends should turn up without impeding the transfer process.

If the transfer process is laborious and long winded, delays will make the problem of getting dividends in the right place even worse.

BobbyD
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Re: FT: Switching your pension or ISA: why does it take so long

#224641

Postby BobbyD » May 27th, 2019, 8:22 am

yorkshirelad1 wrote:Today (Sat 25 May 2019) FT Money has a two-page article on ISA & SIPP switching which may be of interest
Print edition title: "Switching your pension or ISA: why does it take so long"
Online version title "Investors itching to switch kept waiting for up to a year"
It may be found via Google http://www.google.com/search?q=switchin ... rch=ft.com

I'd have been very happy if I'd have transfered my ISA in 29 days..... it took months.
And there continues to be no appetite to set rules for time limits on transfers....


A year? I've made quite a lot of partial and full account transfers in the last few years and even the very worst where one broker effectively blanked the other didn't take that long. The best took a couple of weeks, and cash only transfers seem to move around the system quite freely.

TedSwippet
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Re: FT: Switching your pension or ISA: why does it take so long

#224652

Postby TedSwippet » May 27th, 2019, 9:02 am

BobbyD wrote:A year? I've made quite a lot of partial and full account transfers in the last few years and even the very worst where one broker effectively blanked the other didn't take that long. The best took a couple of weeks, and cash only transfers seem to move around the system quite freely.

My last SIPP transfer, done in the teeth of the RDR a few years ago, took eleven months from start to finish. The two previous ones took over five months each. In all of them I had to push things along when they had stalled, sometimes multiple times.

Now, in all of these I was re-registering OEIC holdings, and these are acknowledged as being the slowest movers of the lot. Still, that doesn't excuse the extreme timescales here. Moving information between providers by carrier pigeon would have been faster. The main problem is that one one side the ceding platform has a reasonably strong incentive to heel-drag in the hope that the holder eventually abandons the process, and on the other (at least in my case) the receiving platform is swamped with transfer in activity.


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