IFISAcava
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Post by IFISAcava on Aug 30, 2018 12:27:32 GMT
Still waiting for the partial previous year transfer to actually start. This all started on the 23rd of July. It still feels like AC are working out what they are supposed to do as they go along ... and then spend weeks not doing it. Yes, I have had an extremely long wait for a partial transfer out of some AC funds - by far (several hundred percent) the slowest of any transfers I have made.
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Post by notascooby on Oct 17, 2018 16:58:38 GMT
Actually my issue is much simpler. I found AC claims not to have received transfer forms and did not respond to queries. I hope this is just a communication glitch rather than an attempt to frustrate the process
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Post by Duane Dibley on Oct 18, 2018 6:36:17 GMT
Actually my issue is much simpler. I found AC claims not to have received transfer forms and did not respond to queries. I hope this is just a communication glitch rather than an attempt to frustrate the process You're not alone with these unacceptable delays and I wonder what the real reasons are. Been 6 weeks for me waiting for the transfer to be completed. That's compared to Funding Secure where the money was transferred the same day as the request to the new provider was made. It's a not inconsequential sum I'm trying to transfer from AC, but the money is in their Instant Access Account so shouldn't need 6 weeks to process. But the longer it goes on the more I wonder whether the whole platform is a form of Ponzi scheme in which they are reliant on new money coming in to pay old money going out. Rather worrying if true and I see that chris is no longer responding to ISA queries on this thread.
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Post by chris on Oct 18, 2018 7:09:31 GMT
chris still keeps an eye out for technical questions but is taking a self imposed break from anything else for a variety of reasons including not being able to involve myself in everything, us not officially supporting this forum so it's my own personal effort to come here and post, and we have official channels for support. If those channels aren't working well then I can report that to the board and try and fix from within, but I can't replace them by myself. Our ISAs are managed by a third party so withdrawal times are beyond our direct control in that regard (AIUI). However I'll flag the issue with the relevant people who manage that relationship as we demand a certain level of service. Ps. We're not a ponzi scheme  If you have a cash balance (unswept) on the platform then those funds are held as cash in the client money account. I personally wrote our virtual banking system so know precisely how that part of the puzzle works, and our CFO routinely audits the client money system and reports back to the FCA. If your funds are swept into the QAA then they're not entirely cash and can be invested. In normal market conditions (such as now) then your withdrawal will be processed in a fraction of a second resulting in cash in the client money account - nearly £1bn of withdrawals from the access accounts have thus far been successfully completed in that way. |
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jlend
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Post by jlend on Oct 18, 2018 9:22:44 GMT
chris still keeps an eye out for technical questions but is taking a self imposed break from anything else for a variety of reasons including not being able to involve myself in everything, us not officially supporting this forum so it's my own personal effort to come here and post, and we have official channels for support. If those channels aren't working well then I can report that to the board and try and fix from within, but I can't replace them by myself. Our ISAs are managed by a third party so withdrawal times are beyond our direct control in that regard (AIUI). However I'll flag the issue with the relevant people who manage that relationship as we demand a certain level of service. Ps. We're not a ponzi scheme If you have a cash balance (unswept) on the platform then those funds are held as cash in the client money account. I personally wrote our virtual banking system so know precisely how that part of the puzzle works, and our CFO routinely audits the client money system and reports back to the FCA. If your funds are swept into the QAA then they're not entirely cash and can be invested. In normal market conditions (such as now) then your withdrawal will be processed in a fraction of a second resulting in cash in the client money account - nearly £1bn of withdrawals from the access accounts have thus far been successfully completed in that way. Thanks for keeping us up to date. Much appreciated.
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Post by notascooby on Oct 18, 2018 13:15:18 GMT
Actually, I did just get a reply and one of the issues was not doing something you don't know about. Unknown unknowns as Donald Rumsfeld used to say. In this case it is not only having FISA in cash account but switching off the 'swept up' investment function.
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Post by Duane Dibley on Oct 18, 2018 20:23:43 GMT
In normal market conditions (such as now) then your withdrawal will be processed in a fraction of a second resulting in cash in the client money account - nearly £1bn of withdrawals from the access accounts have thus far been successfully completed in that way. Fractions of a second? Do you seriously expect people to believe that when they've been waiting weeks for a transfer? In 6 weeks there are 42 days. In 42 days there are 1,008 hours. In a 1,008 hours there are 60,480 minutes. In 60,480 minutes there are 3,628,800 seconds. Now just be honest Chris do you really think waiting 3,628,800 seconds for a simple ISA transfer is acceptable?
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Post by chris on Oct 18, 2018 21:11:44 GMT
In normal market conditions (such as now) then your withdrawal will be processed in a fraction of a second resulting in cash in the client money account - nearly £1bn of withdrawals from the access accounts have thus far been successfully completed in that way. Fractions of a second? Do you seriously expect people to believe that when they've been waiting weeks for a transfer? In 6 weeks there are 42 days. In 42 days there are 1,008 hours. In a 1,008 hours there are 60,480 minutes. In 60,480 minutes there are 3,628,800 seconds. Now just be honest Chris do you really think waiting 3,628,800 seconds for a simple ISA transfer is acceptable? The part of my post you've quoted is explicitly about the access accounts and was in relation to us being a Ponzi scheme or not, and how cash is cash in the client money account. Another part of my post addresses ISA withdrawals explaining that it's a third party service that is used but that if the fault is with us or them then that's not an acceptable timeframe and that I'd raise it with the relevant people.
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DeafEater
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Post by DeafEater on Oct 19, 2018 9:30:01 GMT
Actually, I did just get a reply and one of the issues was not doing something you don't know about. Unknown unknowns as Donald Rumsfeld used to say. In this case it is not only having FISA in cash account but switching off the 'swept up' investment function. Yes having tried to get largish sums of money out of AC in the past, I was already aware they have a range of delaying tactics that they can and do deploy. Swept cash is one of those I'd always assumed would be a problem which is why I made sure my ISA investment was back in my ISA cash account earning nothing, ready for the transfer request from the new provider. I've had roughly 40k in there since the beginning of October waiting for AC to send the money. This week I became rather frustrated by the loss of interest so rang Customer Services. It took me 3 days of trying before I got through and no, they didn't return my call when I left my details on their ringback service. When I DID finally get through I was told that because this is an IFISA, the guidelines say they have up to 30 days to do the transfer. This is absolutely true and I was aware of it but this is a general rule for the IFISA sector and the extra time (over and above the 15 days allowed for Cash ISAs) is supposed to give them time to sell the investments. However since I gave notice on my 30DAA account 30 days earlier in order to get the money into my cash account, no one has to sell anything for my money to be sent to its new home.
AC Chris explained in an earlier post that the ISA wrapper is provided by a third party so delays can be expected. This sounds reasonable until I recall that when I originally requested an ISA account with AC, it was opened the same day, the money I transferred to it appeared in my cash account within the hour and all of it was invested 12 hours after that. The AC IFISA cash account has much in common with a Chinese finger puzzle.
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Post by chris on Oct 19, 2018 10:26:45 GMT
AC Chris explained in an earlier post that the ISA wrapper is provided by a third party so delays can be expected. This sounds reasonable until I recall that when I originally requested an ISA account with AC, it was opened the same day, the money I transferred to it appeared in my cash account within the hour and all of it was invested 12 hours after that. The AC IFISA cash account has much in common with a Chinese finger puzzle. Opening an ISA via our site is handled via an API to that 3rd party so we can trigger that automatically. Then deposits are handled via our normal banking integration and the deposit of funds into the ISA is authorised via that API again thus being under our control (more or less). Transfers in and out are handled by the 3rd party, as are things like HMRC reporting.
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ilmoro
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Post by ilmoro on Oct 19, 2018 10:38:58 GMT
Im afraid to say that all these reported delays are making me reluctant to transfer an ISA to AC. Having had cash go into limbo for three months transferring from an IFISA to a major bank it not something I want to repeat (especially as the bank did pay interest from date of transfer request which AC wont)
The rules allow providers 15 business days to transfer a cash isa to another cash isa and I fail to see why it should take any longer to transfer a cash ISA to the cash account of an IFISA or vice versa. (From receipt of instruction, 5 days for form to be sent to old provider, 5 days for funds/paperwork to be sent back, 3 days to credit funds, 2 days for post)
chris perhaps this is something that needs to be raised with the 3rd party as currently they are not performing to either customer and presumably AC requirements and there really isnt any excuse for it.
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Post by Duane Dibley on Oct 25, 2018 20:45:57 GMT
AC Chris explained in an earlier post that the ISA wrapper is provided by a third party so delays can be expected. Transfers in and out are handled by the 3rd party, as are things like HMRC reporting. Sorry but I'm just not buying that. AC must use this mysterious 'third party' for a reason. It's clearly not to benefit their customers so presumably it's to benefit AC themselves. For them to then turn round and try to circumvent liability by blaming this unknown third party is quite frankly taking the proverbial. Assetz Capital choose to use this third party not the customer, the customer invests their money with Assetz Capital not anybody else and if this third party can't do what AC are advertising they do then AC should fess-up and do something about it, not try to shift the blame on to them. It's just like when banks and utility companies use untrained customer advisor-monkeys on minimum wage and reading from a computer script or barely literate Indian call centres and then tell us all that it's part of improving the consumer experience. B****cks, it's nothing to do with improving customer service and everything to do with saving money. When P2P first started, high quality customer service, in comparison with high street banks at least, was one of the attractions, but as these companies get bigger then customer service is one of the first things to go out the window in their chase for ever increasing revenue and profits. Maybe if AC spent some of their cashback budget on training their customer service personnel the difference between withdrawals and transfers they would find that growth occured naturally and sustainably not forced and transient. But as it is their poor customer service is one of the reasons I'm transferring (or at least trying to) my funds out of AC and into a more responsive and helpful company, Lending Works anybody. Well that and of course their can-kicking expertise. The rules allow providers 15 business days to transfer a cash isa to another cash isa and I fail to see why it should take any longer to transfer a cash ISA to the cash account of an IFISA or vice versa. (From receipt of instruction, 5 days for form to be sent to old provider, 5 days for funds/paperwork to be sent back, 3 days to credit funds, 2 days for post) Rules? There are rules? Well who enforces these rules? I feel a letter of complaint coming on. Seven weeks now.
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walktall7
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Post by walktall7 on Oct 25, 2018 23:32:04 GMT
A J Bell acknowledged my application to transfer my ISA from Assetz on 23 July. Assetz then emailed me on 26 July to say that they had the request for transfer. The money was not transferred to A J Bell until 5 September, So beware as Assetz are not bothered about transferring within the guidelines.
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IFISAcava
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Post by IFISAcava on Oct 26, 2018 6:39:55 GMT
A J Bell acknowledged my application to transfer my ISA from Assetz on 23 July. Assetz then emailed me on 26 July to say that they had the request for transfer. The money was not transferred to A J Bell until 5 September, So beware as Assetz are not bothered about transferring within the guidelines. My experience too. V v slow transfering out. Perhaps not surprisingly quicker on the way in.
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DeafEater
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Post by DeafEater on Oct 26, 2018 8:04:30 GMT
A J Bell acknowledged my application to transfer my ISA from Assetz on 23 July. Assetz then emailed me on 26 July to say that they had the request for transfer. The money was not transferred to A J Bell until 5 September, So beware as Assetz are not bothered about transferring within the guidelines. My experience too. V v slow transfering out. Perhaps not surprisingly quicker on the way in. An update on my transfer out - it sort of happened shortly after I gave them a prod. I can't say whether the prod was instrumental in shifting it. However I say "it sort of happened" because they got it wrong. I requested the entire amount in my IFISA be transferred and all of it was sitting in the cash account ready to go but they actually transferred nearly 600 quid less, leaving that residual amount in the IFISA cash account. This remaining amount is the exact total of the interest paid on the first of July, August, September and October. I requested an explanation via their enquiries email address and got a reply 3 days later saying they were investigating. I'm struggling to understand how they can get this stuff so badly wrong.
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If you have a cash balance (unswept) on the platform then those funds are held as cash in the client money account. I personally wrote our virtual banking system so know precisely how that part of the puzzle works, and our CFO routinely audits the client money system and reports back to the FCA. If your funds are swept into the QAA then they're not entirely cash and can be invested. In normal market conditions (such as now) then your withdrawal will be processed in a fraction of a second resulting in cash in the client money account - nearly £1bn of withdrawals from the access accounts have thus far been successfully completed in that way. 
