Could you guys implement a round up feature which aims to get rid of the fractional shares element which is causing issue with In-Specie out transfers?
I’m sure you are in no rush to allow people to move their assets, but now words getting out about this issue across socials and YouTube.
Why would people put further assets into what’s basically a locked ecosystem? Not great for a company in its early growth stage
I didn’t even want to move I just came across this issue and now I won’t be making any further investments until I know I can actually move my assets out if choose to.
They definitely don’t care. All they care about is their AUM (assets under management), which will help their founders build an exit plan.
I was a big advocate of InvestEngine, and I even invested in them during their crowdfunding era, but I now actively discourage anyone and everyone (including my 300,000+ followers) to choose Trading 212 over them.
I’ve done the same I opened this years ISA with T212 and have started a transfer to T212. I can’t be dealing with a company with limited communication and a roadmap with no actual delivery times
if no news can i ask why it appears that you are lying to you clients as it has been 26 months since this thread was started and it does not appear that in specie transfers will ever happen.
I have written an open letter to the InvestEngine CEO regarding what I believe is a breach of FCA COBS 6.1H by InvestEngine. It seems that the only way to move forward is to report this to the Financial Ombudsman.
Breach of FCA COBS 6.1H and One-Way Transfer Policy: InvestEngine appears to be in direct violation of FCA COBS 6.1H (COBS 6.1H Platform switching - FCA Handbook), which explicitly mandates that ISA/SIPP/GIA managers must allow customers to transfer their investments in-specie (as shares) out to another provider without forcing liquidation to cash, provided the receiving provider can accept those same investments. Specifically, COBS 6.1H.3 states that platform service providers must “offer the retail client the option to transfer units in investment funds that can be held by both the ceding platform service provider and the acquiring platform service provider…” This regulatory requirement has been in force since 2019. InvestEngine operates what appears to be a deliberately asymmetrical transfer policy—readily accepting in-specie transfers IN to increase assets under management, while obstructing in-specie transfers OUT through misrepresentation and misinformation. On April 14, Paul explicitly stated that InvestEngine “support[s] only cash transfers out at the moment,” a direct contradiction of your regulatory obligations under COBS 6.1H. Only after I threatened to escalate the matter to the Financial Ombudsman Service did InvestEngine reluctantly agree to process an in-specie transfer, and even then, only to Freetrade specifically. I want to transfer out to other providers but at the moment Paul claims I can transfer out in-specie only to Freetrade.
I think they are just hoping this thread goes away on its own and ignoring it. Shame because the business group I am part of no longer recommends IE for this reason. IB whilst most consider better, its just not as friendly and easy to use.
Hi! Please be assured that our Development team is actively working on this feature. I have forwarded your concerns to them and we will post updates here once this feature is released
Yeh its clearly us just being fobbed off and ignored in the hope this thread goes away. Something isn’t actively worked on like this for 3 years with no concrete update or details.
Yeah, We are stuck with IE, because they dont offer in-specie out Transfer.
Im investing in one ETF called “VaneCK Defense” that basically spikes down in a window of 1hr 5-10%, add if you dont trade it then you have missed it and goes off much higher. so today it spiked down 10% in the morning, but i had to wait for IE 2pm window at which point the price moved much higher. This 2pm Window is so Awful you miss alot off opportunities.
As for IE - seeing that you’re that unhappy with it:
either
a) stay invested in whatever you’re currently invested in here and leave everything here as is or
b) sell and get the money transferred
I wouldn’t want to be out of the market for a prolonged period of time so I would probably leave everything as I have currently set up, making sure that dividend reinvestment is turned on for the relevant ETF’s/portfolios, and then just start putting money into a T212 ISA.
IE is certainly not right for this kind of thing. At the very least, they should implement limit orders and other order types instead of the default market order. Also, they should pay interest on uninvested cash - a bit like investment in money market fund as does Trading 212.
