In specie transfer out

General
63

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.

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64

i fully agree with your post.

my 2025/26 20k isa has gone elsewhere.

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65

Looks like they dont care,

I wont be investing anymore with IE

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66

Been following this thread for a very long time. In-specie out-transfers were expected in June 2024. This is very disappointed.

The only way to increase competition is probably a law mandate/regulator intervention.

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67

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.

Such a shame, they had a lot of promise!

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69

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

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70

any news on this?

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.

71

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.

5 Likes