eeek @xray @lee – I feel like I need to explain myself here
Have we written the first line of code? – Short answer here is yes…but
I know there’s always a “But”. I will try and explain & give you a sense of the factors involved here & why it taking a while.
We do have a dedicated Transfers development team with devs working on this as well as expanded Transfers Ops teams. This development team looks after all transfer (ISA, SIPP & both transfer in & out)… we have plans to improve & automate lots of the step for all these processes.
So why is it taking so long:
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Truthfully, by far the most demand for transfer & biggest delay have been to SIPP Transfers in (we only support Vanguard atm + very shortly Hargraves & Fidelity). This development work was prioritised but unfortunately has taken far longer than we expect – multiple 3rd party systems Equisoft, Origio, manual processes + other providers. Apricate if you’re trying to transfer out this will feel like a separate process but it often been the same individual working on both problems & its taken a lot of attention.
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Manual processing is very difficult without some degree of automation. We need to make sure the right controls are in place to avoid mistakes – you can imagine this is very important when transferring assets from pooled nominees on CREST.
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In-specie Transfers out are v.tricky when all you’re holding are fractions. We need a process which only transfer the integer share unit (you can only transfer whole shares). We then need written permission to sell any remaining fractions or shares & this needs to be coordinated with the receiving party
The above is just to give a sense of some of the interdependencies & work going on.
I fully apricate non of this matter when you just want the process to be up & running.
I will just add, we absolutely do read these posts & it is very high up on our list of priorities. We will try and get you more timing & updates shortly.
Thanks
Tom