How is my transfer progressing?
When transferring in, we have to send your authority to your other provider to request details of your account. If you are holding investments, they will send us details of these before we can arrange to transfer them to our management. Whilst we are dependent on how quickly your other provider can operate, we would expect a transfer to take no longer than four weeks, with many completing before this, although we are currently experiencing delays to this time frame. Transfers in the form of cash are generally quicker than transferring the investments.
When transferring out, we have to wait for your new provider to send us your authority before we are able to release any information to them. They will then contact us to arrange the transfer of any investments to their management. We are currently experiencing an increased number of transfers and an increased level of contacts coming into our customer service teams. Whilst we typically hope to complete transfers within four weeks, you may experience a delay as we work through these higher volumes. We are sorry for any inconvenience this causes.