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How long will it take to transfer an ISA from another provider to True Potential Wealth Investments?

The industry standard timescale is 30 working days for a transfer to complete, but this is wholly dependent on the processing timescales of each provider and the type of transfer being processed. For example, an in specie transfer can typically take longer to complete due to the nature of the process. Other factors to consider include:

The type of investment you’re transferring

The time it takes for cash and ‘invested’ money to transfer over is dependent on the ceding provider, but once the funds land, the investments are allocated to your ISA and fully invested within 3-5 working days.

The current investment provider

We chase transfers every 10-14 working days to allow them to process the cases that we are sending to them. We have found this the most efficient timescale for chasing as it is most likely to yield a positive update from providers on each chase.

Documentation

If any documentation is filled out incorrectly this can hold back the process. If clients have changed address and have not informed the ceding provider this can also delay transfers. Similarly, if clients have married/divorced and names have been changed this can also slow transfers down if the details do not match. If a transfer is to proceed via forms, then making sure the whole form is completed and no sections are omitted by the client will also ensure smooth processing of the request as we won’t have to query any details. Another good example would be if the clients had a fixed rate ISA then they would have to confirm to the ceding provider that they are happy to pay any early exit charges before the transfer can proceed.

Outstanding Fees

There may be instances where you have outstanding fees with your current provider, including closure and administration fees – depending on how quickly these fees are dealt with could have an impact on time it takes to transfer. Our team are always on hand to answer any questions you may have when investing with True Potential Wealth Management, find out more about our Stocks & Shares ISAs here.

ISA provider rules may apply.

If you need more information or have any further question, and you are not already a client with True Potential, you can speak to our friendly team on 0191 625 0350 available 7am-8pm weekdays.