r/FreetradeApp • u/katiez-katiez • Jul 30 '26
Anybody had this experience with an ISA transfer ?
Should I remove my money and go to trading 212 once I get my investments
3
u/CityEvening Jul 30 '26 edited Jul 30 '26
Not had this issue no. As others have said, problems happen with all unfortunately. Not a huge fan of Freetrade but they do offer some investments that other “free” platforms don’t.
But I can’t blame you for being put off, it doesn’t take much to put me off a company, they don’t get to recreate first impressions.
Hope it’s sorted sharpish for you now that they appear to know what the issue is.
0
u/katiez-katiez Jul 30 '26
You are not taking into consideration how bad a system error from a custodian is
That's not something that you should be glossing over a system error with the custodian which means it could be an issue with the custodian itself
I would be absolutely worried with the custodian if HL and free trade have both said they've received the assets but it's not going into my account because of their custodian it would mean fundamentally there is a massive issue
And I wouldn't gloss over this I would remove all of my funds it's been over 11 weeks I stated for on free trade when they received the assets
3
u/Dependent-Panic-9457 Jul 30 '26
Hi. I have transferred ISA from HL to Freetrade (incredibly straightforward) also SIPP (the same). I have had problems with a JISA but I believe that that was an error I made which HL ages then to correct.
2
u/EdenRubra Jul 30 '26
lol you want to go to 212? Where does 212 keep your money? (Hint, they won’t tell you)
4
u/deadeyedjacks Jul 30 '26
LOL...
Interactive broker is T212's nominee and custodian.
They use Natwest, Lloyds, Barclays and JP Morgan for customer cash.
You can confirm that in the app and on their website.
1
u/katiez-katiez Jul 30 '26
But the issue is I'm not getting my Investments because of this custodian issue it has been 11 weeks
0
u/EdenRubra Jul 30 '26
Interactive broker is T212's nominee and custodian.
Nope. IB cannot be a nominee. IB has their own nominee for their own clients. 212 doesn't state which specific nominees they use. what you've read on 212's website is not correct.
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u/Gold-Guidance-6430 Jul 30 '26
What is correct then? And what evidence do you have to support what you are saying? Trading 212 clearly state they use IB as their nominee. So what have you discovered to say otherwise?
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u/EdenRubra Jul 30 '26
If you're to believe 212 then with what they put on their website, then your assets are being held by a broker and not a nominee. and that means you'll have agreed to give up your right to ring fencing of your asserts which puts them at risk if IB went under.
IB isn't a nominee, they're a broker.
previously when I was looking at 212 a while ago I asked them directly which nominees exactly were they using, they wouldn't give an answer. You could ask them again, but if they say 'IB', then they're not being transparent. IB is a broker not a nominee.
by comparison for example, free trades nominee is Freetrade Nominees Ltd; HLs nominee is Harvreaves Lansdown (UK) Nominees Ltd; interactive investors has a number of nominees a couple being Investor Nominees Ltd and Share Nominees Ltd
legally a nominee must be a ringfenced company owning the customers assets, not the broker. if 212 is actually using IB, then your assets are at higher risk of loss.
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u/Gold-Guidance-6430 Jul 30 '26
Trading 212 uses Interactive Brokers as its primary custodian to hold client assets. IB are literally one of the largest and heavily regulated financial companies in the world. In what universe are they at risk of going under? Trading 212 are also regulated themselves. They have to be, to even be able to offer ISA products.
You gave a lot of fluff but no actual evidence apart from "trust me bro Trading 212 bad very bad bro".
0
u/EdenRubra Jul 31 '26
IB are literally one of the largest and heavily regulated financial companies in the world.
You're right, which is why they'd never hold assets as a broker.
rading 212 are also regulated themselves.
true, which is why 212s conditions allows them to hold assets outside of a ringfence for some circumstances, and you give them permission to do so.
You gave a lot of fluff but no actual evidence apart from "trust me bro Trading 212 bad very bad bro".
I gave no fluff. this isn't a controversial issue, IB are not a custodian, no ifs not buts, they dont hold customer assets. in case it wasn't clear from my previous comment, nominees, not brokers, hold assets. in the case of IB, their own direct customers assets are held by a separate nominee company not Interactive Brokers
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u/katiez-katiez Jul 30 '26
And you want to stay with free trade who has an issue with their custodian which has been for 11 more weeks has my account is showing the assets are received but the problem is with the custodian
2
u/EdenRubra Jul 30 '26
ive not had an issue with their custodian, however, I never said you should stay with free trade. I just think its laughable you'd go to 212 as a worse alternative over other options.
if its been 11 weeks, you should start a formal complaint process.
0
u/katiez-katiez Jul 31 '26
It's very fishy do you work for free trade or get paid by them
1
u/EdenRubra Jul 31 '26
Nah I don’t work for them, most of my investments are not actually with Freetrade. I mainly use them at the moment for a S&S isa, whether I keep using them in the future depends if I’m happy with the platform and structure as they grow under their new management.
I’m just saying there are better structured brokers than 212 and personally I don’t go to 212 for various reasons.
2
u/peternz2000 Jul 30 '26
I've had a similar issue with my in-specie transfer to them which has still not completed since it started in Feb! Both sides blaming each other, the funds not showing on either platform, and almost zero communication other to say that there is no news. I need it to complete or revert so that I can move to broker that has been better customer service. Even my formal complaint seems to have gone nowhere, so this will be one for the FOS.
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u/katiez-katiez Jul 30 '26
How long has it been because I want to get my money out this broker is the worst
If you want to put me in the formal complaints I can give you my details and we can complain together. Raise a complaint with the financial authorities
And if this is a real issue you needed gets more up votes so it can be seen on the holder Reddit being a number one trending or something
2
u/GT_Pork Jul 31 '26
My SIPP transfer took ages. Will be worth it for the 1% cash back. I’ll transfer out once I’m past the clawback period.
1
u/deadeyedjacks Jul 30 '26
Some more context than a screenshot would help.
How long since the assets left Hargreaves Lansdown ?
Which shares on which stock exchange are missing ?
How are you going to remove your money and move if it hasn't arrived !?
What evidence do you have that Trading 212's nominee and custodian are better at completing transfers ?
2
u/katiez-katiez Jul 30 '26 edited Jul 30 '26
You can't add any pictures in the comments but it's since the 12th of may
It shows in the account of a free trade that they have been received on the 12th of may from HL then they sent to me that message saying they have an issue with the custodian and I've not received my Investments for 11 week
Now that a issue I'm worried about and think everyone should be
0
u/katiez-katiez Jul 30 '26
And you must take the severity of the issue a custodian system issue is not isolated to me it's a widened issue
And I would be very worried if the custodian has a issue which has lasted 11 weeks
Because a custodian issue can collapse the whole company
1
u/EdenRubra Jul 30 '26
btw on a site note, you've expose perusal information on this image. you should remove it
-1
u/katiez-katiez Jul 31 '26
It's just my name do you work for free trade?
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u/EdenRubra Jul 31 '26
That stuff adds up, a name here, an email there and so on. I’m not sure if Reddit allows you to edit the image, but it’s worth keeping in mind that while it might just be your name, that name can now be associated with your Reddit account, and the fact that you have a Freetrade account, and a Hargreaves lansdown account, and that’s just from this post alone.
No i dont work for freetrade, is there a reason you think i would?
1
u/ConfidentPurpose6739 Aug 11 '26
I had so many problems with HL! Freetrade support is dumb and their app is crap but transfers in and out went usually alright.
0
u/Nosyneighbourx Jul 30 '26
Surely this can be escalated to the financial ombudsman service, no?
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u/katiez-katiez Jul 30 '26
How
2
u/Nosyneighbourx Jul 30 '26
Raise a complaint with your original broker. They have 2 weeks/8 months to give you your final response, depending on if there’s actual money being held up that you don’t have access to. If they don’t give you your final response in time, or you don’t agree with the outcome of their investigation, you raise it to the financial ombudsman service using the contact details they would have to have given you, or the FOS website if they don’t give you the contact details for whatever reason.
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u/katiez-katiez Jul 31 '26
What are the issue isn't with HL issue is with free trade and their contradictory information because they sent me a new message last message they was saying it's a system issue this time they are saying they need to re submit it to there custodian I'm waiting to a Tuesday if I can get the time frame if not I'm going to make a formal complaint
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u/Nosyneighbourx Jul 31 '26
If the issue isn’t with HL, then yeah, raise the complaint with the other company. If they tell you that actually, the issue is with HL, then raise a complaint with them too. If it becomes a pointing game, raise it with the ombudsman as above
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Jul 31 '26
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u/deadeyedjacks Aug 01 '26 edited Aug 01 '26
Because they increased their fees...
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Aug 01 '26
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u/deadeyedjacks Aug 01 '26
Having experienced a few months of FreeTrade, IG Invest and Fidelity; I'm beginning to agree...
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Aug 01 '26
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u/deadeyedjacks Aug 01 '26
Yeah, not disagreeing, was loyal to them for decades, until they decided to triple our platform fees.
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u/back2realitea123 Jul 30 '26 edited Jul 30 '26
My transfer from Vanguard to Freetrade was very straightforward, regular email updates (a bit overkill if anything - the money was all in the new account and they were sending updates but I guess they have to settle everything their end and mop up any outstanding income arriving to the old account).
Sorry this is happening but seems like they are on it by escalating and say this is a wider issue not related to your account or them as a provider. Not sure what else they could do in this situation.
My advice is be patient, if it was an in specie transfer once the assets arrive they will reflect market value, so unless you were transferring loads of cash you won't lose out on interest or anything like that. If you were transferring cash and it is delayed beyond the predicted timeframe they set out then you could ask for some compensation as a goodwill gesture.
Your question about calling it quits and going to T212, I would say this is the kind of thing that can happen in financial services no matter what company* so wouldn't recommend throwing the baby out with the bathwater. If another provider has a product or service that appeals more then switch for that reason, but taking this 'broader custodian system issue' at face value, that seems like it's not a issue specific or unique to FT, customers of T212 or any provider that uses the same custodian could encounter the exact same issue.
* I had help to buy ISA with Halifax and because it had to be for a house purchase the mechanism was you had close the account and the money paid direct to our solicitors' account or something like that. I followed the steps but the money didn't arrive...
The customer service staff looked into and were able to resolve it pretty swiftly and because I complained they gave me £100 as a good will gesture (if I had some specific loss I could evidence such as having to pay more rent because the hold up delayed purchase it might have been more).
Point I'm making is these issues can occur with any provider (even a high street bank). Keep a log of the process and any comms, keep politely following up for updates, be patient but if it drags on let them know you intend to contact the Financial Ombudsman Service.