In-specie transfer šŸ‘Øā€šŸ”¬

šŸ“° What's new
177

My Goodness soo much tantrums over In-specie transfer as if thereā€™s a legal or regulatory requirement for T212 to provide this service in the first place.

Maybe if the regulators actually cared about the investors and did their job by making it mandatory for ALL brokers to offer in-specie transfer as part of holding a brokerage licence we wouldnā€™t be having these discussions

So hereā€™s my own tantrums below :rofl:

HL - drop your Ā£11.95 per transaction
Invest Engine - I want to buy individual stocks
Vanguard UK Platform - I want to buy non vanguard ETFā€™s and individual stocks

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178

Couldnā€™t agree more. I actually suggested we should petition the government on this forum but got shot down for it :see_no_evil:

I mean if there was a ā€˜common standardā€™ in reporting and how to handle these type of transfers that every broker followed, it would be so much easier to implement.

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179

Arguably the FCA Consumer Duty is a step in that direction i.e. requirement for products to be fit for purpose and switching/leaving as easy as signing up

The counter argument is that it is easy enough to sell and re-buy. Debatable whether that is ā€˜fit for purposeā€™ though

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Its got nothing to do with tantrums, its about do the right thing by your customers. Number one Trading 212 have kept on leading us on about this feature and saying its coming soon, then we hear its in testing and then nothing. I used to work for a hardware company and we used to have feature lists and we were very transparent about what we could and couldnā€™t impliment, no game playing and when we said we were going to do something we did it, not because some regulator told us to , but becuase it made the value proposition for our customer better.

Allowing a customer to transfer ā€˜in -specieā€™ should be something a honourable platform should impliment without delay. It basically tells the customer that although we believe we are good and we want to you to stay but for whatever reason if you want to leave then we will also allow that without you loosing out and having to sell and buy again. Honest and decent!

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181

The easiest transfer of all must be ones within the T212 platform ie GIA account to an ISA account.
Irrespective of any other difficulties, could this be provided asap ready for new isa ?
Could someone from t212 advise what is stopping this from happening ?

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182

So you had absolutely no relevant experience at all then?

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183

I seem to remember that based on HMRC rules only money can be deposited in ISAs, I donā€™t believe you can ā€œdepositā€ or ā€œtransferā€ shares from a standard Invest account to an ISA, not even with other more established brokers.
@Richard.W might know more.

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184

To be fair I think 212 are amazing.

They are one of the best in the low/no fee brokerage space.

They are generally good at putting out new features and an even bigger stock universe.

From what I can see as the custodian is IBKR, 212 will have to wait in line as IBKR will prioritize this service for its own customers. This is to be expected.

The only other UK provider in the low to no fee space that offers in specie transfers for any account is Freetrade and Vanguard. If anyone knows of anymore, sure, Iā€™m happy to stand corrected.

Sure, I know it sucks a little to have to wait. I feel you there.

But as some has said Iā€™d rather wait the proper duration and make sure the functionality of this is up to standard, then it be rushed and you find that you donā€™t have the correct number of shares transferred over, for example purposes.

Also I notice that even though Freetrade and Vanguard do offer in specie, they have limitations. Freetrade you can only in specie UK (LSE, AIM) assets and European and US stocks have to be sold and transferred as cash as the ability hasnā€™t stretched to include them.

Vanguard is great, and they accept in specie as well, but you can only hold thier own funds and ETFs on their platform. Great if thatā€™s how you roll, not so great if you want to buy iShares (or other) ETFs or stocks.

Thereā€™s a possibility Invest engine might offer it, but they only offer the possibility of ETFs. Might be to some peopleā€™s tastes, but not everyoneā€™s.

It looks like 212 is the first UK no fee brokerage to offer the in specie functionality for stocks and ETFs (including EU and US).

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185

CMC Invest is commission free and supports in-specie transfer.

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186

Very excited for this! How can I send you a DM?

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Iā€™ll get in touch with you, @Adz0rd :ok_hand:

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Wouldnt get too excited its been over a year and still no tangible updateā€¦

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Actually i do as the hardware needed a lot of software and one of my responsiblity was managing the feature list and requests from our clients. We were very careful about promising things and leaving our clients on a straw saying that oh its coming its coming, it coming and then it never materialises.

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Imagine living in a world where someone writes ā€˜itā€™s paused and we cannot give an ETAā€™ multiple times and someone interprets it as this.

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Well, he isnā€™t wrong. lol.

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192

Is there any news if not for the isa at least for the invest account

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The plan is to introduce the feature for ISAs first, so we canā€™t share an ETA or further updates about its implementation on Invest.

Iā€™ll keep you posted on any news, though :v:

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:hourglass:

:zzz:

Is the plan to achieve it this year or next?

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Do we know if IBKR has set this up for thier own accounts?

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They have it for their investment account for years. And they offer in specie transfer for ISA with some isa providers, thereā€™s was a list with about a hundred or so providers which they accept transfers from/to