I recently created a new portfolio transfer (cash) from Freetrade to T212 and it says I’m the 17th in a queue and my request will be processed in 7 working days (sounds like a bottleneck at T212 end to me).
Never saw anything like that and was wondering what’s the reason for that?
Cannot believe it’s a high volume of similar transfer requests alone unless they are all processed manually by one one-eyed T212 person working part-time one day a week.
Can T212 staff comment on that?
Not quite.
First, the Government deadline on non-cash ISA transfers is 30 days.
And it is from the day the new provider submitted a transfer request to the old one.
In the past T212 did that within one working day but now they have a queue.
My recent transfer request was submitted today, even more than 7 days after I made the transfer request, and that’s what I wanted T212 to comment on as it’s really poor.
Considering Freetrade’s way of dealing with transfers, it’ll take at least 30 more days.
Sorry for the delayed response. Transfers are indeed placed in a queue due to the high demand.
This system is designed to help us manage the volume of requests efficiently and aims to provide clients with a rough estimate of where their transfers stand, along with an idea of when they will likely be processed.
