Transfer processes continue to be an important area of focus across the industry, with greater emphasis being placed on digital journeys, clearer information sharing and reducing unnecessary administration.
In response to the challenges advisers continue to experience, we have enhanced our transfer journey to make eligible partial ISA and GIA cash transfers-in easier to submit, track and manage through the Platform.
We know advisers can still face challenges including manual processes, limited visibility once a request has been submitted, repeated chasing and uncertainty around whether the existing provider will support the type of transfer being requested.
While no single platform can remove every dependency within a transfer, we remain focused on improving the parts of the journey within our control, reducing unnecessary administration, providing clearer information, and making requests easier to initiate and monitor.
Partial ISA and GIA cash transfers-in
Partial ISA and GIA cash transfers-in can now be submitted electronically through the Platform, where the existing provider supports partial transfers.
This brings these requests into the same Platform journey already available for SIPP transfers, removing the need for a separate manual process and providing greater visibility throughout the transfer journey.
The enhancement means:
₋ Partial transfers can be monitored through the Transfer Workbench, including available status updates and automated chasers
₋ Advisers will receive clearer information where the existing provider does not support partial transfers
₋ Less manual administration is required when submitting and managing eligible requests
₋ An adviser fee can be facilitated from the transfer proceeds, where required and appropriately instructed
The functionality can be used for partial cash transfers of both current and previous tax-year ISA subscriptions.
Where the existing provider does not support partial transfers, a message will appear confirming that only a full transfer can be instructed electronically through the Platform.
What is not included?
This enhancement applies to partial cash transfers-in only. It does not currently include:
₋ In-specie partial transfers
₋ Partial transfers-out
₋ Junior ISA transfers
Transfer completion times will continue to depend on the transferring provider and the circumstances of each request.
Continuing to improve transfer journeys
We recognise that transfers remain a source of friction for advisers and clients across the market. We will continue to review the Platform journey, listen to feedback from firms and introduce practical improvements where we can make the process clearer and more efficient.
If there are stages of the transfer journey creating additional work for your firm, please continue to share these with us.
This feedback helps us understand where further improvements could have the greatest impact.