ISA Transfers (inbound and outbound)

Dozens help
1

Now that funds in the Invest tab can be held inside an ISA wrapper, it would be helpful to know to what extent Dozens supports ISA transfers.

Inbound transfers from another ISA provider

Does Dozens support ISA transfers from other providers?
Are in-specie transfers supported, or is it cash transfers only?

Outbound transfers to another ISA provider

Are outbound in-specie transfers supported, or is it cash transfers only?

2

As I understand it this feature is intended to be introduced ā€˜shortlyā€™. I donā€™t believe it is currently possible or that the timescale has been defined but my interpretation of what has been stated is early (Q1) next year.

3

Thanks. How and when was that communicated?

4

There was reference on this Blog post What should I expect with the upcoming changes to Dozens accounts? | Dozens and I am sure it has also been referred to in the community but cannot find anything although it could have been buried in some of the Seedrs crowd funding discussion.

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5

Indeed, thanks @mimote

yes, @o99 you will have access to inbound ISA transfers early in 2021 in time for the end of the tax year - I canā€™t confirm an exact date yet but letā€™s say that January will be a busy time for us all :slight_smile:

6

Thanks.

Any information at this stage as to whether in specie transfers will be supported from the outset?
Or will it just be cash transfers?

7

good question.

For launch we will support cash inbound ISA transfers. In specie and outgoing ISA transfers are not on the immediate roadmap at this time.

8

Thanks.

Arenā€™t ISA providers obliged to support outbound transfers, although not necessarily in specie outbound transfers. So outbound cash transfers must be supported?

9

I am not sure, and Iā€™m afraid I cannot get you an official answer on this (as it is Christmas eve) but when we make a formal announcement about ISA transfers in the new year, I will see if we can clarify this point.

Have a great Christmas!

10

I also thought the rules mean that a provider can only support ā€œtransfersā€, so, in and out, not just pick one :joy:

11

My understanding is the only thing ISA providers are required to support is outbound cash transfers (so that customers have a way to get money onto another platform that supports inbound transfers without having to remove it from ISA wrapper).

I donā€™t think support for inbound cash transfers, inbound in specie transfers, or outbound in specie transfers are required by rules and so are at the discretion of the provider.

But would be good if someone could confirm my understanding.

12

Just thought I would jump back in with a clarification here.

Dozens customers have been able to open new Stocks & Shares ISAs for some time, but we were not taking any transfers into our accounts.

It is the responsibility of the ISA provider that a customer is moving their money INTO to complete the documentation and make the appropriate requests.

For that reason we could not do this until we could link this to our new accounts - which are now done, and we will shortly start to manage transfers IN.

For any transfer OUT of an ISA, that is the responsibility of the customerā€™s new provider, so we would deal with that transfer request (through our partner). Other than confirming validity / security, this is not our process but the other providerā€™s, so you can check with any new provider whether they can assist.

I hope this clarifies the situation enough for now. As I say, there will be more detailed information once we officially launch the ISA transfer process

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13

Yes its always the case that the transfer request is initiated by the receiving platform (the transfer IN platform). But every ISA platform Iā€™ve previously used has been able to tell me how they would handle transfer requests from other platforms (i.e. whether they would facilitate in specie transfers if requested by other platform or whether they would require investments are converted to cash before transfer). Itā€™s unclear what Dozenā€™s policy is here.

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14

A nice feature with Vanguard, for example, is the option to do a partial transfer of just their funds in specie, leaving the rest of the non-Vanguard funds in the ISA untouched

15

So have inbound ISA transfers gone live? If so Iā€™ve missed it.

16

I donā€™t think so. But an official update would be good!

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