As I understand it this feature is intended to be introduced ‘shortly’. I don’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.
I am not sure, and I’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.
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 don’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.
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 customer’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 provider’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
Yes its always the case that the transfer request is initiated by the receiving platform (the transfer IN platform). But every ISA platform I’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). It’s unclear what Dozen’s policy is here.