Advice please! Nightmare in moving shares due to Brexit

LoveTrees

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Advice warmly welcome please (!):
- on 15th Dec I requested transfer from ig.com to Saxo due to Brexit
- since then the blame game between ig.com and Saxo started on 'supposed missing information' from the other broker
- today - frustrated by all this - I sent a summary email to Financial Conduct Authority of UK (ig) and of Denmark (Saxo) asking for advice on unlocking the situation with both ig and Saxo in carbon copy

Any further advice please? Are these transfers between execution only brokers always so tough? I hate Brexit in every sense...
 

Gordon Gekko

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The 15th of December?!

In a non-Covid non-Brexit world, it’d take some time with Christmas and year-end.

Given the circumstances we find ourselves in, I think you’re being incredibly unreasonable.

You’ve gone to the regulators?!

I’m lost for words (almost).

Why did you leave it until 15 December to request the transfer?
 

LoveTrees

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Why unreasonable? If I google I see 6 business days for transferring shares... 15th Dec because it took me a couple of weeks to digest ig.com's email on having to move out... What I don't like in all this was Saxo blaming ig and viceversa... Plus it's not nice ending each time in a loop when trying to call ig and not seeing signatures in Saxo's emails... Ok Karma might punish me for this... But it's so hard to talk to the right people of both organisations and this absense of personal touch is awful to the view of someone that got forced to move due to Brexit... This wasn't my initiative... Nevertheless thank you Gordon for making me feel I am not alone in this long waiting!
 
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Jim2007

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Why unreasonable? If I google I see 6 business days for transferring shares..
Six days might work in the US, if the stocks were to remain on the same exchange with the same conditions etc... but this case is completely different, I would not be surprised if it took a month.
 

SBarrett

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I wouldn't expect you would get much/ any of a response from either regulator. You are frustrated with a delay, it's been 3 weeks since your request and Christmas was in between, so even your complaint is being unreasonable. But to make a complaint with a regulator you have to make a complaint to the broker's first and if you do not get a satisfactory response, you then complain to the regulator.


But it's so hard to talk to the right people of both organisations and this absense of personal touch is awful
If you pay peanuts, you get monkeys.

If you go for the lowest cost provider, expect a service in line for what you pay for.
 

LoveTrees

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If you go for the lowest cost provider, expect a service in line for what you pay for.
Hold on a bit here please. Both are not the lowest cost providers. Trading212 and revolut are. Please look at fees and these 2 are among the expensive ones as execution brokers.

I thank everyone for the comments. I feel much less lonely now...

About complaining to them I just couldn't because they would have pointed to the other broker as I wrote... Maybe my reaction was too big in the wider scheme of things but one of the 2 sites indicated 4th January as closing date... It was missed. I don't like Brexit and I don't like tennis games on blaming...
 
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RichInSpirit

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Now that a Brexit deal has been done Ig might be going to stay in the overseas share dealing service.
Maybe they don't want to lose your custom now.
That may be the real issue. Although this fiasco will probably scare you away from them forever.
 

LoveTrees

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Thank you RichInSpirit for your comment... If that's the case I will move back to ig asap... I love their site... I feel sad also because forced to leave them... Thank you all!
 

tallpaul

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Also why did you leave it so late?? You admit yourself that you sat on their email to you for a couple of weeks! You are partly to blame for this issue to bump up against the end of the transition period. Why didn't you move your shares in July?
 

LoveTrees

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Also why did you leave it so late?? You admit yourself that you sat on their email to you for a couple of weeks! You are partly to blame for this issue to bump up against the end of the transition period. Why didn't you move your shares in July?
I got the communication only on 1st Dec. Brexit was always unclear until then to my view. And different brokers were sending different emails on Brexit. Ok I am paying for my hope to stay with ig!
 

Ravima

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given the collapse of some UK brokers, price is not the only factor to take into account.
 

Jim2007

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If you pay peanuts, you get monkeys.

If you go for the lowest cost provider, expect a service in line for what you pay for.
In fairness I don't think it has anything to do with the choice of broker. Transferrring holdings in this manner is not a common occurrence and I have never seen it automated nor do I think it would even be possible from a legal point of view either without manual intervention.
 

NoRegretsCoyote

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I sent a summary email to Financial Conduct Authority of UK (ig) and of Denmark (Saxo) asking for advice on unlocking the situation with both ig and Saxo in carbon copy
I don't know the specifics. But supervisors won't give you anything but generic advice. And they won't allow you to open a claim for misconduct unless you you've exhausted the formal process with the regulated entities first.

Write a letter to each entity (scan and send by email first) saying you expect a written response within 10 working days.

You need a paper trail if you actually want to to the supervisor. They are not anger management therapy for you.
 

Zebedee

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IG confirmed to me on 31 Dec (ie post brexit deal) that they were closing non U.K. accounts. I have initiated a transfer to Interactive investor (who confirmed that they were still open to Irish clients). The latter have told me it will be 6 to 8 weeks to move the shares (this is the timescale they quote for “electronic transfers” from another U.K. broker). I’d hate to see the timescale for non U.K. or non electronic/paper transfers.
 

LoveTrees

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Thank you. In the meantime I see the tennis match continues with ig proposing next week as settlement period via a couple of days and now Saxo (so far) silent...
 

LoveTrees

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Since yesterday portfolio disappeared from ig and not yet in Saxo. To the experienced people that already commented here how many days before I can see my portfolio in Saxo to your view please? Sorry for my anxiety on a forced move due to Brexit
 
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Jim2007

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Since yesterday portfolio disappeared from ig and not yet in Saxo. To the experienced people that already commented here how many days before I can see my portfolio in Saxo to your view please? Sorry for my anxiety on a forced move due to Brexit
As I said, give it a month. If the portfolio has disappeared, that means that request for the share certs have at least gone in. Once they are issued the next step is to transfer them to Saxo and then they have to set you up.
 

LoveTrees

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One month since initial request I hope. We'll see... I will keep the forum updated... Thank you all
 

Susie2017

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A relative is with with interactive brokers. He got a recent e mail about moving to their .ie version. It was accompanied by pages and pages of agreement documents which he could not decipher and did not read. He was frustrated and just clicked agree. Anyone else moved from IB ? I haven't had time to look at it for him. He finds their platform hard to understand as I do ....not being very well versed on share platforms.
 
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