CMC Invest launches fast and transparent transfers between investment providers
“Switching utilities or bank accounts has become common with the process being predictable and clear. So shouldn’t switching investment providers be as equally clear?”
CMC Invest has announced the launch of a digital and hassle-free transfer feature that allows customers to complete a transfer form in as little as 30 seconds when requesting a full transfer for ISAs or GIAs.
The transfer solution also allows investors to track their money at every stage of the process – whenever they want, at the click of a button.
“This administrative headache and reason for anxiety has no reason”
The team at CMC Invest recognizes how scary transfers can be due to the opaqueness surrounding the process, which leads to uncertainty as to what to expect when moving money and assets between providers. The stressful process is even more so because transfers can take weeks or even months to go through.
“This administrative headache and reason for anxiety has no reason. Imagine an investor losing sight of their hard-earned money for a day, let alone a month! Investors usually have to wait for updates from the provider, so throughout the process, they are left in the dark. Additionally, applying for a transfer often requires physical paperwork via post or email”, said the CMC Invest statement.
The launch of the in-app transfer feature by CMC Invest also comes with a transfer promotion available at the moment for General Investment Account and/or ISA transfers, with cashback going as high as £250.
Transfer value: £2,500 – £4,999 | Cashback: £50
Transfer value: £5,000 – £19,999 | Cashback: £100
Transfer value: £20,000 – £49,999 | Cashback: £150
Transfer value: £50,000 | Cashback: £250
There are no transfer fees, however investors should check with their current provider on exit fees.
“Shouldn’t switching investment providers be as equally clear?”
Alister Sneddon, Head of Product at CMC Invest, said: “Switching utilities or bank accounts has become common with the process being predictable and clear. So shouldn’t switching investment providers be as equally clear? We’ve built our simple transfer process with that in mind. We give our customers the ability to self-serve and stay informed about the status of their assets. No waiting around for a call centre or someone to pick up the phone and give an update. Every stage of the process is tracked and available at their fingertips, all in the app.”
“We offer transparency, clarity, and confidence. Customers deserve to know where their investments are and what is happening. How you earn your money is personal, how you invest your money is personal, so it doesn’t make sense to lose all visibility on your hard-earned money and investments.”
