Moving money between fund platforms?

[bitchstewie]

Perhaps I'm being over-cautious even wondering about this but I've been bemused by a couple of threads recently where people were doing things that they felt might peak their banks interest.

I have an account with a major UK fund platform and I'd like to sell some funds on that platform and move the freed up cash to a different platform.

It's unwrapped so there's no tax/wrapper issues nor are there any capital gains issues.

I would be buying different investments on the other platform so I see no obvious benefit trying to do a platform to platform transfer.

The quickest thing seems to be to sell, withdraw the cash, then use it to fund the other platform.

Clearly there's nothing untoward going on just a bit of musical chairs via my bank account rather than transferring directly between platforms.

Is this likely to cause any issues?

[bitchstewie]

mikeiow said:

I would doubt it very much.

Main bank for us is Santander: over the years, I’ve regularly had large sums shuffled in and out (mostly stock movements, also a large TFLS this year) with nothing more that a slip posting to inform me.

Now the challenger banks (Monzo and Starling, etc) who knows!
Monzo was in the press recently for freezing accounts, & because they do it for *their* security reasons, one never knows why...
Both recently made me chip&pin for payments, but that is basic security really...

It's a major high street bank who I've been with a couple of decades and a major UK fund platform.

Absolutely nothing weird or dodgy it's literally sell on platform A, withdraw into bank, use cash to fund platform B or I might even use spare cash in the bank to fund platform B whilst I wait for the cash from the sale to clear.

I would assume that banks know when money is paid in if it's a well known bank account such as a fund platform?

I feel daft even asking as it seems so mundane but you read some horror stories

[bitchstewie]

Mr Pointy said:

Are the funds in a General Investment Account? If so, are you sure there aren't any CGT issues?

Short answer, yes and yes

[bitchstewie]

Mr Pointy said:

OK. It's just that when I moved my funds out of a GIA it was a CGT triggering event.

Fully understood, this is more a change of approach for some money from active to passive very shortly after it went in.

[bitchstewie]

Vanguard don't accept other funds so it would have to be sold and transferred as cash anyway.

That aside I don't know if you can do transfers between most platforms of some of an account anyway I always thought transfers were all or nothing?