Transact Transfer Specialists

Transact team specialists are a key element of our commitment to providing personal service. Last month we shared a detailed overview of the role of our Technical Specialists, this month we turn our attention to our Transfer Specialists.

Improving your transfer experience remains a top priority for us. The dedicated Transfer Specialists on each Client Service team are experts across all types and stages of a transfer, and it is their responsibility to support advisers and oversee transfer activity for their Client Service team.

One key area of focus for our specialists recently has been transfer rejections. When a transfer is submitted electronically, if all data points do not match, it is often rejected. Managing rejections effectively is essential to speeding up transfers, and our specialists aim to resolve all rejections on the day of receipt. Whilst this helps get a transfer moving again, it is better to prevent the rejection happening in the first place. We have put a lot of energy into analysing the rejections we receive over recent months and have made changes to ensure the guidance and attributes we display for each provider are as accurate and comprehensive as they can be. There is more work we want to do in this space – we know that it is not easy to keep up with ever changing provider brands, and the impact this has on transfer business – we will keep working with our colleagues in the industry to improve this further.

It is important that you are aware of frequent rejection reasons, with the three most common being:

Wrong provider

This is where the ceding provider has multiple entities to choose from (for example, due to legacy schemes/brands), and the incorrect selection has been made. It is important to use the account format guidance on TOL to ensure the correct provider is selected.

Wrong account number

Sometimes providers have multiple account numbers, and different formats. As above, the account format guidance we provide will assist you with ensuring the account information entered is correct in advance of you submitting the transfer instruction.

Client data

This is where the data we have been provided does not match what the ceding scheme has recorded. Because this data is often verified electronically, the details provided must be an exact match for the transfer to be accepted, therefore it is important that you check details with the ceding scheme prior to instructing the transfer.

In the coming months we intend to add data validation to Guided Applications to ensure the correct provider and account numbers are entered. We also have plans for our specialists to increase engagement with you around your rejected transfers and help develop best practice where appropriate to do so. We hope that these activities will reduce the number of rejections you experience and speed up the completion of your transfers as a result.

If you have questions regarding your transfer rejections, or if you require any support with Transfers generally, please reach out to your dedicated Transfer Specialist who is available to assist you. To find out who your Transfer Specialist is please refer to your Client Service team sheet which can be found on Transact Online under Contact > Contact Transact > Your team in detail.

 

1. Introduction
2. TOL Recent Enhancements 
3. Integrations – It Wasn’t A Quiet Summer!
4. Transact Transfer Specialists
5. Fraud Risks to Be Aware Of
6. Transact And Letters of Authority
7. Transact – BlackRock MPS
8. Utilising Trusts to Give Wealth Away But Still Retain Access
9. Interest on Cash Deposits
10. Transact Events 2024