S&S ISA Transfer - HL to iii - Absurd Delay

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  • Im_A_Mouse_In_Need
    Im_A_Mouse_In_Need Posts: 53 Forumite
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    dunstonh wrote: »
    One digit wrong on sort code/account and you may not see the money again.

    I don't get what a cheque does that avoids any clerical errors - someone somewhere in the chain will have to key in the sort/account/amount to send the payment...electronically.

    In the event of something going wrong with a straight transfer of funds from one ISA provider to another, I don't think I'd be sleeping any better at night with the thought that there was a scrap of paper somewhere that would sort it all out, if only someone knew where it was.

    In my case, it has simply provided a cover story for a farcically long winded piece of shocking admin, from which I stand to lose a reasonable chunk of unearned income.
  • Im_A_Mouse_In_Need
    Im_A_Mouse_In_Need Posts: 53 Forumite
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    And let's not forget that cheques are being phased out completely in a few years time.

    How anyone will keep the workflows in place after that is anyone's guess, could be pandemonium.
  • le_loup
    le_loup Posts: 4,047 Forumite
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    Cheques have OCR characters; no human error. Mail ISA transfers contain a signature. No excuses for the delays; just an explanation.
  • xylophone
    xylophone Posts: 44,413 Forumite
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    My relatives, whose cash was sent by HL to II a week ago, will be contacting both providers if the cash is not in their accounts by the beginning of next week.

    Both relatives now have the cheques in their II accounts - they should have cleared by next Tuesday at the latest apparently.
  • Joe_Bloggs
    Joe_Bloggs Posts: 4,535 Forumite
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    My guess, from reading the savings and investment thread is that the OP was the subject of Anti Money Laundering procedures.

    Neither institution could 'tip off' the alleged criminal mastermind else face prison or a fine. The missing cheque story has to suffice until the money is confirmed to be legitimate.

    There are several hundred thousand AML queries each year so one should not feel victimized nor concerned that your money has vanished into thin air for months as if it never existed. If you did then you would have been tipped off !

    J_B. (It's only a theory.)
  • masonic
    masonic Posts: 23,275 Forumite
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    Joe_Bloggs wrote: »
    My guess, from reading the savings and investment thread is that the OP was the subject of Anti Money Laundering procedures.
    Not completely implausible I guess, although ISAs can't make the greatest vehicles for laundering money with the contribution limits and HMRC auditing.
  • Im_A_Mouse_In_Need
    Im_A_Mouse_In_Need Posts: 53 Forumite
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    HL checked with their accounts dept

    Cheque was sent on 8th April
    Funds drawn by iii on 15th April

    Nothing to complain to HL about, and complaint already initiated with iii (who I think are assuming this now goes away since they put the money in my account)

    Are there any guidelines for compensation in cases like this?

    iii can argue that they didn't know where the funds where, but it's now clear they had them all along (as I was starting to suspect)
  • xylophone
    xylophone Posts: 44,413 Forumite
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    iii can argue that they didn't know where the funds where,

    An audit trail must be kept?
  • masonic
    masonic Posts: 23,275 Forumite
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    Im_A_Mouse_In_Need wrote: »
    Are there any guidelines for compensation in cases like this?
    Perhaps you should start with the opportunity cost of being out of the market during the time this money had gone astray - for example, it looks like the FTSE All share went up about 5% during this time. Then add on a fee for the time you have had to spend chasing the matter and a refund of any platform charge you paid covering the time you were unable to trade because of the missing money.
  • Im_A_Mouse_In_Need
    Im_A_Mouse_In_Need Posts: 53 Forumite
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    Chased them up by phone today.

    I thought they had 4 weeks to respond to a complaint, but they say it is 8 weeks, and it only starts when they reply to acknowledge receipt of complaint (which took them 3 days - just to write "OK, got that")

    If I am not happy with their response, then by the time I get a reply from the FOS I will have incurred more platform fees, and probably want to move to a provider that I think is more trustworthy/competent.
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