The Great Isa Transfer Fiasco

Stavros_3

A complete farce, 3 months for me and still not transfer in place

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=446922&in_page_id=7

trashcan_2

Over 3 months for me too (Nationwide)

I sent my letter of complaint off to them today!

Tudorln

Hi, I had trouble transferring my Wifes and myselfs ISA from Norther Rock to Nat West. The cheque got lost and as usual despite many phone calls and letters no joy.
In the end it took some 8 weeks this was last September I got in touch with the Financial Ombudsman Service and sent all the details to them and guess what just heard from them.
They have negociated a very nice sum in compensation for us.
This is a free service and no comission is charged but they do seem to be up to there necks in complaints.

GreyPilgrim

trashcan wrote: »

Over 3 months for me too (Nationwide)

I sent my letter of complaint off to them today!

Hahahah - you fool! Did you fall for their "we will respond to it within five working days" line?




Cos I did (don't hold your breath)

5fEtsd9Hs1LOR3SQftY9

Yes banks are partly to blame for not being efficient. but the root cause is the fiendishly complex tax system which Gordo did nothing to simplify. In fact the whole ISA concept is pretty much yet another example of non-productive work for customers and bankers alike, all chasing a stupid taxation concept badly implemented.

Here is what I found in the link posted by Stavros:

Mr Beale at Nationwide says: 'Your campaign highlights an industry-wide issue affecting consumers in relation to Isa transfers. The process is inefficient and more complicated than it needs to be. 'The transfer process is prescribed by HMRC and we have written to it requesting changes to the system. We are working with other ISA providers to try and bring about changes.

Of course the government spin is to blame the banks.

We need to tell our MPs - K.I.S.S.