Money placed in wrong fund

stevetodd

Hi, I wanted to buy an allshare FTSE tracker and sent an isa transfer form to Fidelity but unfortunately I filled in the application form identifying the wrong fund (a very similar sounding one). I did notice straight away, rang them and told them that I had also sent them the correct application too. They advised me to call again, which I did the following 3 days until I got a person talking to me holding both applcation forms, she asked me which fund I wanted and said, thats fine, it won't happen for a week or so anyway as we have to wait for your ISA transfer to arrive.

This morning I got the transaction confirmation and yes you guessed it, into the wrong fund. I rang them and they said, yes it looks like it's our fault we will look into and call you back.

Has anyone else been in ths siuation my concern is that transaction date was 24 Oct and the FTSE allshare has risen about 12% from that date. If this happened to you did they waive all tranfer fees (ie to switch funds) and also invest at the level you would ave got on the original transaction date?

EDIT: just realized the wrong fund which is also a tracker would have gone up too so I should not lose out

RayWolfe

If it was their mistake, you will find that you will not be disadvantaged. They will exchange the fund for you, take the gain or loss themselves and give you the number of units at the price that prevailed on the correct date.