Unexpected ISA Rollover - can I cancel?

LordSauce_2

Last tax year I had an Index Tracker ISA with F&C, with monthly contributions.

I had planned to open a self-select ISA with SquareGain this year, but on the 6th of April F&C extracted another monthly payment and my 06/07 ISA was born.

I rang them today but the girl I spoke to said I can't cancel it - she didn't sound as though she was very certain though!

Is there anything I can do? If the money has already been used to buy units in the tracker fund then can I sell these and get the money back? I've already got several index tracker ISAs so am keen to diversify...

Thanks.

Sauce.

grumbler

I am not an expert in stocks & shares ISAs, but can't you just continue your monthly contributions to the old ISA and transfer part of the old ISA to a new provider?

david78

LordSauce wrote:

on the 6th of April F&C extracted another monthly payment and my 06/07 ISA was born.

There is plenty you can do - don't panic.

This seems odd though. I had an F&C ISA last year and they took my final payment on 2nd April (i.e. in last tax year). I started new regular payments for this year on 7th April into my Vantage ISA with Hargreaves Lansdown.

Are you sure it was paid in on the 6th and not just invested then. If you paid it in on the 6th then you have indeed opened an ISA for this tax year with F&C. However, there is nothing stopping you opening another one, providing you transfer your F&C one for this year to it in your application. The new ISA manager might be able to transfer the funds as stock, if not the old manager will have to sell them and transfer cash.

LordSauce wrote:

I've already got several index tracker ISAs so am keen to diversify

You would probably be better suited to transfer these as well (as stock if possible). Once all your funds are in the same place it will be easier to switch to different funds as you see fit.

LordSauce_2

Thanks guys - the transfer is in progress.