Lloyds ISA transfer took 3 months...

NX3

I applied online for my ISA transfer in March and despite repeated reassurances it was in hand it took over 3 months to actually transfer. Lloyds really jumped into action when I got my bank (First Direct) to phone them (Lloyds) to ask about the transfers!

I've been given the run around completely by Lloyds. I wasn't able to open my account in my local branch (for reasons unknown) so have to travel to another branch out of my way to sign paper work. I've had to go three times to sign forms, each time told this was the last time, we are dealing with it.

So I complained, I was promised a verbal response before I went on holiday but of course it never came. I did get a letter offering £25, well short on the missed interest let alone the run around I've been given.

The next steps seem to be to go to the Financial ombudsman's service, does anyone have any advice on what to do ?

alastair_h

NX3 wrote: »

The next steps seem to be to go to the Financial ombudsman's service, does anyone have any advice on what to do ?

I would be asking for the lost interest to be paid backdated for the full 3 months or however long you have been waiting.

Furthermore I think you are more than justified for compensation to cover your outlays - which should include loss of time visiting branches 3 times, any expenses incurred - petrol, stamps, phone calls etc not to mention the inconvenience incurred. I would think £80 would be a good starting point plus loss of interest.

Personally I would lay out a letter detailing all of the above:-

1. Loss of interest - quote the figure and when it should be back dated to.
2. Costs incurred.
3. Inconvenience and loss of faith in Lloyds TSB as a trustworthy ISA provider to look after your money.
4. Mention if this issue is not resolved in a timely manner (give them 7 working days to acknowledge your letter) you will be seeking advice from the financial ombudsman.

I would also consider moving your funds once this issue is resolved. If you can convey above and be justifiable in what you are asking for they really don't have a leg to stand on - I was able to get £60 from Icesave in the past due to 2x administrative errors. You can come down from £80 - I'd probably be happy with back dated interest, refund of any losses and a gesture of good will for the inconvenience caused and loss of faith.