ISA transfer issue - Help!

getonit123

I’m in the process of transferring an ISA from Santander to Nationwide.

I’ve just received a letter from Nationwide saying they’ve been in touch (3rd letter they’ve sent) with Santander as the transfer hasn’t gone through yet and if the transfer doesn’t go through in the next 10 working days the process will be cancelled.

I rang Santander last week and they said it’s with the admin team and they couldn’t do anything. Basically just said I had to wait and that all interest would be paid. They blamed the slow process on it being the end of the financial year. I filled out all the forms mid February.

I thought I read that there is something in place for the ISAs to be transferred in good time? What do you guys advise I now? I’m going to ring Santander later today.

Will be annoyed if the transfer is cancelled again and I have to fill the forms out, and wait thinking that they won’t bother to conduct the transfer again.

Has this happened to anyone else or have your transfers gone through smoothly?

Thanks for any advice.

10_66

I had a similar experience with Abbey (Santander) a couple of years' ago. I would escalate this to a formal complaint with Santander (in writing, recorded delivery). At least they then know you mean business, and if they don't sort this out within 8 weeks (I know that won't help your current situation), then you can escalate it to a complaint with the FOS, see HERE for their procedure.

getonit123

Thanks for reply.

Well Nationwide said they would have to cancel the process if it doesn't get sorted in ten days so cant really wait another 8 weeks!

I'm going to ring them both today and write a letter to Santander if no joy on the phone.

Is there anything that says the ISA transferer is duty bound to conduct the tranfer in a certain amount of time?

Had a quick look on google but will have another look on here and google at lunch.

10_66

HMRC guidelines say they should transfer within 30 days, but it is, unfortunately, only a recommendation and not prescriptive. See paragraph 11.16 HERE.