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Closing an S&S ISA?
pauline10_2
Posts: 21 Forumite
Good evening.
Could anyone out there please advise as to the following?
Have a stocks and shares ISA with a reasonably well known organization ( ie not one of the majors ) that I wish to shut down in the near future.
Have emailed the organisation and asked if I could deal directly with them or, if they would insist on my going through the IFA, from whom I originally obtained the product.
As I expected, their reply totally evades the question, demanding personal details, account numbers etc, etc,
Could anyone ( perhaps an industry insider ) please advise if such companies would deal direct with customers or not?
Replies which address the question asked would be appreciated.
Thank you.
Pauline.
Could anyone out there please advise as to the following?
Have a stocks and shares ISA with a reasonably well known organization ( ie not one of the majors ) that I wish to shut down in the near future.
Have emailed the organisation and asked if I could deal directly with them or, if they would insist on my going through the IFA, from whom I originally obtained the product.
As I expected, their reply totally evades the question, demanding personal details, account numbers etc, etc,
Could anyone ( perhaps an industry insider ) please advise if such companies would deal direct with customers or not?
Replies which address the question asked would be appreciated.
Thank you.
Pauline.
0
Comments
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Could anyone ( perhaps an industry insider ) please advise if such companies would deal direct with customers or not?
Most will with closure/withdrawal requests.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I'm not in the industry, so I post from my perspective.
It is unlikely that the ISA provider will accecpt instructions by email, only by letter. They will want your details to be able to verify your identity, i.e. to make sure that your instructions are really from you. They should (in my opinion) deal with you directly and it should not be necessary for you to go throught the IFA. You could put in your letter to them closing the account that the IFA no longer has the authority to act on your behalf.
But (just for my own peace of mind) shutting down the account will mean that you lose the ongoing benefits of the tax-free status of the ISA. Sorry if this is just stating what you already know, but I did feel that I should add it, just in case.Living for tomorrow might mean that you survive the day after.
It is always different this time. The only thing that is the same is the outcome.
Portfolios are like personalities - one that is balanced is usually preferable.
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Thank you both for your replies.
Pauline0
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