Principality ISA transfer

SparklyStar

Has anyone else recently transfered an old ISA year to Prinicipality?

I have received notification from my old provider to say that the money has been requested and transfered to Principality but they have not received it and sent another request for the money !!

Where oh, where? has my money gone! So much for an easy ISA transfer?

prinicipality have agreed that they will backdate the interest when they receive the money - but this is now 10 days since the original request was received? Who do I complain to if these two providers still dispute the transfer?

innovate

The full responsibility for the proper execution of the transfer lies with the receiving bank - i.e. Principality. Your complaint should therefore go to them.

They must pay you interest from no later than [working] day 16 after they received your transfer request (more details here)

jsevs

I have just had a similar email from Principality regarding my ISA transfer myself! They just told me today they have contacted my old provider 4 times now, even though I received a statement from old provider in April saying account was closed. I was just starting to wonder where my money had gone and am going to contact old provider tomorrow to start investigations. Once again if any one has some advice it would be very welcomed.

xylophone

http://www.moneywise.co.uk/banking-saving/savings-accounts-isas/it-time-to-transfer-your-isa
"Q: Is my money safe when being transferred, and who is responsible for it?
A: Your money should be safe as long as the provider is covered by the Financial Services Compensation Scheme. Thrussell adds: “Your money is the responsibility of the old provider until it arrives in the new provider’s account.”

innovate

It makes sense that the money is be the responsibility of the old provider until it reaches the new provider, but this doesn't invalidate that the new provider is responsible for the transfer to be carried out within the industry guidelines. E.g.

If the new ISA provider has not heard anything from the old ISA provider within 10 business days after sending the Cash ISA Transfer Authority Form, it is the responsibility of the new ISA provider to check the progress

SparklyStar

Thanks for the responses. Glad i am not the only one, it shows that the isa transfer process it too slow if they use cheques rather than electronic means. I will monitor the 16 days and then complain.its just not good enough service when banks and bs offer such poor service.

jay213

Any updates? did they sor t it out? I'm thinking of using them you see.

Gordon_the_Moron

I transferred to ISAs from Halifax to Santander earlier this month (the Santander accounts beats the Principality one on rate!) neither took more than 10 days and Santander backdate the interest to the day the old account is closed so you lose no interest anyway, so much for their bad customer service! (Halifax are an absolute bunch of clowns though, stay away if you can help it)