Transfers of S&S ISA from HL to II

Freecall

juliamarsh wrote: »

I think I will shoot myself!! :mad:

There could well be blood stained telephone receivers all over the country!

HawkE

larrymccaffery wrote: »

2. For over 3 months in period, I had over £120k of funds/shares (an early retirement lump sum) NOT at HL or II but somewhere invisible and not accessible to me (later discovered had arrived at II but had not been 'allocated' to me )

Sadly many of the experiences you and others describe I recognise. The business of funds being invisible simply because they had not been allocated was perhaps the most damaging. My experience is that once the funds get to II's nominees (FNZ) there is then a convoluted process to have them allocated. All the while you are in limbo and your holdings could have suffered a drop in the meantime. What I'd like to know is who is liable for the loss in value if the only reason you had not sold the fund was because it was not accessible?

masonic

HawkE wrote: »

What I'd like to know is who is liable for the loss in value if the only reason you had not sold the fund was because it was not accessible?

Perhaps a formal complaint pursued all the way to the FOS would see your loss refunded. This would rely on showing three things:
1) That you were misled over the likely duration of the transfer (I was quoted ~8 weeks, for example), and that your transfer ended up taking significantly longer than that.
2) That you intended to sell on a specific date after the expected transfer completion date. For example, if you sent II a secure message mentioning your intention to sell, or gave them an instruction to do so.
3) That you actually sold the fund as soon as possible after it appeared in your account.

I think if you make a case based on the above points, then it should demonstrate quite clearly that you suffered a known financial loss as a direct result of unreasonable delays in your transfer.