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Mis-sold ISAs
Tall_bloke
Posts: 1 Newbie
Both me and my wife were recently contacted by the major building society we had been saving with since 2003 informing us that we may have been mis-sold our ISAs. The bottom line is we have both received the following info:
Total value of saving if we had not made the investment = £40600.
Compensation for lost investment opportunity = £5300.
Current position if the investment is surrendered within the next 2 weeks = current surrender value £49300.
My question is how can i best carry on saving without putting the money in a 5 year plan? We are both what we think are cautious savers but would still like to make some interest. I know the limit for new NISAs is £15000. I am thinking about transferring out of the current medium risk ISAs into low risk, but have been told by them above that that is not possible, as they are not allowed to advise on such things. Can i change ISA/NISA type to low risk with the full amount of £49000 or do we have to go back to £15000 each one? Ideas gratefully accepted.
Total value of saving if we had not made the investment = £40600.
Compensation for lost investment opportunity = £5300.
Current position if the investment is surrendered within the next 2 weeks = current surrender value £49300.
My question is how can i best carry on saving without putting the money in a 5 year plan? We are both what we think are cautious savers but would still like to make some interest. I know the limit for new NISAs is £15000. I am thinking about transferring out of the current medium risk ISAs into low risk, but have been told by them above that that is not possible, as they are not allowed to advise on such things. Can i change ISA/NISA type to low risk with the full amount of £49000 or do we have to go back to £15000 each one? Ideas gratefully accepted.
0
Comments
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If they are ISAs already, then you can transfer them to a provider who will accept it. Since 1st July, you can transfer between cash and stocks and shares ISAs.
So if you are adamant that it's not for you, then do an ISA transfer to cash for the full £49,000 (however it is split between you and your wife).Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0
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