ISA Legalities Advice

jezebel

I opened an ISA in branch in March this year (for last year's allowance 2006-07), I signed all the paperwork in the branch and assumed (perhaps stupidly) that this would be dealt with. I've now had a letter from the building society to say that as they have not received the paperwork that they will switch this to a normal account. I had 14 days to respond but due to work pressures am not sure I'll make the deadline (thanks to Royal Mail). Can anyone advise on the legalities of them doing this and if this occurs would I have a claim to make against the bank as obviously I can't now go back and use the ISA allowance for last year?

Thanks.

Ian_W

jezebel wrote: »

Can anyone advise on the legalities of them doing this and if this occurs would I have a claim to make against the bank as obviously I can't now go back and use the ISA allowance for last year?

Rather than seek to claim against them - why not try to sort it out so you don't lose out? If you can't physically comply with the 14 days call, or better still write to them, seeking a reasonable time extension like another 7 or 14 days and supply the info they require as soon as you can.
The bottom line is if you've not complied with their T&Cs you won't be able to get redress, if you have and they've messed up you will but that redress will only put you back in the situation you would have been in had they not made a mistake.
As it's not too late to sort it out before your account is de-ISA'd I'd try to do that.