A shares ISA closed without my permission

lucasoid

Having looked at what has happened I can see that you placed an instruction online to sell your entire investment on the 21st July which is why you have received the sale proceeds. I understand that you intended to transfer your ISA to Hargreaves Lansdowne, however for the ISA wrapper to be retained, the shares would have to have been sold as part of the standard ISA transfer process. Unfortunately your sale was instructed separately from the ISA transfer application we received subsequently on the 29th July. Both the sale and ISA transfer processes are explained in the terms and conditions of your plan – please let me know if you would like a copy of these and I will be happy to arrange this.

I appreciate that this has now caused you difficulties in relation to your tax planning, and although I empathise with this predicament, as we have carried out your instructions as they were received we would not be in a position to offer any compensation.

dunstonh

That explains it then. Their response seems fair and correct.

If you instruct a fund house to sell the units then they return the money to you. They dont have a cash holding facility like the platforms. So, they had no choice but to do it and technically, they followed your instructions exactly.