What are my Rights as my Stocks & Shares Isa Transfer is not done yet?

bob_100

Hi

I am transferring my Stocks and Shares Isa to Halifax Cash Isa. Just over 30 days have past since i received the confirmation letter that the transfer was in progress and the application form had been received.

Can anyone please advise whether I have any rights or what the best thing to do to get my money in my ISA account?

Thanks

Your_Hero

Have you tried chasing your stocks and shares ISA provider to proceed with the transfer?

colsten

There are no agreed timescales for S&S ISA transfers. Although you could speed things up if you sold your shares yourself, and then asked for the cash to be transferred. However, that seems to be too late in your case, so all you can do is chase your provider.

dunstonh

This is a very new option and the way some S&S ISAs work may require input from you. For example, some platforms will sell the holdings automatically to cash. However, others may require you to sell the holdings if the ISA transfer form you completed did not carry sufficient authority to do it.

What does the S&S ISA provider say when you ask them what is taking so long?

bob_100

Thanks for the replies.

I thought that a stocks and shares isa transfer has to be done within 30 days?

Also my Stocks and Shares Isa Money was in a Cash Park, ie not invested in any stock at the time I asked for the transfer, so there was no need to sell any stocks.

I've spoken to Halifax and they have said that my current S&S provider have stated that the wrong form was sent to them and that Halifax have had to resend the form. They weren't able to provide a time scale of when i will receive the money in my cash isa.

Is there any rights i have?

Archi_Bald

You have the right to raise a formal complaint https://www.halifax.co.uk/sharedealing/pdf/Halifax%20how%20to%20complain.pdf

bob_100

Archi_Bald wrote: »

You have the right to raise a formal complaint https://www.halifax.co.uk/sharedealing/pdf/Halifax%20how%20to%20complain.pdf

Hi is that the right complaint form?

Just to clarify i have a Cash ISA with Halifax in which I'm transferring a S&S Isa into it.

Thanks

Archi_Bald

Probably not, try this: http://www.halifax.co.uk/contactus/how-to-complain/

Or google for better

PeacefulWaters

At least Halifax are paying you interest on money they've not received.

http://www.halifax.co.uk/isas/transfer-isa/cash-isa-promise/

1. When you switch your cash or stocks & shares ISA to us we will not wait for your current provider, we pay interest from day one of receiving your completed transfer application as long as your funds are free to transfer.

So you're not out of pocket.

Give them a nudge.

IronWolf

I would chase Halifax and ask if they received it. I recently did two transfers into Halifax and both times they sent me a letter acknowledging receipt of the request fairly quickly.

The actual transfer took weeks though.

dunstonh

I've spoken to Halifax and they have said that my current S&S provider have stated that the wrong form was sent to them and that Halifax have had to resend the form.

There are two methods. Re-registration and Transfer. Re-registration (also known as in-specie transfer) can only be used when transferring the assets in situ. Transfer (or cash transfer) would sell the investments and send the money over as cash.

Is there any rights i have?

There is nothing to complain about yet. The existing provider has not been given a correct instruction. Unless Halifax were the ones that supplied the form. In which case, that is where the error is.

S&S ISA managers are typically very quick on transfers but they do need the right instructions.