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

sorcerer

bob_100 wrote: »

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?

30 days I wish, mine took 4 months and I consider myself one of the lucky ones, I know people who took over 6 months to transfer.

bob_100

Thanks everyone for all the responses.

I've made a formal complaint with the links above. Hopefully they will call me at some point to discuss.

Halifax have told me that my current S&S Isa provider have told them that they sent them the wrong form. Halifax have resent another form to them. Thats all i've been told so far.

xylophone

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

That'll be news to a few posters! We've been mixing with the wrong sort!:rotfl:

https://forums.moneysavingexpert.com/discussion/4932087

https://forums.moneysavingexpert.com/discussion/4904374

colsten

bob_100 wrote: »

Halifax have told me that my current S&S Isa provider have told them that they sent them the wrong form. Halifax have resent another form to them. Thats all i've been told so far.

Sounds like you need to stand firm with Halifax - if they sent the wrong form to your S&S ISA provider, this shouldn't be your problem. Though as PeacefulWaters pointed out, you shouldn't be losing any interest (leaving aside that you don't get much interest in any cash ISA these days).

xylophone

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.

Halifax appear to be "transfer ready"? http://www.halifax.co.uk/isas/transfer-isa/

The OP states

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.

There doesn't seem to be much excuse for the delay?

colsten

dunstonh wrote: »

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

You would have thought that if they had received incorrect/incomplete instructions, they would "typically" tell the requestor without delay that they have received incorrect instructions, and helped the requestor with providing the correct ones.

Though I very much doubt this can be the case here. If I understand the OP correctly, all they want is to transfer the cash (not funds, shares, bonds etc) from their S&S ISA to a cash ISA. Cash to cash. Child's play, even if transfers of any sort are a new thing for S&S providers. It can only be a prolonged case of 'wrong instructions' if the S&S provider wants to be nauseatingly obstructive.

dunstonh

You would have thought that if they had received incorrect/incomplete instructions, they would "typically" tell the requestor without delay that they have received incorrect instructions, and helped the requestor with providing the correct ones.

They would tell the scheme making the request. The scheme making the request would then inform the "requester".

That'll be news to a few posters! We've been mixing with the wrong sort!

I transfer a lot of ISAs, as you would expect, and never have any problems. Longest is about 2 weeks. Most are few days. I typically use the cash transfer method and not the re-registration method. The latter can take a fair bit longer.

xylophone

The latter can take a fair bit longer.

Ain't that the truth!

PeacefulWaters

I would hazard a guess that Halifax, despite their size, only handle one or two of these transfers each week. I doubt there's a single staff member in the company that is experienced in the process when it comes to stocks and shares to cash transfers.

The comment about "wrong form" puts the blame very much on Halifax. But their own "Promise" does protect the customer from loss of interest.

If the value of the investments drops in the interim it would be interesting to see how quickly they stump up the difference.

xylophone

I

f the value of the investments drops in the interim it would be interesting to see how quickly they stump up the difference.

There aren't any investments. See post 16.