The Skipton just robbed my daughter of 3K for a simple mistake

Nick_C

Careful. You might be accused of advertising your bank! Lol

RickyM64

Interesting.. You pick up the lack of reading and understanding but make no comment on the smug or condescending. Excuse my contribution I am an angry father but we have still only had one sensible post today from Alexland

masonic

RickyM64 wrote: »

To be honest I do admit I posted this while angry, I was looking at this from an FCA perspective and wondering how this would count as Fair treatment of customers in allowing them to save for nearly 4 years and then because of a simple mistake, in purchasing a property after transferring and not waiting for a year, losing the entire bonus.

The FCA does not have jurisdiction over Parliament and it is they who passed the relevant piece of legislation. Skipton is just doing what it must do by law.

TheShape

I thought it worthwhile to look at the Skipton Website re the LISA to see how prominent the warnings were re the requirement to have held the account for 12 months before house purchase.

To be fair, it's very prominent. I don't think you can miss it on the first page of the application:

https://www.skipton.co.uk/savings/isas/cash-lifetime-isa

It's so very clear that I don't see how it could have come as a surprise.

eskbanker

RickyM64 wrote: »

Interesting.. You pick up the lack of reading and understanding but make no comment on the smug or condescending. Excuse my contribution I am an angry father but we have still only had one sensible post today from Alexland

Granted most posts are along very similar lines but when you've calmed down a bit you'll doubtless be able to see that you've largely brought it on yourself, not just by the tone of your OP ('robbed', 'outraged', etc) but subsequently by ignoring rule #1 about what to do when in a hole, i.e. stop digging.

If you're looking for something else to read and understand, try https://www.skipton.co.uk/savings/isas/cash-lifetime-isa:

This account might not be right for you if:

• you want to save for a house and buy within the next 12 months

Alexland

RickyM64 wrote: »

we have still only had one sensible post today from Alexland

Thanks but I am keeping out of this thread now but would be interested in how she gets on if she proceeds with any of the suggestions.

Alex

RickyM64

I already understand why she lost it. She transferred it all believing she would not buy for over a year and then forgot when the opportunity to buy presented. Nobody then saw fit to explain this until she was 2 days away from exchanging and completing. My problem is feeling losing the whole bonus and not being informed until 2 days to go is wrong and unfair. I can perfectly understand losing the bonus for the money entered into the LISA but not for that transferred from the old HTB ISA. Now it seems there is a chance given from the one sensible answer to recover this part. Hopefully this will prove true and I can stop wasting my life in this forum

masonic

RickyM64 wrote: »

Now it seems there is a chance given from the one sensible answer to recover this part. Hopefully this will prove true and I can stop wasting my life in this forum

You've also been told where you can point the finger (Parliament) regarding this rule. So if you want to complain, the best person to complain to is your local MP.

RickyM64

Thanks Alexland I will let you know if she recovers the HTB ISA part

Wildsound

Following on from Alex's post, I would suggest you take a look at the HTB ISA terms and conditions that your daughter had with Halifax and get familiar with them as they are quite different to the LISA ones. Main point being that the value of the property must be less than £250k outside of London, or less than £450k inside London.