Missing ISA from old Selftrade

Lesley56

I don't invest regularly but in 2012 put funds into 2 cash ISA's with Selftrade.
Never had a single letter from them but just came across some emails that have gone into an unmonitored folder with the last one stating:-
I would now like to give you details about an important change to how cash balances on Cash ISAs will be held by us from 22 July 2014. These details are also being sent to you by post and by via your Selftrade message box.
New trust arrangement
As part of the arrangements we are making in order to cease to operate as a bank, we will no longer hold the cash balance on your Cash ISA as a deposit from 22 July 2014 (except if we have received a transfer authority or your instructions to transfer your Cash ISA balance to a Shares ISA or individual dealing account with us or to close your Cash ISA by 18 July 2014 as described in the Notice of Changes leaflet(link attached). Please note that you will need to allow your new Cash ISA provider sufficient time to send us a transfer authority.
Subject to the above exceptions, the cash balance on your Cash ISA will instead be deposited and held by us as trustee from 22 July 2014 in a new trust bank account with The Royal Bank of Scotland plc ("RBS"). Please see page 1 of the Notice of Changes leaflet.
If you have other RBS accounts or hold cash balances on your other Dealing Accounts with us, please also read carefully the explanation of the impact of this change on FSCS protection on pages 4 and 5.
This change does not affect the day-to-day operation of your account and we will continue to act as the ISA Manager.
The links to the said leaflet do not work and Talos Securities who traded as Selftrade are now dissolved. Royal Bank have no idea what I am talking about and have no record of me as a customer. No idea where to start in tracing these funds and wonder if anyone by any chance downloaded the leaflet or can shed some light on which branch of RBS would have held these trust account funds?

eskbanker

It might be worth contacting FSCS, as https://www.fca.org.uk/publication/documents/list-of-banks-fscs.pdf confirms that they offered depositor protection to customers of Talos Securities as at 2013, so should have covered any still remaining when the company was dissolved. Even if it's not a matter directly for FSCS, they may be able to point you in the right direction....

Chino

Lesley56 wrote: »

and wonder if anyone by any chance downloaded the leaflet

The following document might be the one you're after:
Notice of Changes to Cash ISAs

The Wayback Machine is an astoundingly useful resource.

Lesley56

Thank you that is exactly what I am looking for! :T
I never took any action so the funds must have gone to RBS. One step closer to tracing the funds.
Fingers crossed

Lesley56

Is there anyone here that kept their cash ISA with the original Selftrade and has any more recent information on whether the funds are still with RBS and who to contact?

eskbanker

Lesley56 wrote: »

Is there anyone here that kept their cash ISA with the original Selftrade and has any more recent information on whether the funds are still with RBS and who to contact?

Happy to be proved wrong but I suspect you might be on your own there!

Many on here steer clear of cash ISAs these days.

Very few are likely to have had experience of a small player like Selftrade.

Few of them will have used a trading platform for a cash ISA.

Even fewer will have left the Selftrade cash ISA alone when abandoned to trust status in 2014.

Even fewer of them will have ignored the ISA money for over five years since then.

Fewer still will have recently decided to resuscitate it after all this time and yet fewer will actually have identified exactly who to deal with....

I find it hard to believe that there are many who'd make it all the way through that particular funnel - did you get anywhere with FSCS?

Lesley56

Have raised the issue with Financial Ombudsman, and put a claim through FSCS but advised it will take around 3 months to consider. Meanwhike have taken matter up with liquidator of Talos Securities Ltd as they are winding company up so they are looking into situation too, It does state that the cash was ringfenced and cannot be used against company liabilities so hoping that one way or another we can get investment and interest due back.