6 weeks to transfer from one ISA to another?

Legacy_user

I went into the Abbey on 19th April to open a postal ISA and asked for them to arrange the transfer in the funds in my existing Halifax ISA. 6 weeks later and the money still has not been transfered over. Is this normal?

isasmurf

HM Revenue and Customs specifies that transfers must take place within 30 calendar days.

lolly5648

What do you do if it takes longer than 30 days? I have been trying for 6 weeks to transfer a Safeway ISA to M&S and am not getting anywhere. Abbey (who own Safeway ISAs) just say they are very busy and it is in the pipeline. Who can I complain to?

t_i_g_e_rr

I don't know who to complain to, but I have found the posts on the thread to be very useful: http://forums.moneysavingexpert.com/showthread.html?t=42647

davidcampbell

lolly ....

complaints address

Customer Satisafaction Centre
Po Box 5125
Milton Keynes
MK5 2YN

cant remember the isa dept address just now but i can get that for you if needed. a letter to csc above though will be dealt with by them in conjunction with isa dept.


also see thread that tigerr has linked. discussed in lot of detail there.


hth
DC

isasmurf

I suppose you complain to HMRC. I'm sure that Abbey, or any other bank, would pull their finger out if their authorisation to sell ISAs was threatened to be removed. I'll see if I can find an address.

lolly5648

Thanks David and Isasmurf, will give Abbey until end of week and if nothing has happened will write to Customs & Excise.

Lolly

t_i_g_e_rr

Lolly: did you try writing? I have finally received notification that my ISA has been transferred (see other thread) but it isn't good. I might write to Which? if I don't get a good result.

ctm_2

I think the regulations probably state that it's from when the old organisation receives the transfer request it must be transferred to the new organisation within 30 days. I could be wrong though.

I transferred to Abbey, and they kept hold of the transfer form for over a month before giving it to Nationwide, who promptly transferred the ISA.

lolly5648

I have rung Safeway (Abbey) and M&S re my transfer from Safeway and they both said that transfers are a grey area and although the ideal is to transfer within 30 days, there is no legal obligation. M&S are going to chase Abbey again but Abbey keep saying it will be dealt with and they are very busy.

natalie1980_2

It took that length of time to transfer my Halifax ISA to Abbey, if thats any help.