ISA provider messed up transfer !! Help Please

andyt1968

I recently did an isa transfer from my nationwide isa to my trading isa with interactive investor, when ii received the cheque they made a mistake and put it in my standard trading account and not my trading isa. I have asked them to transfer it but have been told I will lose my 2019 / 2020 allowance !!! Even though this came from my isa and was paid in this tax year. They are telling me it will have to go in as my 2020  / 21 allowance so I will lose my allowance for 19 / 20 that was already in my nationwide isa. Surely this cannot be correct does anyone know how I stand on this and what my rights are following their mess up !!!!

Alexland

If the ISA Manager has made an error in performing your ISA transfer instruction they should correct it and it should not disadvantage you in terms of your allowances.

Don't do anything such as try and move it yourself to confuse the situation.

If the person you are talking to at II are not taking it seriously then ask to raise a formal complaint so someone more senior or experienced can review and arrange to correct the mistake.

andyt1968

Ok great ! Thanks for your help ! 

dunstonh

If the provider made an error, it is their job to put it right.    In this case, a formal complaint should be raised as their solution is clearly an incorrect application of the rules.  (I am assuming you did an ISA transfer initiated by ii and not a bank transfer off your own back).

There is absolutely no reason why ii cannot rectify this without using your ISA allowance.  So, you are being given duff information and should complain. 

andyt1968

Yes the transfer was initiated by ii via an isa transfer. Thank you !