LISA transfer taking significantly longer than 30 days

anewman

Initiated a LISA transfer from another LISA back in July. I received a letter a week later from the old LISA provider confirming the account was closed, and they sent a cheque to the new provider. The transfer is still not completed. I understand the HMRC say transfers should be completed "within 30 days". https://www.gov.uk/guidance/transfer-lifetime-isas-between-managers 

I've contacted the new provider selecting the "complaint" option, which they've responded to as a complaint. They've said they will respond within 8 weeks. I believe after this time I can complain to the Financial Ombudsman.

What can I expect the outcome to be?

eskbanker

Many ISA transfers are taking longer than that target time, given the circumstances the industry (/country/planet) is in, so it isn't a surprise, although it does sound excessive - who are the providers concerned?

In terms of outcome, much will depend on whether the delay results in any loss and if so, what steps the receiving provider takes to address it....