NS&I long delay in transfering funds from Income Bond to Premium Bonds

Intenso

During the 1st week in November I completed an online NS&I form to request that my considerable Income bond funds be transferred to a premium bond account.

2 days later I recieved an email to report that my account had been closed.

Since then there has been no sign of my premium bond account being opened or of where my funds are.

I have called twice and been told to wait.  The first time I was told that a cheque had been sent to the premium bond team. 

The last time I was told that NS&I were trying to calulate what interest I was owed.

I've now completed a complaint and expect that I will need to wait for a response.

Is this usual for NS&I.  I was under the impression that as it was linked to the treasury that my money would be safe.

Not sure where I can go from here other than the ombusman?

eskbanker

Intenso said:

I've now completed a complaint and expect that I will need to wait for a response.

Is this usual for NS&I.  I was under the impression that as it was linked to the treasury that my money would be safe.

Not sure where I can go from here other than the ombusman?

Processing delays aren't unusual at NS&I even at the best of times, but your money is safe and will turn up.  You do have the option of escalating to the Financial Ombudsman Service but only after eight weeks since logging your complaint.

Edit: Treasury Committee now on their case: https://committees.parliament.uk/committee/158/treasury-committee/news/138100/treasury-committee-seeks-answers-from-nsi-following-string-of-complaints/

colsten

People keep making the mistake of filling in a transfer form when they could do the transfer themselves in 2 minutes flat.

Hey-hoh. 

Intenso said:

 I was under the impression that as it was linked to the treasury that my money would be safe.

Your money is safe. It will turn up in your PB account sooner or later. 

Intenso said:

I've now completed a complaint and expect that I will need to wait for a response.

That was the right course of action. You may or may not get awarded a small amount of compensation but your don't have to worry about your money. It is safe. If your formal complaints does not resolve the matter to your satisfaction within 40 working days, you can escalate to the FOS (see NS&I complaints brochure). Escalation to the FOS is unlikely to speed up matters.