ii refuses ISA transfer

caldi9

Good evening, 

I only hold cash in my ii ISA and I want to transfer the amount to a different ISA. ii refuse the transfer. Obviously, the cash has the tax wrapping value that I want to retain. Has this happened to anyone and how can I make ii do their job?

Thanks

masonic

Exactly what has the new ISA provider told you (as it is them who will be communicating with II, not you)? There are legitimate grounds for refusing to transfer an ISA, so the first thing to do would be to establish the correct paperwork has been provided and there are no other reasons why the transfer cannot go ahead.

caldi9

ii claim it is cash only, hence they refuse the transfer.

masonic

caldi9 said:

ii claim it is cash only, hence they refuse the transfer.

You aren't making any sense. You should be communicating with the ISA provider you want to transfer to, not II. Which is the provider you are transferring to, and exactly what have they told you?

Your new ISA provider should be working to address any issues so that the transfer can proceed. They should ascertain what the problem is and if you need to fill out the transfer form differently because you only have cash to transfer. It seems most likely at this stage that the problem is with an inconsistency between the actual transfer instruction you signed and the contents of the ISA to be transferred.

caldi9

The new ISA provider state that ii refuse a transfer as the ISA only contains cash. 

masonic

caldi9 said:

The new ISA provider state that ii refuse a transfer as the ISA only contains cash. 

Who is the new ISA provider? Which boxes did you tick on their transfer form?

caldi9

Fidelity. It was not a form, but a new ISA. In the opening process with Fidelity there was an option to transfer the ISA to the new ISA.

masonic

I suggest you get back to Fidelity. They need to take ownership of this. Either a new transfer form needs to be completed, this time specifying a cash transfer, or they need to explain to II how their transfer instruction already allows for a cash only transfer. I very much doubt this is the first ever time a cash balance has been transferred from an ISA at II to Fidelity, so the problem will be with the instruction provided.

dunstonh

Have you inadvertently requested an in-specie transfer with Fidelity and not a cash transfer?

gtrose

I am thinking of joining II, anyone with a trading account with them want to refer a friend?