30 days is too long to shift Share ISA to a Cash ISA

stk_isa_1

My Share ISA under Tilney which took over BestInvest - after decades in the doldrums - largely because the fund managers really did nothing.

I was so busy trying not to loose my job that I never really got around to doing anything about it. I always found that providers are very quick & eager to take your money but there are several hurdles when you try and shift.

My portfolio has already lost £5000 because of the recent Inflation figures, Ukraine etc. in a matter of 5 days.

However, I noticed that Henderson, Fidelity which are the custodians, BestInvest was the original agent. claim the following ....

"That it takes long - in fact that they are within the law even if it takes 30 days" - in that time my portfolio can collapse even further."

When pushed further - they also claimed that alot of the delays occur because building societies that largely offer Cash ISA themselves are very slow.

Both FundsNetwork (Fidelity) & Henderson claim that it's the CASH ISA company who you engaged to shift it to - are dragging their feet.

(1) Does anyone know whether there are online platforms (that now offer free or very very low fees) will allow me to hold my Share ISA as either a Cash ISA or better still in a Share ISA but as a Cash Account ? Will they be able to do it QUICKLY !!!

The other thing - both FundsNetwork & Henderson said they can sell and transfer the money as vanilla Cash (I know that it would loose it's ISA capitals gain wrapper) but, I thought hey! I am near retirement and I shouldn't be charged any TAX at all after all that is the point of an ISA!.

Oddly - this FundsNetwork & Henderson seem to be able to do it in under 4 days !!!! - and yet shifting to a Cash ISA is taking so long !!! Why ???

Thrugelmir

Liquidate your shares/funds and hold cash. 

Albermarle

As above just sell your investments to cash and then transfer as cash . It will not lose its ISA status