ISA provider messed up transfer - please help

longwalks1

I hold approx. £84,000 worth of shares in an S&S ISA, and 2 weeks ago requested to transfer them to my new S&S ISA provider, thinking it a straight forward process.  Had an email from my new ISA provider today saying the old provider couldn't transfer.  Have chased them up and it appears someone in the office misinterpreted my simple emailed instruction 2 weeks ago and withdrew my shares onto a physical certificate.  Now they've told me because of their mistake, i have to complete a Crest form to correct their mistake.

Is this correct?  I'm not happy with the additional delay caused by their mistake, do i have to fill in the form and post it back to them?

dunstonh

Had an email from my new ISA provider today saying the old provider couldn't transfer.  Have chased them up and it appears someone in the office misinterpreted my simple emailed instruction 2 weeks ago and withdrew my shares onto a physical certificate.  Now they've told me because of their mistake, i have to complete a Crest form to correct their mistake.


Is this correct?

We are not able to see the transactions that have taken place and are wholly reliant on what you tell us.  So, if that is what you say happened, then we can only go by that.

It should be noted that providers will not carry out an ISA transfer on the basis of an email.  So, if someone acted on a "simple emailed instruction 2 weeks ago", then what exactly did that simple email instruction say?

Were you attempting to do a cash transfer or an in-specie transfer?

longwalks1

Hi Dunstonh - sorry i should of said, attempting to do an in specie transfer, i emailed my current ISA provider (X-O) to let them know I was going to transfer out, but initiated the transfer through my new ISA provider, their online transfer form.

Albermarle

 i emailed my current ISA provider (X-O) to let them know I was going to transfer out, 

There was no need to do this and it may have caused some confusion . Transfer are normally all handled by the receiving scheme.

masonic

longwalks1 said:

i emailed my current ISA provider (X-O) to let them know I was going to transfer out, but initiated the transfer through my new ISA provider, their online transfer form.

If that was all you told them, then it was certainly capable of being interpreted in the way they have. Presumably they have accepted that they should have clarified and are able to undo the withdrawal from the ISA? Otherwise £84k cannot simply be replaced. It would certainly be fortunate if the issue can be resolved so simply by the action they suggest.

Thrugelmir

longwalks1 said:

Is this correct?  I'm not happy with the additional delay caused by their mistake, do i have to fill in the form and post it back to them?

Would never have been a mistake if you had allowed events to follow their natural course. A case of too many cooks spoil the broth. You still own the shares. Now just a question of transferring into the nominee name of the receiving party. The only way of rectifying the situation.