Marcus ISA Transfer

masonic

fireball said:

Well, xylophone, you were lucky that the Coventry backdated interest.  I recently transferred an ISA from Marcus to Santander.  The speed was just as glacial as your transfer.  But Santander refuse to backdate any interest, leaving me with a 14 day period when neither Santander nor Marcus paid any interest.

Personally, I'd complain on the grounds that Santander is not following published industry best practice and you have been unfairly disadvantaged as a result. They should have compensated you for failing to complete the transfer within 15 business days, which is an absolute requirement that they've breached.

"Interest on the transferred funds should be backdated either to the date on the cheque, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive – whichever is earlier"

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/693198/Appendices.pdf

southone

My transfer from the Marcus to the Coventry the cheque was issued by Marcus on the 25th Oct, I got confirmation from James at Coventry today that they've received it and back dated the interest to the date on the cheque and have increased the rate from 1st December to 2.85% on the account as well so happy with the move

searching4bestrates

My transfer away from Marcus completed after nearly a month into Nationwide (at the time of requesting the transfer they had a decent/same rate to Marcus)...

Unfortunately there are now several providers, including Marcus(!), with far better rates than Nationwide, but at least Nationwide are part of the electronic ISA system should I want to dive into the rabbit hole again.

Noneforit999

Digging this thread back up as I am trying to transfer my ISA from Marcus.

Initially tried to Lloyds, send the paper form back and heard nothing for over 2 weeks. Called Lloyds who I said the form was sent, Marcus claimed they never got it but would chase. A week goes by and nothing so we were three weeks in at that point.

Realised Barclays were then offering a better rate so filled out their ISA transfer form, that was 2 weeks ago and again, apparently Marcus have not received it!

Going to call again tomorrow. I wouldn’t go anywhere near Marcus again in future or anybody who doesn’t use the electronic ISA transfer scheme.

fireball

Hi masonic.  The problem with the ISA transfer guidelines is they are just best practice, not mandatory.  I did complain to Santander but they wouldn't backdate the interest - i.e. they refused to comply with the guidelines.  I referred the matter to the Financial Ombudsman who found in my favour.  And just to concur with Noneforit999, I will also no longer invest with an institution that does not belong to the electronic ISA transfer scheme - it's not worth the hassle as far as I'm concerned - particularly as my wife's  transfer to Virgin from Marcus was even more glacial than my transfer.  But at least Virgin did (eventually) put matters right when she complained.