Transferred previous years' ISAs to iWeb issues

dllive

Hi,

Ive transferred previous years' ISA from Vanguard to iWeb twice.

With the first transfer, Vanguard made a mistake and transferred the wrong amount. (fair enough, mistakes happen. But it would have gone unnoticed had I not spotted it). Once the transfer completed, the screen in my iWeb account didnt show any figures in the Profit/Loss column. iWeb said this was because Vanguard hadnt told them the book price of each fund. I had to ask Vanguard to give the book price of each fund at the point of transfer.

The second time a transfer completed - a month ago - the Profit / Loss column is now showing unrealistic results. For example, my VVUSEI is showing a profit of 97.93%, and VVLSRU a profit of 35.44% ! I wish!!

Whats going on here? Has anyone else had experience of transferring previous years' ISA to iWeb?

Thanks

seasickmick

Hi 

Yes, have the same issue following an ISA transfer from Vanguard to iWeb regarding no figures showing in the profit/loss column.

Have you managed to sort the issue following your second transfer?

Cheers

 

dllive

Yes, I got it sorted. I had to go back to Vanguard and ask them to submit the book price for each fund at the point of the transfer. Im very surprised they dont do this automatically! 

seasickmick

Hi

Thanks for the info, (ISA) transfers never seem to go 100% smoothly - I did manage to get £200.00 compensation from Barclays Bank following their poor efforts of processing a cash ISA earlier this year, also my partner has had problems with two cash ISA transfers in the past few months and also received compensation but it really shouldn't be so difficult!

Cheers

dllive

Thanks @seasickmick , thats good to know Im not the only one! That was the first time Id done an ISA transfer. It was a large proportion of my life's savings, so amazed at how blaze and lax they were at doing the transfer! I hadnt anticipated there would be any problems seeing as its seemingly an easy task to accomplish. I didnt even get any confirmation from either Vanguard or iWeb that it had been completed.

So here we are, a second transfer, and theyve managed to mess this one up too! Each week I msg Vanguard and they say its with their 'transfer team'.

Can I ask: how did you get compensation? Did you contact their complaints dept?

seasickmick

Hi

Reference the compensation I received from Barclays Bank - this followed several months of attempting to transfer several "old" cash ISA's (with a high street Building Society) into  fixed rate Barclays cash ISA's. The long and the short of the saga was that that Barclays were requesting the transfer but sending incorrect personal details to the old ISA provider which didn't match up with the old providers records. Despite numerous calls to Barclays customer service over a period of several months they couldn't "fix"  the issue and had no explanation as to why the wrong information was being sent despite my Barclays account  having my correct details. (Oddly the initial transfer to open the Barclays ISA went through without a hitch).

In the end I made  complaint by phone via Barclays Bank customer services, the main grounds of my complaint being the misuse of my personal details, as well as the inconvenience of having to make countless calls to Barclays customer service and also the loss of interest while the transfer request was being processed. At the same time I cancelled the transfer request as by then there were better rates on offer elsewhere!

Eventually I received a letter upholding my complaint with an apology and offer of £200.00 compensation which I accepted.

As for the stocks and shares ISA transfer from Vanguard to iWeb, the transfer went through within the timescale specified (30 days or so if I remember correctly) and I did get a message from Vanguard  telling me when the transfer completed.

Cheers