Can a Stocks and Shares ISA be REPAIRED?

Redfox510

Can a stocks and shares Isa-wrapped product, worth say £300,000, that has been classed by the FCA as fraudulently managed by an FCA authorised Manager and has had all the money and stocks and shares emptied from it and is now worth £00.00, and is due to be paid the £85,000 Compensation from the FSCS, can that ISA-WRAPPED PRODUCT, be rebuilt to the original VALUATION as of the date the FCA put the ISA managers company into Administration ie say £300,000 with new money?

eskbanker

There's no need to start another thread to repost what you've already asked in this one:

https://forums.moneysavingexpert.com/discussion/6466595/my-stocks-and-shares-stolen-can-it-be-repaired-to-the-full-amount

Redfox510

Thanks but I want to delete that Tread because people don't understand the question please delete the 1st post and  post the 2nd thread many thanks and kind regards 

eskbanker

Redfox510 said:

Thanks but I want to delete that Tread because people don't understand the question please delete the 1st post and  post the 2nd thread many thanks and kind regards 

My comment about not duplicating was just as a forum member, not as some sort of administrator - I have no authority to delete anyone's posts or threads!  I did see that you were agitated about some of the posts on the other thread, but it does contain useful links to relevant pages that explain the situation in significantly more detail than you've done in this one, so it would seem more sensible IMHO to continue with that rather than starting a new thread, but if you want to get something changed you'd need to contact the forum team (links at the foot of the page).

Keep_pedalling

If you are asking if you can build a new ISA to that value by depositing £300k into it the answer is no you are still limited to £20k per year. 

Your current ISA will eventually get some of your money back (that fine financial paper The Racing Post is suggesting 21p in the £) and you should be able to transfer that to another ISA but that is likely to be a long way off.

https://www.racingpost.com/news/britain/creditors-of-john-dances-wealthtek-expected-to-receive-21p-for-every-pound-following-fca-investigation-aDarX9g4uydy/

Redfox510

No I want to rebuild the OLD Isa when everything is over, I believe (or HOPE) HMRC has the full details of all the money paid into my PEP's and  Isa's since 1987
You could say "I have lost a lot of money on the horses!"
Please laugh I think its funny

dunstonh

No I want to rebuild the OLD Isa when everything is over, I believe (or HOPE) HMRC has the full details of all the money paid into my PEP's and  Isa's since 1987

They don't.

If an arrangement is decided that your ISA status is protected it will be the value of your ISA on a given date.

It is not yet decided if the FSCS will be available.  I suspect it will but if the next decision is whether they use the FSCS amount to pay the administrator or use it in the conventional way.   Again, I suspect it will be in the conventional way as it appears the assets mostly don't exist.

So, with £300,000, you have £85,000 protection.   If they return £85k under the FSCS claim, the ISA status is less of an issue as you could be fully ISA again within several years.      If assets around £60k are recovered then these usually arrive on drip over the next decade.

Redfox510

Thank you that is a very very  helpful answer thank you again

jimjames

Redfox510 said:

No I want to rebuild the OLD Isa when everything is over, I believe (or HOPE) HMRC has the full details of all the money paid into my PEP's and  Isa's since 1987

But you can't have all the allowance returned since 1987 regardless. I've invested in companies previously that have tanked, I can't get that money back to use the allowance elsewhere. Same with a fund like Woodford Income where the value returned was much lower than it was previously traded at. It really depends what you get returned from administration and the value that is agreed, not what you actually paid in.

Exodi

Maybe I'm missing the point or perhaps because I've missed the context provided by the first (now deleted) thread, but my initial impression is that I'm suprised your primary concern is the reinstatement of past ISA annual limits rather than the apparent loss of nearly a quarter of a million pounds by a fraudulent fund manager? 

eskbanker

Exodi said:

Maybe I'm missing the point or perhaps because I've missed the context provided by the first (now deleted) thread, but my initial impression is that I'm suprised you're primary concern is the reinstatement of past ISA annual limits rather than the apparent loss of nearly a quarter of a million pounds by a fraudulent fund manager? 

The first thread clarified that OP was invested via WealthTek, and included links to various explanatory articles about their fate, such as:

https://www.fscs.org.uk/making-a-claim/failed-firms/wealth-tek/

https://www.fca.org.uk/news/fca-orders-wealthtek-cease-operations-high-court-appoints-interim-managers