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ISA transfer by mistake

mad_hyper_ant
Posts: 3 Newbie

Hello
I've had an ISA for the last 15 years and was super careful in transferring to other providers instead of withdrawing the cash. I was logged into my ISA account with Shawbrook about a year ago and I saw they offered a better interest deal so obviously I transferred to this one. I opened a new ISA last month with another provider and wanted to transfer my funds to be told that I no longer have an ISA but instead a Easy Access Savings accounts.
I would have never knowingly stepped out of the ISA and I recall this was not stated during the transfer process. Do I have any recourse? Can I report them to the FCA? While I haven't lost any money, it's frustrating.
Thank you!
I've had an ISA for the last 15 years and was super careful in transferring to other providers instead of withdrawing the cash. I was logged into my ISA account with Shawbrook about a year ago and I saw they offered a better interest deal so obviously I transferred to this one. I opened a new ISA last month with another provider and wanted to transfer my funds to be told that I no longer have an ISA but instead a Easy Access Savings accounts.
I would have never knowingly stepped out of the ISA and I recall this was not stated during the transfer process. Do I have any recourse? Can I report them to the FCA? While I haven't lost any money, it's frustrating.
Thank you!
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Comments
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What documentation (in hard or soft copy form) do you have from Shawbrook that endorses your view that you were initiating an ISA transfer a year ago, and what's been shown in online banking and/or statements since then?
The FCA won't accept a representation on this but if you go through Shawbrook's complaints process and the outcome isn't satisfactory then you can escalate to the Financial Ombudsman Service.1 -
I think you are too late. Any cooling-off period is long passed. Any savings account that doesn't explicitly state it is an ISA is not an ISA.
Sometimes financial institutions have very similar accounts in ISA and non-ISA versions and your only hope would be to show that Shawbrook made a mistake in a situation like this; that you applied for an ISA but were given a regular account in error. So you would need paperwork to support your contention that you were applying for an ISA transfer.Reed1 -
I would complain to Shawbrook as this certainly should not happen without a clear warning about losing tax free status0
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so obviously I transferred to this one.
Do you mean that you opened an account and then yourself transferred the money out of the ISA into the new account?
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