Aegon refuses to transfer my ISA

Diamondback

We have a stocks and shares ISA with Aegon. We arranged a fixed term ISA with Metro Bank but Aegon refuses to transfer our money until we send them our driving licences. They did not require our licences to open the ISA. We have told them the accounts the money came from in 2020 when we started the ISA and Metro Bank have provided the details of where the money is going. Why should we have to pay for recorded delivery to send our licences, in order to transfer our own money to another bank?

Reed_Richards

But if it wasn't you trying to transfer the money but somebody trying to defraud you then you would be gald that Aegon were being so cautious.  Something must have made them suspicious; maybe they don't trust Metro Bank?  And are you sure you are following the correct procedure?  Normally after you have asked Metro Bank (your new provider) to make the transfer then you don't hear anything more about it.

dunstonh

Aegon refuses to transfer our money until we send them our driving licences. They did not require our licences to open the ISA.

Since you opened the account, we have moved from the 4th AML directive to the 5th directive. 

Plus, there is an AML risk here due to the short term you have held the investment.   Investing is long term as you need to average out the ups and downs.  So, when someone uses it in a short term way, it is treated as higher risk from an AML point of view.    

Even before the 4th and 5th AML directives, short term investing was considered high risk. I remember it as far back as 30 years ago.  Back then, it was an automatic referral to the financial crime team for them to carry out enhanced checks.

Why should we have to pay for recorded delivery to send our licences, in order to transfer our own money to another bank?

If Aegon have had to rely on the old method then it means you failed the electronic check.