UPDATE: ISA Transfer - they lost my money! 😖 (Do you lose interest when switching?)

Idpullthecurtain

boingy said:

Whenever you talk to either bank about the complaint, stress that you *will* be taking it to the ombudsman and that you *will* persist with the process until the very end to get a published ombudsman decision. That process costs the banks money, so they don't like it.

Great.  Thanks for this response.  This is good advice.  I will do exactly that.  I am keen to see what their investigation shows.

Idpullthecurtain

masonic said:

Idpullthecurtain said:

Have you had any dealings with FOS? do they have a history is ensuring private Organisations do this?

I've escalated 3 previous complaints to the FOS and had them upheld with a level of compensation I was happy with. They have the power to review all of the relevant information, so would get to the bottom of what actually transpired. Their decisions are binding on the organisation.

I see.  This is good to know.  I will certainly escalate if the banks findings are not satisfactory.  Banks should not be allowed to get away with practice like this.

Idpullthecurtain

Lastest update.
I have received responses, from both Organisations.

CSB the original organisation, have partially accepted blame.  They sent a cheque for £120 as a gesture.

Moneybox, the new organisation decline to accept responsibility, they blame CSB.  However, they have offered a "goodwill payment" of £100.  They are requesting a "accept or decline"

Both gestures do not even cover the value of lost interest.  Because I was denied access to my funds for 2 months, and I had two months of stress that I had potentially been scammed, I believe I would be due compensation. 

These two gestures dont even cover the lost interest.  (However I do believe I should be due the "goodwill payment" as a starting point, this would almost cover my lost interest.)
I do plan to escalate the matter to the FOS, because I am not satisfied.  I have already informed CSB of that intention, after their payment.  And I will now inform Moneybox.

With or without the £100 from Moneybox , I still plan to refer this matter to the FOS

Q Should I accept the £100 from Moneybox and then continue with my complaint?  Or should I decline the "goodwill payment" in order to proceed with the complaint?  

masonic

Idpullthecurtain said:

Q Should I accept the £100 from Moneybox and then continue with my complaint?  Or should I decline the "goodwill payment" in order to proceed with the complaint?  

Is the offer conditional on you accepting it as settlement of your complaint?

Idpullthecurtain

masonic said:

Idpullthecurtain said:

Q Should I accept the £100 from Moneybox and then continue with my complaint?  Or should I decline the "goodwill payment" in order to proceed with the complaint?  

Is the offer conditional on you accepting it as settlement of your complaint?

It isnt worded like that.  I dont know if thats the suggestion?

"upon further investigation of your complaint, we would like to offer you a goodwill payment of £100.  Please let me know whether you accept this payment, and we will get this sent to your bank"

Do you think they are suggesting that is the case?

masonic

It isn't clear from what they have said. If you feel the goodwill is adequate for distress and inconvenience, you could accept it for that and state that you'll be taking both firms to the FOS to recover lost interest, because you are unsure where liability lies.

Idpullthecurtain

masonic said:

It isn't clear from what they have said. If you feel the goodwill is adequate for distress and inconvenience, you could accept it for that and state that you'll be taking both firms to the FOS to recover lost interest, because you are unsure where liability lies.

Thanks for your thoughts.
You have raised another point I was hoping to get advice on.  The FOS process seems to only allow complaints against a single organisation.  So in this case I was thinking to raise 2 separate complaints, is this standard? 

Or maybe its the case that the receiving Organisation is the one to complain about since they initiated the transfer (at my request)?

masonic

In theory the receiving provider is responsible for an ISA transfer, so that would be the default option. However, if upon investigation it is clear that the sending provider was at fault, it would create a situation where a complaint against the receiving provider might not be upheld.

Therefore it would make sense to pursue both until the facts of the matter are established. That means two separate complaints, as you cannot join both parties to a single one.

Idpullthecurtain

masonic said:

In theory the receiving provider is responsible for an ISA transfer, so that would be the default option. However, if upon investigation it is clear that the sending provider was at fault, it would create a situation where a complaint against the receiving provider might not be upheld.

Therefore it would make sense to pursue both until the facts of the matter are established. That means two separate complaints, as you cannot join both parties to a single one.

Ok.  Thats interesting.  I think I will do just that.  Thanks for your thoughts.

Idpullthecurtain

masonic said:

In theory the receiving provider is responsible for an ISA transfer, so that would be the default option. However, if upon investigation it is clear that the sending provider was at fault, it would create a situation where a complaint against the receiving provider might not be upheld.

Therefore it would make sense to pursue both until the facts of the matter are established. That means two separate complaints, as you cannot join both parties to a single one.

The investigations indicate both organisations are to blame at points.