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

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.

Following my challenges to their responses, Moneybox have replied.  They still do not accept blame.  But they have now offered an additional £150, taking it up to £250.  But now they explicitly say that accepting will resolve the complaint.  CSB already sent me £120.  So that total of £370 plus the interest that CSB paid would take me to £582.  That is £100 better off than if the transfer happened without a problem and I was paid the new higher interest rate when I initially transferred.  So its corrected the issue of being out of pocket, if I accept.

I am considering proceeding with the complaint because of the two other issues - the stress caused by the mistakes of them losing the fund for two months, and being denied access to my fund for 2 months.  I wonder if this is reasonable?  Does anyone think this is a compensatory worthy cause?  Maybe the FOS will see that I am not out of pocket at this point and that will be the main concern.

Any thoughts?

masonic

Seems like a good offer, so I would accept if it were me. You also have to consider the stress and inconvenience of working through the FOS process, which can sometimes be very frustrating.

where_are_we

MY OH initiated a Cash ISA transfer from Coventry BS to Principality BS on 21/3/24. Completed on 4/4/24. Because Principality BS pay ISA interest every 6th April it can be seen that the amount paid into for period 21/3/24 to 6/4/24 is commensurate with no loss of interest due to the transfer process.

My sympathies go to "Idpullthecurtain".

Idpullthecurtain

where_are_we said:

MY OH initiated a Cash ISA transfer from Coventry BC to Principality BS on 21/3/24. Completed on 4/4/24. Because Principality BS pay ISA interest every 6th April it can be seen that the amount paid into for period 21/3/24 to 6/4/24 is commensurate with no loss of interest due to the transfer process.

My sympathies go to "Idpullthecurtain".

Im happy to hear yours went well.  People really shouldnt have to worry about this process.