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+Paragon Bank ISA

Tyro10
Posts: 2 Newbie

Hi , I am new to the Forum so forgive my inexperience here .
I recently discovered that Paragon , without my knowledge or instigation , moved ISA funds into a non ISA account . Paragon deny they instigated the move and the matter is now with the Financial Ombudsman .
Has anyone heard of or had a similar experience ?
It would be really helpful to my case if there were others . Paragon of course will not even contemplate the thought that their system could be at fault.
Thanks in advance for any thoughts.
I recently discovered that Paragon , without my knowledge or instigation , moved ISA funds into a non ISA account . Paragon deny they instigated the move and the matter is now with the Financial Ombudsman .
Has anyone heard of or had a similar experience ?
It would be really helpful to my case if there were others . Paragon of course will not even contemplate the thought that their system could be at fault.
Thanks in advance for any thoughts.
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Comments
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Not entirely clear what has supposedly happened. Systems don't just do things either. As funds don't simply move around.1
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Was this a maturing fixed term ISA?0
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It would be highly unusual for a bank to transfer ISA funds into a non-ISA account without your permission.
If this was previously a fixed rate ISA that has matured, are you sure you didn't accidentally request that the funds be paid into a non-ISA account on maturity ? The default option (if they don't hear from you) is that they pay it into their Easy Access cash ISA, so that wouldn't explain it.
If you're sure you didn't request the pay-out yourself and haven't given them reason to close the ISA (you've stuck to the ISA rules/allowances) then they've presumably done this in error, but I would have thought they should know what's happened, either way.
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Has Paragon provided PROOF of your instruction to move the money?0
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It was not a maturing ISA . I added last years allowance to an existing Paragon ISA and about a month later for no apparent reason the ISA funds were moved into a one year fixed saver account .
Paragon of course deny they initiated the move .Hence I am claiming the resultant tax burden and have referred it to the Ombudsman.
Thanks for comments.0
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