Complaining about cash ISA transfer

NorwichMan

I sent this to my new provider: 

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I want to raise a complaint, it has now been 18 working days since I initiated the request with you to transfer in my cash ISA from [existing provider]. According to gov.uk this should take no more than 15 working days. I am now losing out on interest and the process has been highly frustrating.
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They reply:

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We aim to complete the transfers within 30 days. However, the transfer duration is also dependent on the other broker. In case of issues with the other brokers, such as inputting incorrect details, transfers may take longer.
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When I speak with my existing provider they claim to have not received a transfer request. When I relay this to my new provider they say they did send the request but the other side have not responded and they are chasing it up by email. Then nothing happens. I have been back and forth between them a few times before sending the complaint above.

I just want the transfer to happen. Any ideas?

eskbanker

Although the receiving provider is ultimately responsible for resolving any issues, they are correct to state that it takes two to tango, i.e. delays can be caused by either or both parties, so it's not necessarily the receiving provider's fault as such.

As you say, the stated timeframe for transfers between cash ISAs is indeed 15 working days rather than 30 days (which applies to other ISA transfers) - which providers are involved?

NorwichMan

Yes, I agree it's not necessarily the receiving provider's fault.

I do however feel frustrated at having told them several times that the sending provider (Charter Savings Bank) consistently say they have not received the request, and the receiving provider (Trading 212) just says "okay but we did send it, and we will send another chasing email."

I feel like something has gone wrong and needs to be investigated properly rather than just sending another chaser. I have said as much now to Trading 212.

eskbanker

I'm not sure there's anything you can do now that you've raised a complaint - you just need to let it take its course, and escalate to FOS if they don't adequately resolve it within eight weeks.

There'd be a reasonable case for claiming loss of interest, although interest payments should be dovetailed so that the money is always earning at one or the other provider, albeit presumably at a lower rate if still with the old provider.

My suspicion is that Trading 212, being new to the provision of cash ISAs and IIRC having suspended transfers at some point, are probably inundated as a result of offering a market-leading rate, so that's likely to be why it's taking longer than it should, not that this makes it OK of course!

NorwichMan

That all makes sense, thank you for your comments. I guess I'll put a reminder in my calendar to check in 8 weeks' time, and if it's not resolved adequately by then go to the FOS.

35har1old

NorwichMan said:

That all makes sense, thank you for your comments. I guess I'll put a reminder in my calendar to check in 8 weeks' time, and if it's not resolved adequately by then go to the FOS.

You could be better of when all is sorted.
Backdated interest plus compensation payment