ISA transfer funds issue

bucksman

I have a matured fixed ISA with Shawbrook Bank, which has now been moved by them to an easy access ISA.  I completed the ISA transfer online form with Virgin.  Three times now it has been rejected by Shawbrook Bank with the reason that the funds are current year and not previous year monies?  On the Virgin online form there is no way to indicate this, and Shawbrook seem to be misinterpreting the part of the form that requests 'All funds to be transferred ...' 

Any suggestions appreciated!.  Calling each bank is hopeless, as each are blaming the other. 

35har1old

bucksman said:

I have a matured fixed ISA with Shawbrook Bank, which has now been moved by them to an easy access ISA.  I completed the ISA transfer online form with Virgin.  Three times now it has been rejected by Shawbrook Bank with the reason that the funds are current year and not previous year monies?  On the Virgin online form there is no way to indicate this, and Shawbrook seem to be misinterpreting the part of the form that requests 'All funds to be transferred ...' 

Any suggestions appreciated!.  Calling each bank is hopeless, as each are blaming the other. 

How long was it fixed for?
If it was a 1year fix it's not this tax years money
If it is a full transfer it doesn't matter how it's made up of current or previous years or both 

masonic

Raise a formal complaint against Shawbrook bank. Mention that it is a breach of the ISA regulations to refuse a full transfer out, and that it is also a breach of the FCA's Consumer Outcome 6 "Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint". Mention that it is a serious failing on their part to wrongly consider the ISA to contain current year subscriptions when you have not paid any money into it after 5th April this year. Let them know that you will be requiring them to put you back into the position you would have been in had you been able to transfer to Virgin, and they will need to credit you with the difference in interest rate from the date of their first rejection up to the date they finally transfer the money.

bucksman

35har1old said:

bucksman said:

I have a matured fixed ISA with Shawbrook Bank, which has now been moved by them to an easy access ISA.  I completed the ISA transfer online form with Virgin.  Three times now it has been rejected by Shawbrook Bank with the reason that the funds are current year and not previous year monies?  On the Virgin online form there is no way to indicate this, and Shawbrook seem to be misinterpreting the part of the form that requests 'All funds to be transferred ...' 

Any suggestions appreciated!.  Calling each bank is hopeless, as each are blaming the other. 

How long was it fixed for?
If it was a 1year fix it's not this tax years money
If it is a full transfer it doesn't matter how it's made up of current or previous years or both 

Thank you for your reply. It was a 1 year fix and I received the interest into my current account. I have asked for a full transfer and I am still no where - I have now raised complaints with both  Virgin and Shawbrook.  I had a reply from Virgin Complaints telling me it was not transferred as I have reached my yearly limit - I explained to them it was a previous year, it has now been escalated to another complaints team.  Still waiting, and another transfer request (the 4th) has been turned down by Shawbrook!  masonic said:

Raise a formal complaint against Shawbrook bank. Mention that it is a breach of the ISA regulations to refuse a full transfer out, and that it is also a breach of the FCA's Consumer Outcome 6 "Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint". Mention that it is a serious failing on their part to wrongly consider the ISA to contain current year subscriptions when you have not paid any money into it after 5th April this year. Let them know that you will be requiring them to put you back into the position you would have been in had you been able to transfer to Virgin, and they will need to credit you with the difference in interest rate from the date of their first rejection up to the date they finally transfer the money.

This too is really helpful - thank you.  I will use this wording as they have asked for more evidence! Not sure what more they want than my secure messages to them and the log of phone calls made! So the wording here is timely. 

drphila

masonic said:

Raise a formal complaint against Shawbrook bank. Mention that it is a breach of the ISA regulations to refuse a full transfer out, and that it is also a breach of the FCA's Consumer Outcome 6 "Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint". Mention that it is a serious failing on their part to wrongly consider the ISA to contain current year subscriptions when you have not paid any money into it after 5th April this year. Let them know that you will be requiring them to put you back into the position you would have been in had you been able to transfer to Virgin, and they will need to credit you with the difference in interest rate from the date of their first rejection up to the date they finally transfer the money.

Excellent advice

bucksman

Complaints raised with both Virgin and Shawbrook, the complaints person at Virgin told me this morning that there 'seems to be a problem with Shawbrook transfers' at the moment! After my 8th attempt, I certainly would agree! The saga continues ... 

bucksman

The saga continues - Virgin say they have done nothing wrong and tried to close my complaint, I quoted a message from Shawbrook that was sent to me indicating it was Virgin that caused the problem and they are 'looking at this again'.  No response as yet, over my complaint to Shawbrook, I am sure they will just continue to blame Virgin.  The ISA has finally been transferred to Virgin.  This process took 25 days, eight transfer requests and no end of calls and secure messages to both banks.  Is it Shawbrook just wanting to hold onto the funds? Why has it been so difficult? It was a simple, or should have been, after maturity transfer.