Source of Funds checks for ISA transfer

HawkE

Has anyone experienced SOF checks when transferring a large (>£100k) ISA?    I ask as my ISA balance has built up over decades and it would be very onerous to demonstrate the precise source of the entire balance if the provider I transferred it to asked .  It has primarily come from small amounts of savings from employment income over very many years. 

I once had an experience with SOF checks where it took over 6 weeks to supply ever more detail to satisfy the provider by which time my intended investment was less attractive so did not proceed after all.  That was outside of an ISA wrapper, so interested to hear of others' experiences of ISA transfers between different ISA providers.  

Barkin

Personally, I've never been quizzed re: SOF for an ISA transfer.

Albermarle

As the max you can add per year is £20K then it would take at least 5 years to amass £100K, possibly a lot longer.
Money launderers would not normally have the patience to do that.
This means it looks a lot less suspicious than someone just turning up at the bank with £100K, so I would think a check was highly unlikely.

masonic

I've only ever heard of an ISA being SOF checked in one instance where the individual transferred in then out in quick succession. This could look like what is known in money laundering circles as 'layering'.

Personally, any source of funds questioning has never proceeded beyond my supplying the answer such as "from my income over x years".