ISA Transfer Issue

Brisfit

I’m having issues with an ISA transfer.

I have an ISA with provider A which is £20050.

I initiate a transfer to provider B via provider B’s own transfer form.

After a few days I see that only £50 has appeared in the new provider B account.

Checking my provider A account I see the £50 has gone as a faster payment and not a transfer.

Is it clear cut which provider is at fault or could it be either or both of them? 

Just trying to work out how to tackle this.

FrugaiMacDugal

Usually just ask provider B to initiate the transfer, they do all the leg work.

Can you name providers, someone might know their transfer process?

Brisfit

FrugaiMacDugal said:

Usually just ask provider B to initiate the transfer, they do all the leg work.

Can you name providers, someone might know their transfer process?

Yes, Frugal that's what I did, I initiated a full transfer but somehow something went wrong and only £50 was sent and that went as a Faster Payment not an ISA Transfer. I'm trying to understand whether it is likely the sending or receiving provider at fault. This was a transfer between two long standing High Street providers. 

rallycurve

Brisfit said:

FrugaiMacDugal said:

Usually just ask provider B to initiate the transfer, they do all the leg work.

Can you name providers, someone might know their transfer process?

Yes, Frugal that's what I did, I initiated a full transfer but somehow something went wrong and only £50 was sent and that went as a Faster Payment not an ISA Transfer. I'm trying to understand whether it is likely the sending or receiving provider at fault. This was a transfer between two long standing High Street providers. 

What's with the mystery? 

xylophone

£50 is now in your ISA account with your new provider - therefore a transfer in has taken place - whether by electronic transfer or other method is immaterial.

Your complaint must be that the transfer is partial rather than the full transfer you requested - you need to contact your new provider and ask  for the ISA admin team to clarify why the full amount has not been transmitted.

refluxer

Have you paid £50 into that ISA during the current tax year ? I'm just wondering whether a full transfer of current year funds has occurred, rather than the full transfer you intended.

If this is what happened, then this could be caused by you accidentally selecting the wrong option on the transfer form or it could be a mistake by one of the providers involved but, either way (or even if this isn't the explanation), you need to contact provider B as they should hold the answer.

Brisfit

xylophone said:

£50 is now in your ISA account with your new provider - therefore a transfer in has taken place - whether by electronic transfer or other method is immaterial.

Your complaint must be that the transfer is partial rather than the full transfer you requested - you need to contact your new provider and ask  for the ISA admin team to clarify why the full amount has not been transmitted.

Thank you for confirming that Xylophone, I have made a complaint on that basis to the new provider and are now nearing the 8 week deadline. A phone call yesterday did not give me confidence that a resolution was near. My concern was that using Faster Payment was an error by the old provider.

Brisfit

refluxer said:

Have you paid £50 into that ISA during the current tax year ? I'm just wondering whether a full transfer of current year funds has occurred, rather than the full transfer you intended.

If this is what happened, then this could be caused by you accidentally selecting the wrong option on the transfer form or it could be a mistake by one of the providers involved but, either way (or even if this isn't the explanation), you need to contact provider B as they should hold the answer.

All the money is this year's however a previous transfer has taken place. So £20000 new money deposited in April became £20050 after a transfer in June. This is the ISA I'm currently trying to transfer. 

xylophone

All the money is this year's however a previous transfer has taken place. So £20000 new money deposited in April became £20050 after a transfer in June. This is the ISA I'm currently trying to transfer. 

The June transfer was from an ISA opened pre 6/4/25?

Brisfit

xylophone said:

All the money is this year's however a previous transfer has taken place. So £20000 new money deposited in April became £20050 after a transfer in June. This is the ISA I'm currently trying to transfer. 

The June transfer was from an ISA opened pre 6/4/25?

No, the original ISA was opened after 6th April 2025, in the current tax year.

Brisfit

All resolved my complaint was upheld.

ISA transfer has been completed and interest will be backdated. In addition a payment for inconvenience has been made to my easy access saver.

The transfer was Skipton to YBS.