Problem taking money out of InvestEngine

Sapindus

I have a very small amount of money with InvestEngine having taken up a MSE-recommended special offer, and now I want to take it out.

In order to get into my portfolio it asks me to confirm my information is correct, and then it asks me to retake a questionnaire to check if my needs are still being met.  Whatever answers I seem to give, it says it can't match me to a portfolio and I need to retake the questionnaire (presumably by lying) or contact support.I contacted support and got a message saying they would deal with it.  So today I got an email saying they'd rebalanced the portfolio.  But when I went back in the same problem. 

I can't find anything to explain if I am totally missing the point and once I give them my money I'm not allowed to have it back???

masonic

I never saw the questionnaire again after initially setting up my account, but it seems like answering it in a way that would make it appropriate for them to offer you an investment option would seem to be the key to getting past it and to the withdrawal screen.

El_Torro

I am not familiar with InvestEngine but the only reason I can think for why they wouldn't let you withdraw is because the money is in a SIPP and you're not old enough to access your pension. If that's not the case then it does seem a bit dodgy. I would try contacting support again.

Sapindus

Support came back to me and said they had initiated a withdrawal for me the first time I asked.  But they didn't say that, and neither does the dashboard!  So we will see what happens. No it's not a pension, that's with Wealthify and I have a different problem there, I asked if I could take it out as I am 55 and have had no reply but looking at account details it says I can't get it out until I'm 60something!

Albermarle

Sapindus said:

Support came back to me and said they had initiated a withdrawal for me the first time I asked.  But they didn't say that, and neither does the dashboard!  So we will see what happens. No it's not a pension, that's with Wealthify and I have a different problem there, I asked if I could take it out as I am 55 and have had no reply but looking at account details it says I can't get it out until I'm 60something! 

Often pensions will have an indicative retirement age in their details for you.
However this has no bearing on when you can start taking the pension, which is governed by legislation. Currently 55 , rising in a couple of years to 57

StuartCharles

InvestEngine are still doing this. Forcing you into a doom loop. I have tried dozens of answers to the risk questionnaire. All fail. This must be deliberate. Firstly why would a reputable company ask you essentially to lie about something so important when they already have your money? How do untrue answers help and protect anyone? This cannot be a bug as it is a year on from the first posting. I have raised a large number of tickets - two a day. They have nor t responded to a single one even though they answered a different question within 12 hours. It is now over a week and I still cannot access my money. I have had to find funds from different sources to pay some unexpected large bills.

I am furious. I called the Financial Conduct Authority who noted my comments and gave me email addresses for Investengine to complain to. I have done that and I have said I now want my money and compensation. As I dont think they will pay the large sum I have in mind then in at most 8 weeks it will be going to the Ombudsman who hopefully can get to the bottom of whatever they are up to. It cannot be honest. My advice would be Dont do business with Investengine.

eskbanker

As I dont think they will pay the large sum I have in mind then in at most 8 weeks it will be going to the Ombudsman who hopefully can get to the bottom of whatever they are up to.

FOS's remit isn't to "get to the bottom of whatever [firms] are up to", it's to assess whether their response to a complaint was appropriate and, if upheld, to instruct them to rectify the situation for the individual concerned, so in this case they'd simply help you get your money back plus perhaps a token gesture if deemed applicable, rather than conducting some sort of forensic investigation into IE's systems and practices.

PixelPound

I've successfully moved money out of IE ISA without being asked a questionnaire. I opened it for the free share, stuck a bit extra in, then after almost a year withdrew. The only problem was waiting for settlement of shares before they processed the withdrawal.