HSBC ISA transfer unacceptable service

KN2026

I transferred my ISA to HSBC 9 weeks ago. The money has left my previous account but has never arrived in my HSBC ISA. Despite multiple emails, phone calls and a formal complaint letter, I have had no proper response. The only explanation I receive is that they are “too busy” dealing with ISA transfer requests and have no idea when my money will arrive. I am a pensioner and this is a large portion of my savings, so I am extremely worried and stressed by this situation. I am now posting on X (@HSBC_UK) publicly as I am at a loss as to what to do next. Has anyone else been in this situation and managed to resolve it?

Rich2808

Sorry to hear this. It is not much comfort but I can assure you that you are not alone in this.

https://www.thisismoney.co.uk/money/saving/article-15848805/HSBC-Isa-transfer-chaos-savers-face-six-week-delays-one-says-20-000-disappeared.html

https://www.telegraph.co.uk/money/investing/isas/hsbc-in-isa-transfer-chaos-long-delays/

9 weeks is longer even than some of the worst cases I have seen so far. I assume your previous provider can confirm the transfer was sent to HSBC in line with their request?

You could try emailing the Mail/this is money (helen.crane@thisismoney.co.uk) with details of your case - especially as you are a pensioner. They might do a follow up story to the one above (as this is clearly ongoing) - and who knows quick your case might get solved when the media gets involved.

Hope it is sorted soon anyway!

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82028601#Comment_82028601

I am in the same position. I applied for the transfer during the first week of April. I chased them several times and have had confirmation from Saffron BS that they sent HSBC the funds by same day payment on the 8th May. The money has still not been credited to my ISA. I have received £100 compensation after making a formal complaint.

friolento

Longstanding issue, well documented on here. You are in good company.

https://forums.moneysavingexpert.com/discussion/6662956/hsbc-fr-isa-cashback

https://forums.moneysavingexpert.com/discussion/6663263/hsbc-cashback-offer

Red_Fox_2

Opened a FR ISA with HSBC on 14 April, deposited funds at the same time and the following day requested a transfer of an external ISA - still waiting for this! Then yesterday received a letter from HSBC saying money had been returned to the external provider as the request was now outside the 30 day transfer window!!!! Absolute shambles. Needless to say the Financial Ombudsman will now be receiving a complaint from me.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82038286#Comment_82038286

Understandable that you're unhappy but, just to be clear, you need to go through HSBC's complaints process before escalating to FOS.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82038288#Comment_82038288

I agree, it's quite unacceptable and you are no doubt entitled to compensation, and of course proper resolution. But as said, before you can go to the FOS, you must first complain to HSBC. Painful, but it's a fair process.

harpo1

I'm in the same situation 100 k transfer from St James Place, from S&S to the 4% fixed cash ISA . Opened the account on the 23rd of March.

Still not transferred.

Went through the whole signature shenanigans in May. I had already filled in the forms with a HSBC advisor and signed the forms in there presence. Never had to give a separate signature before, through decades of opening ISAs. Positively stone age!!.
Opened a complaint mid June - not allocated yet in the complaints department. I was told the minimum time to have the complaint looked at is 8 weeks, which takes us into mid August.

On the phone yesterday, was told that there had been no progress since I gave that signature.on the 9h of May. I would like to cancel the whole blasted thing but I'm worried it prolong things further. They keep harking back to how popular the ISA was!!! . Has anyone had any success ?

friolento

https://forums.moneysavingexpert.com/discussion/comment/82048786#Comment_82048786

They have a maximum of 8 weeks to respond to your complaint. Once these 8 weeks are up, or if they give you a final response before then, you can - and should, IMO - take your complaint to the FOS.

Stargunner

my funds are finally showing in my isa today. 7 weeks exactly since HSBC received the funds in their holding account. Absolutely shocking service from a major high street bank.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82048976#Comment_82048976

Make sure they will pay you interest from the date they received your funds, or from working day 15 after they had your request, whichever is the earlier.

Don't let them fob you off with some mealy words - ask for an actual date from which you will get interest. You can't check how much you got until next year. but you do need the certainty now that they will pay interest in accordance with the law.