Transferring Stocks & Shares from 1 broker to another

1spiral

https://forums.moneysavingexpert.com/discussion/comment/82068073#Comment_82068073

I can answer that. The answer is no. There are actually 2 accounts in question, one mine, one my partners. The other account has less than £15 remaining (no dividends, just a post transfer interest payment that was credited. As it is below their £14.99 fee, it rather bizarrely accrues interest of a penny or 2 each month so this account has more cash in now than was the case after the post transfer credit. At the point it reaches £14.99 though presumably the whole lot will go in one fell swoop.

1spiral

Not sure whether this bodes well but received secure message today which included the words

"I have passed this to a member of our Complaints Team. If this requires a complaint, you will receive an acknowledgement within 5 working days."

So although I have raised a complaint, they decide whether it is worthy of a complaint or not and it reads as if not, I won't hear anything else from them.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82069453#Comment_82069453

That's risky behaviour, because you can pass it directly to the FOS after 8 weeks if they make the wrong call and you remain unsatisfied. But quite possible it means they will try to contact you to resolve informally before that 5 working day deadline.

1spiral

So I have just received a response to my complaint from II. In short they are not upholding the complaint because in accordance with their T&Cs, they do not close Isa's even with 0 balance, nor do they forward on any credits that are made after the point of transfer. They reminded me that at 6 monthly intervals they emailed me to say I had a statement available online to check and had I done so, I would've seen there was a balance in the account.

They have offered me as a goodwill gesture £185 which is equivalent of half of the fees I have been charged which will be sent by cheque, not re-credited to my ISA and to get the remaining £95 out I need to call them.

So anyone that transfers an ISA out of II will probably need to do 2 transfers with the second to mop up any dividends that may get credited after the transfer completes. Oh and to rub salt into the wound, whilst the complaint was being investigated, a further £14.99 fee was taken out.

1spiral

Well I have at least managed to get them to suspend the monthly fee pending my transfer out of the remaining £95ish that remains within the ISA wrapper.