investment funds delayed 3 months

clutton_2

i had an investment which was due ot come to fruition in early january. i have had 3 letters from Windsor life saying "we' re getting there, a bit slow, but be patient"

i finally got the funds - a fair few thousand pounds - in early April. A staff member told me that i was not entitled to any interest for the three months it had taken them to pay me as it was held in an "non-interest bearing account"

gobsmacked or what ??? - an investment company keeping funds in a non-interest paying account ???

any ideas ?

i have lodged a formal complaint...... but need some advice and ammunition as to how to fight this one

many thanks

dunstonh

Typically, the providers are allowed upto 30 days to issue proceeds unless there is a snag which is justifiable in holding it up. Most providers add interest from day 1 but some only do it after a given period has elapsed. At 3 months you are easily over what would be considered acceptable. A clear breach of the FSAs current hot potato "TCF" - treating customers fairly.

You may be interested with this link:
http://www.financial-ombudsman.org.uk/publications/guidance/comp_tax.htm

Its gives no specifics but has shown the the FOS has ruled on late maturities in the past.

clutton_2

many thanks - i have started the complaint process internally - i'll see what they come back to me with.