Old provider not transferred ISA to the new one

PurpleBee_2 · 30 May 2018 at 12:41PM

I have an ISA with First Direct (FD). I applied online in November 2017 for a transfer to Shawbank who says they requested FD to transfer the money but received a message from them 3 days after my application saying that I had changed my mind. I called FD to query this and they said that they do not have any record of it, that our last communication was in 2014.

So not only I'm having to waste time getting to the bottom of it, I have lots 6 months interest that I could have had with the new provider.

I can see the ISA is still with FD, but they are telling me different things. I can jus ask Shawbank to request again but I feel hard done by. What should I do?

Thanks

eskbanker · 30 May 2018 at 3:37PM

Firstly I presume you mean Shawbrook Bank?

When did they advise you that the transfer request wasn't going ahead?

If it was straight away back in November then it was up to you to resolve then.

However, if they've only just told you six months later, then that warrants a complaint to them and they should compensate you for the loss of interest....

PurpleBee_2 · 31 May 2018 at 6:53PM

Yes, that's the one, Shawbrook Bank.

I received emails from them since I made the online application on 24 Nov. One of the emails said the account had been opened successfully. Another email, dated 3 days after the application, said that I had a message online. I only logged on and read it now. It says "We regret that we have been unable to proceed with your ISA transfer request. Please contact your current provider for further details."

I only found out about the issue this week because I logged on to the FD account and was surprised to see the money there. When I called Shawbrook they were surprised and when they checked the notes, they said they received a message from FD saying I had 'changed my mind'.

When I called FD they said they never received anything.

I certainly never told either that I had changed my mind. Spo what's going on here and what can I do?

I see now that Shawbrook send a message online which i did not see until now. But that message didn't say what that issue is, and the 'changed my mind' line sounds very strange.

Any suggestions in light of this?

eskbanker · 31 May 2018 at 7:23PM

Seems to me you have (at least) four options:

Push for answers - insist on a copy of the message that Shawbrook allegedly received from FD, via a Subject Access Request if necessary
Go elsewhere - sounds like Shawbrook may have been telling porkies if FD deny all knowledge (and three days from account application does seem suspiciously quick for a transfer rejection), so why would you want to deal with them any further?
Just ask them to start again from scratch with the transfer and monitor your messages this time!
Start with option 1 and then choose 2 or 3 after you get to the bottom of it (if applicable)

Old provider not transferred ISA to the new one

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