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  • FIRST POST
    • Herts Julie
    • By Herts Julie 13th Sep 18, 1:29 PM
    • 1Posts
    • 1Thanks
    Herts Julie
    Bank has lost my savings
    • #1
    • 13th Sep 18, 1:29 PM
    Bank has lost my savings 13th Sep 18 at 1:29 PM
    I had an ISA with one building society which some years ago, I transferred to another building society. I was made redundant at the end of last year so reviewed my savings to see how the interest was doing. I was horrified to find out that unbeknown to me, the transfer failed and my investment hadn't been accruing interest at all but was in limbo. I have 2 other small ISAs so hadn't realised there was a problem as I was still receiving statements for those.

    Both Building Societies in question have denied any wrong-doing so I contacted the Financial Ombudsman who say that because the 'transfer' took place over 6 years ago, there is not liability to either building society.

    If this were a PPI claim or an unclaimed Will, the records would go back decades. My missing ISA was nearly 7,000 + the interest it should have accrued. Does anyone have any helpful advice for what I should do next? I'm shocked that a national financial institution should be allowed to pocket my savings.
Page 1
    • EssexExile
    • By EssexExile 13th Sep 18, 1:49 PM
    • 3,096 Posts
    • 2,173 Thanks
    EssexExile
    • #2
    • 13th Sep 18, 1:49 PM
    • #2
    • 13th Sep 18, 1:49 PM
    There was a very similar story in The Times recently, or is it the same story?
    Tall, dark & handsome. Well two out of three ain't bad.
    • soulsaver
    • By soulsaver 13th Sep 18, 2:41 PM
    • 1,943 Posts
    • 852 Thanks
    soulsaver
    • #3
    • 13th Sep 18, 2:41 PM
    • #3
    • 13th Sep 18, 2:41 PM
    I don't believe the FOS have agreed there's no liability from either party for loss of the 7k.
    • EssexExile
    • By EssexExile 13th Sep 18, 2:51 PM
    • 3,096 Posts
    • 2,173 Thanks
    EssexExile
    • #4
    • 13th Sep 18, 2:51 PM
    • #4
    • 13th Sep 18, 2:51 PM
    Having read the fuller version in The Times I expect you've gone as far as you can go, apart from a long & expensive court case which you may or may not win.
    Tall, dark & handsome. Well two out of three ain't bad.
    • colsten
    • By colsten 13th Sep 18, 3:21 PM
    • 9,211 Posts
    • 8,044 Thanks
    colsten
    • #5
    • 13th Sep 18, 3:21 PM
    • #5
    • 13th Sep 18, 3:21 PM
    For those of us who haven't read the Times article, can you add some more meat on this. Specifically, why did the FOS rule out any liability of the two companies involved?
    • colsten
    • By colsten 13th Sep 18, 3:22 PM
    • 9,211 Posts
    • 8,044 Thanks
    colsten
    • #6
    • 13th Sep 18, 3:22 PM
    • #6
    • 13th Sep 18, 3:22 PM
    OP, what did your MP do for you on this matter when you took it to him/her?
    • Terry Towelling
    • By Terry Towelling 13th Sep 18, 4:27 PM
    • 548 Posts
    • 461 Thanks
    Terry Towelling
    • #7
    • 13th Sep 18, 4:27 PM
    • #7
    • 13th Sep 18, 4:27 PM
    It is tough to lose your cash like this (or in any way that isn't your fault).

    However, I can't believe OP didn't check to see when it had arrived in the new account. I can't believe OP didn't review the receiving account at all after doing the transfer. I can't believe OP didn't think it was odd to not receive any form of closing statement from the original provider or opening/annual statement from the new provider.

    Saying that you failed to realise there was a problem because the other two ISAs were being statemented is illogical; surely that is an absolute giveaway that there is a problem. More than 6 years and no attention paid to it whatsoever just beggars belief - but I guess that is just the way some people roll

    Perhaps not that helpful from me but does OP have any form of statementing from the original provider to show that they did indeed have an ISA with them at some point and how much was in it? If not, I can understand why no one is interested because we could all easily pretend to have had an ISA over 6 years ago and demand to know where it has gone.

    When an ISA is opened is any form of communication sent to HMRC by the provider? If so, could they help? Clutching at straws here - sorry.
    • EssexExile
    • By EssexExile 13th Sep 18, 4:38 PM
    • 3,096 Posts
    • 2,173 Thanks
    EssexExile
    • #8
    • 13th Sep 18, 4:38 PM
    • #8
    • 13th Sep 18, 4:38 PM
    For those of us who haven't read the Times article, can you add some more meat on this. Specifically, why did the FOS rule out any liability of the two companies involved?
    Originally posted by colsten
    The first organisation confirm they closed the account in 2006 by sending a cheque to the second organisation. The second organisation say they have no record of an account ever being opened. The ombudsman says it happened too long ago to investigate.
    Tall, dark & handsome. Well two out of three ain't bad.
    • harz99
    • By harz99 13th Sep 18, 5:15 PM
    • 2,708 Posts
    • 2,618 Thanks
    harz99
    • #9
    • 13th Sep 18, 5:15 PM
    • #9
    • 13th Sep 18, 5:15 PM
    So was the cheque from the first organisation ever cashed/cleared? If not there should have been a record somewhere as their accounting system would surely flag that they were xxxx in excess of the amount they should have in their system.


    If there is proof the cheque was cleared, the second (receiving) organisation should surely have surplus funds to account for?
    • soulsaver
    • By soulsaver 13th Sep 18, 5:20 PM
    • 1,943 Posts
    • 852 Thanks
    soulsaver
    So if it's the same case, we're talking ... 12 years with no checks & balances?

    OP want to comment?

    It's not clear to me from the OP if we're talking 7k plus, or just the interest on 7k, either.
    Last edited by soulsaver; 13-09-2018 at 5:25 PM.
    • Zero Sum
    • By Zero Sum 13th Sep 18, 6:21 PM
    • 462 Posts
    • 357 Thanks
    Zero Sum
    You opened an ISA & never checked on it for over 6 years? Really?

    Whenever im opening accounts I check ASAP to see if everything has gone through (more so if its a large amount). And now that everything is online, accounts are monitored on a regular basis.
    • JuicyJesus
    • By JuicyJesus 14th Sep 18, 10:09 AM
    • 3,277 Posts
    • 3,591 Thanks
    JuicyJesus
    If this has gone to an ombudsman's final decision, can you post the DRN so we can look this up on the published decisions website? This won't identify you to anyone here.
    urs sinserly,
    ~~joosy jeezus~~
    • soulsaver
    • By soulsaver 14th Sep 18, 11:05 AM
    • 1,943 Posts
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    soulsaver
    Is it a nationwide financial institution?
    • foxtrotoscar
    • By foxtrotoscar 14th Sep 18, 11:13 AM
    • 1,120 Posts
    • 1,738 Thanks
    foxtrotoscar
    I think we'll need to wait 6+ years for the OP to come back.
    • Ergates
    • By Ergates 14th Sep 18, 8:02 PM
    • 92 Posts
    • 156 Thanks
    Ergates
    If this were a PPI claim or an unclaimed Will, the records would go back decades.
    Originally posted by Herts Julie
    Not necessarily. Banks only have to keep most records for 6 years. Often they keep certain data types longer than this, but they don't have to. High volume record types - like transactions for instance - are more likely to be dropped sooner.
    • Ergates
    • By Ergates 14th Sep 18, 8:08 PM
    • 92 Posts
    • 156 Thanks
    Ergates
    why did the FOS rule out any liability of the two companies involved?
    Originally posted by colsten
    Because banks have no legal obligation to keep records for more than 6 years. Therefore it is perfectly legitimate for them to say "We have no record of this" and for this to be impossible for them to investigate. With no-one being able to investigate, neither party can be found liable.
    • FatherAbraham
    • By FatherAbraham 15th Sep 18, 10:09 PM
    • 870 Posts
    • 636 Thanks
    FatherAbraham
    So if it's the same case, we're talking ... 12 years with no checks & balances?

    OP want to comment?

    It's not clear to me from the OP if we're talking 7k plus, or just the interest on 7k, either.
    Originally posted by soulsaver
    She lost the interest, not the principal, according to the OP's account of what happened, in post number 1. The capital was "in limbo"; the interest was not paid because the ISA was never properly set up.
    • EssexExile
    • By EssexExile 15th Sep 18, 10:16 PM
    • 3,096 Posts
    • 2,173 Thanks
    EssexExile
    My missing ISA was nearly 7,000 + the interest it should have accrued.
    Originally posted by Herts Julie
    She has lost all of it if the story is to be believed. Personally I can't remember what ISAs I opened this year let alone 12 years ago.
    Tall, dark & handsome. Well two out of three ain't bad.
    • POPPYOSCAR
    • By POPPYOSCAR 15th Sep 18, 10:41 PM
    • 11,202 Posts
    • 23,986 Thanks
    POPPYOSCAR
    She has lost all of it if the story is to be believed. Personally I can't remember what ISAs I opened this year let alone 12 years ago.
    Originally posted by EssexExile

    Me too!!

    With so many different savings accounts to try to maximise savings it can be difficult to keep up at times.

    It was also much easier when there was a passbook.

    I once had Santander transfer between ISA accounts the wrong way round. Luckily I did notice it a few weeks later and they agreed to backdate the correct interest.
    • soulsaver
    • By soulsaver 15th Sep 18, 11:32 PM
    • 1,943 Posts
    • 852 Thanks
    soulsaver
    She has lost all of it if the story is to be believed. Personally I can't remember what ISAs I opened this year let alone 12 years ago.
    Originally posted by EssexExile
    She lost the interest, not the principal, according to the OP's account of what happened, in post number 1. The capital was "in limbo"; the interest was not paid because the ISA was never properly set up.
    Originally posted by FatherAbraham
    There's 2 opinions, exactly why it's not clear. She said 'the missing Isa was 7k + interest. Implies it's now something different - like she got the ISA capital back but not the interest...maybe.
    If it's all missing why not '..the missing isa is 7k +interest'?
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