ISA transfer deadline missed - any ideas?
Discussion
I’d decided to move funds from an S&S ISA to a cash one as I felt the guaranteed return was the better option.
I opened the new ISA and paid in some cash early in November, and noted that they had a deadline for transfers.
They only accepted paper forms for S&S to Cash so completed that and posted it, but it seems it got lost in the post or after delivery. It took a couple of weeks to realise that so I sent a new form in. Apparently the source account provider is allowed to wait a ridiculously long time to process it, and they took a month to reject the transfer as they had an incorrect NI number on record.
My new provider sent me a letter informing me this and said that I had to submit a third form by the 12th Jan. I posted it on the 8th, and today they replied saying it’s now too late to process the transfer.
They advised me to open another ISA and submit a fresh form, but I don’t believe I can open a second one and the same year. I’ve asked about this and why they couldn’t process it as it would have been there on time. Assuming they stick to their refusal, I think I’m right in saying there’s nothing I can do now other than wait for the new tax year and open another cash ISA before doing another transfer?
The funds are sat as uninvested cash in an S&S ISA, so I could move them back into a fund for a couple of months which could cost or make me a few £k based on recent volatility.
The insistence on using snail mail in 2024 seems utterly bizarre.
I opened the new ISA and paid in some cash early in November, and noted that they had a deadline for transfers.
They only accepted paper forms for S&S to Cash so completed that and posted it, but it seems it got lost in the post or after delivery. It took a couple of weeks to realise that so I sent a new form in. Apparently the source account provider is allowed to wait a ridiculously long time to process it, and they took a month to reject the transfer as they had an incorrect NI number on record.
My new provider sent me a letter informing me this and said that I had to submit a third form by the 12th Jan. I posted it on the 8th, and today they replied saying it’s now too late to process the transfer.
They advised me to open another ISA and submit a fresh form, but I don’t believe I can open a second one and the same year. I’ve asked about this and why they couldn’t process it as it would have been there on time. Assuming they stick to their refusal, I think I’m right in saying there’s nothing I can do now other than wait for the new tax year and open another cash ISA before doing another transfer?
The funds are sat as uninvested cash in an S&S ISA, so I could move them back into a fund for a couple of months which could cost or make me a few £k based on recent volatility.
The insistence on using snail mail in 2024 seems utterly bizarre.
When I did my pension transfer 2 years ago , up against some deadlines they insisted on documents by post . They lost the most important set with IFA signature, witness etc TWICE .
I don't believe it was lost in post, but it was the excuse they gave for being really cr#p in my view .
Third set I delivered by hand . 510 mile round trip . Delivery in person and got them to sign a document I prepared saying they had received it.
Ten days later no action, I call them and I was told they had not received the documents and they were lost in post .
Nearest I have got to a heart attack I think in rage and utter anger and despair. After I calmed down I called again and spoke to another person who said they could see all the docs now scanned into their system and the transfer was going through.
All went through in the end , it took some days off my life I am sure .
I don't believe it was lost in post, but it was the excuse they gave for being really cr#p in my view .
Third set I delivered by hand . 510 mile round trip . Delivery in person and got them to sign a document I prepared saying they had received it.
Ten days later no action, I call them and I was told they had not received the documents and they were lost in post .
Nearest I have got to a heart attack I think in rage and utter anger and despair. After I calmed down I called again and spoke to another person who said they could see all the docs now scanned into their system and the transfer was going through.
All went through in the end , it took some days off my life I am sure .
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