Lost ISA

[WetAugust]

In mid Apr 12 I opened a new ISA with the Halifax completed their ISA transfer form to move an existing ISA I had with NW into this new Halifax account.

The transfer has not happened yet!

The NW sent me a statement showing the ISA account had been transferred and now has a zero balance.

The Halifax say the funds (cheque) have not been received.

I've made endless phone calls to the Halifax but am going round in circles.

Every so often I get a letter from the Halifax saying they are trying to obtain the funds from the NW. All sorts of excuses. Three weeks ago they asked the NW to stop the original cheque as they have not received it and to reissue a new cheque. Halifax assured me the NW ISA funds would be in my new account (via a reissued cheque from the NW) yesterday - they weren't.

Interspersed with the letters from the Halifax apologising for the delay I also get letters from them saying 'why don't you contact the NW yourself and ask where the funds are' letters. But that would be pointless as the NW Statement clearly shows the funds were transferred.

I've made 4 seprate complaints to the Halifax customer services and have threatened them with the FSO. Still no further forward.

Question is: Who do I report to the FSO, the Halifax or the Nat West?

My old ISA is now somewhere in the ether and I have no confidence in seeing the money again

Would appreciate any advice - thank you.

You would need to report Halifax, as Natwest no longer have the money and have completed their side of the transfer. Having worked in a bank until a couple of years ago, Halifax had a bit of a reputation for things going wrong with their ISA transfers (the money frequently seemed to turn up in one of their 'holding accounts' if I remember correctly )

Thanks for replying Rockchick. Funnily enough the latest Halifax operative mentioned that they'd need to search the holding account.

I just knew the Halifax would not do this smoothly but was wooed by the high interest rate

Just make sure that once its sorted they backdate the interest for you to the date they promised (usually either the date of application or the date money left Natwest) as I know they can sometimes try it on a bit here, although they aren't the only place who do this!

Well I had yet another letter today - this time answering my complaint. they are still trying to obtain funds from the NW as the last 2 cheques that NW claimed they had sent have still not been received. they cannot now add this old ISA (if it ever turns up) to the new ISA, as it's now 60 days since I opened it, so they will have to open another ISA at a lower interest rate.

Enclosed was a cheque for £25 and instruction to get in touch with them to agree compensation for loss of interest when (if) the new ISA account that will contain the lost ISA is opened.

I'll give them another week to find the funds and start complaining again.