Lost ISA transfer

[WellWellWellRaku]

Does anyone have direct contact details for the IG ISA transfer team? 

I have an outstanding ISA transfer into IG from NS&I, this was requested 6-weeks ago. On the 25/02 my NS&I account was closed and funds were transferred to IG via a cross warrant in the post. I have confirmation of this transfer from NS&I but it was never received by IG.

I have emailed queries to transfers@ig.com on the 2nd March, 10th, 11th and 16th of March as well as having numerous telephone conversations with helpdesk and support. I have explained in fine detail that the transfer was sent in the post and has either been lost in the post or physically lost within IG. The replies I have received have amounted to "we haven't recieved it". Stating the obvious, I know!

As of last week, NS&i told me the cheque/cross-warrant had not been cashed. But they must receive a re-request, cancellation or other queries on it directly from IG. IG need to take action here. 

As a customer I am completely powerless in this. 

[herdassistance]

I am having a similar problem. An isa transfer that the building society confirmed had been drawn by IG a month ago. IG say they can't find it and asked me to obtain proof from the building society.

I asked to escalate / complain but they say there is no way to do this other than the formal complaints process which can take up to 8 weeks.

Transfers take time and are inevitably frustrating.  It's the lack of action or an escalation process when funds go missing that knocks my confidence.

I'm in two minds whether to persist with the isa and maybe just keep IG for spread betting/CFDs.  The IG platform is so good compared to others, but I'm worried if I have a problem there is no one to sort it out.

[WellWellWellRaku]

Sounds like we have an identical problem. I did raise an official complaint yesterday with IG, finger’s crossed it helps. What you say is exactly right, the lack of attention to a genuine and ongoing concern is far from confidence inspiring. 

[SurreyMike]

Guess what guys?  I had identical problem going back 2 weeks.  IG insisted they had not received the funds from previous ISA provider.  IG contacted the previous provider thinking money had been transferred incorrectly.  But no it was IG's fault.  Literally hours spent on phone and writing emails.  One phone call took 1hr 25 to answer !   You must complain to Compliance who will no doubt see a pattern emerging.....

[herdassistance]

Mine was resolved recently.

Nationwide had made a mistake - IG hadn't cashed the cheque that was sent to them.  They were able to cancel the cheque and restore funds in my ISA so I could transfer this elsewhere.

Throughout IG customer service had been a nightmare - repeatedly web chat promised to come back to me by the end of the day, but never did so.  Putting the problem back to me to resolve.  Refusal to escalate.  On the phone they said they had just received the funds and will be credited to my account in 24 hours (untrue).

Knocked my confidence in IG enough to transfer elsewhere, which is a shame as the ISA product is perfect for me (flexible, £3, lowish fx), and there isn't really an equivalent elsewhere with these features.

I have a large spread bet position with them which I feel worried about now given what happens when there is a problem.

Good luck with yours!

[WillB96]

Hi guys, i am currently having the same issue.. i requested a stock tranfer from barclays to ig in january and it still hasnt been completed! 

[herdassistance]

Good luck WillB96!

I ended up being forward some correspondence between the transfer departments. IG had the cheque throughout, but didn't process it for a very long time.  My guess is a massive backlog but who knows.

Once I asked nationwide to cancel I had the money back very quickly and did a new transfer to my Barclays ISA that took about a week.

If I were you I'd cancel something taking that long without clear path to resolving.