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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 31620
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I have cashed in all my ISAs.in one portfolio i was

Customer Question

i have cashed in all my ISAs.in one portfolio i was expecting £72000+.but my renunciation form shows me £59000.another i was expecting£32000 but my form shows me almost£23000 .what can i do
JA: Where are you? It matters because laws vary by location.
Customer: scotland
JA: What steps have you taken so far?
Customer: none
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 9 days ago.
Category: Law
Expert:  Joshua replied 9 days ago.

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

Expert:  Joshua replied 9 days ago.

  1.  I am sorry to read of the above. May I confirm of the fund manager or broker has explained the discrepancies please?
  2. where these stocks and shares ISAs or cash ISAs?
  3. if the former, I assume the discrepancies are not simply thee result of fluctuations in the market? I'm conscious that funds generally have taken a turn downwards as a result of various factors presently at issue

Customer: replied 9 days ago.
cash
Expert:  Joshua replied 9 days ago.

thank you. On that basis, the questions remain whether the significant discrepancies have been explained to you as regards ***** *****? Have you made enquiries in this respect?

Expert:  Joshua replied 8 days ago.

I'm following up on the above. Without some further information from you as above, I am limited in what I can say on the matter but in the hope it is helpful nonetheless, I will provide you with the following broad answer. If you are able to kindly provide me with the above further information or if you have any further questions generally, I will be delighted to expand on the following - please just reply back to me in this case:

Notwithstanding the above, in general terms for cash ISAs, other than in respect of any potential charges, the capital balance should not reduce. The position is of course different in respect of stocks and shares ISAs which will fluctuate potentially significantly with the market and it may be necessary to satisfy yourself that there is no question that the ISAs were inadvertently invested in stocks and shares ISAs which could very well explained the reason for the significant discrepancies.

In any event, you would presumably wish to require the fund manager or broker to account for the missing funds. To the extent you are not satisfied with their response, you may wish to consider raising a formal complaint and if necessary, escalating a complaint to the financial ombudsman for independent determination:

https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Expert:  Joshua replied 8 days ago.
I hope the above is of some assistance but if you have any further questions, please revert to me
Expert:  Joshua replied 7 days ago.

I trust the above was of assistance and that you do not have any follow up questions for now. If there is anything else I can help with please reply back to me though.

Expert:  Joshua replied 7 days ago.
I hope I was able to answer your question. If you would like to ask me another question in the future, you can add me as a favourite Expert. You'll have the option to do that on your "My Questions" page if you choose to rate our interaction or you can request me by name if you wish. Thank you again for visiting JustAnswer and see you again in the future I hope.