is there a difference between Cancellation & Closure of an account during the "cooling off" period? Should there be a charge in either case?

 

Because you are within the cooling off period, simply follow their instructions for cancellation within the time period allowed.

If it is within the cooling off period I would personally be very suprised if you were charged.

hth

Jamo

 

a colleque has been charged several hundred because he closed the account during this period. Apperently there is a difference between cancellation & closure. trying to locate hsbc S&S isa T&Cs

 

there is, if he cancelled within the cooling off period, that would imho not incur any charges, however if he closed the account and told them that he wished to close it and didnt mention the cooling off period, then yes he could be charged, and may even lose money on his investment, as an isa is set to give a return of funds over a set period of time.

sounds like your mate has closed it and made a boo boo! could contact the bank and say he made a mistake as hes not used to all this jargon bankers use, and he wished to cancel within the cooling off period, if they refuse tell them you wish to make a complaint, they have so many days to look into that and reply, if they dont do what you want them to, take them to the ombudsman.

James

 

could do that as hes Russian. he was told there isnt a difference & wouldnt be charged but unfortunately dont know who said it.

All this goes to show you you should ask for the persons name when your dealing with stuff like this...

 

probably the person who sold it to him!

at the end of the day if he cancels it probably goes against that persons bonus!

shouldnt be hard to find out who gave him the information.

contact the bank who he dealt with and ask them for a dsir (data subject information request) there will be a small charge for this usually about £12.

but it will give all information held about your friend maybe even messages left by people he has talked to on specific dates etc its worth keeping that as ammunition if they refuse to refund the difference.

hth

James

 

If you discover an issue and are not happy:

Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR

"Cooling Off" - not applicable to ISAs (mainly life and pension policies), so initial charges (usually 3%-5% of the investment) you i.e. the plan holder will bear these charges.

"Closure" plan holder can cancel at any time.