£15,000 cheques lost in the post

The Daily Telegraph - Your Money - - READERS’ LETTERS -

I had two funds held in an Isa by Co­funds. Ear­lier this year I wrote to HSBC, with which I have an Isa fund ac­count, ask­ing it to transfer the hold­ings that had been with Co­funds into my HSBC in­vest­ment ac­count.

I was ad­vised by the bank that one of the hold­ings was a fund it did not deal in and that it would have to be liq­ui­dated and the money trans­ferred from Co­funds into my bank in­vest­ment ac­count. Then it would be rein­vested in a fund which it dealt in. I was happy this should be done.

More than two months ago I was ad­vised that the sec­ond fund had been liq­ui­dated, re­al­is­ing £15,235. I ex­pected the amount to ap­pear in my bank in­vest­ment cash ac­count a short time later but to date I have not re­ceived this money. The other fund hold­ing has been trans­ferred suc­cess­fully into my ac­count. BK, E YORKS

I spoke to Ae­gon, which has in­cor­po­rated the Co­funds plat­form. It said a cheque for the £15,235 had been is­sued to HSBC but had had to be reis­sued af­ter it was deemed to have gone miss­ing. HSBC could not find ei­ther cheque.

A month af­ter you wrote to me and fol­low­ing per­sis­tent in­quiries from both of us, the money was paid by Ae­gon via a Bacs pay­ment. Why this could not have been dealt with more quickly, with the money go­ing that way ear­lier on, is beyond me.

HSBC says the fail­ure of the cheques to ar­rive led to you hav­ing to wait so long. It says it con­tacted Ae­gon 23 times over this mat­ter in an ef­fort to sort it out. Ae­gon, af­ter a lot of push­ing for a re­sponse on this is­sue, says it had ex­ten­sive di­a­logue with HSBC as it at­tempted to re­solve the transfer is­sue.

It said: “We’ve apol­o­gised to Mr K for fail­ing to live up to our usual stan­dard of ser­vice and ar­ranged a pay­ment of £100 as a ges­ture of good­will.”

Af­ter fur­ther push­ing

LET­TER OF THE WEEK

from me it also agreed to pay you in­ter­est on the de­layed funds. Weeks on, though, it had failed to con­firm this with you. More time passed un­til at last it has paid you £250 in re­spect of in­ter­est lost.

My ob­ser­va­tion from the cor­re­spon­dence I am re­ceiv­ing about Ae­gon is that this is in fact its usual stan­dard of ser­vice.

An Ae­gon spokesman said: “The up­grade of the Co­funds re­tail book on to the Ae­gon plat­form in May has re­sulted in ser­vice is­sues for some cus­tomers. Ae­gon has fully mo­bilised

a re­cov­ery plan to re­store nor­mal ser­vice, al­though it is aware there is still work to be done.” HSBC has sent you some wine.

to me of­fer­ing £20 plus the cost of delivery. CB, HANTS

I am told you ticked the box ac­cept­ing this level of com­pen­sa­tion and claimed af­ter six weeks rather than within the re­quired 28 days. There­fore myHer­mes feels it has made a con­ces­sion in of­fer­ing what it has. It points out that you will have ticked the box say­ing you had read the terms and con­di­tions.

You un­der­stand­ably say you didn’t know for a while that the item was miss­ing and ex­pected to get

its worth, which you had de­clared, back.

Full cover de­pends on the value of the con­tents and is an ex­tra that would add to the cost of send­ing the par­cel.

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