I had a share save scheme that didn't mature because of the share price crash in March 2020.
The amount of money in the scheme is enough to buy a new Ford Focus.
I have been trying since early March to get the regulated organisation running the scheme to pay me back, within the rules. (I use that term because I don't want to name and shame them - but they hold assets of over £40bn so not tiny.)
Because of CV19 it has been very difficult to contact anyone there and emails and letters have not been answered. The money is no longer showing in my account with them and someone that does not know how the product operates has seen it in a "suspense account". That was over 7 weeks ago.
I also understand and appreciate that this is a niche product for the organisation and not many people there know how it operates.
They have been holding on to the cash for coming up to 3 months now and I would rather it be in my account than theirs!
I have escalated it with my employer but they really only handle the salary deductions. The experts are at this regulated organisation.
Would you hang on until everyone is back at work or ask for a deadlock letter so that you can go to the FOS or try something different?
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I assume its shares in your business /work?
I'd give them 14 days to respond to your request, if not go to the regulatory body.
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>> I assume its shares in your business /work?
>>
>> I'd give them 14 days to respond to your request, if not go to the
>> regulatory body.
>>
Yes, Work have subcontracted the whole shebang to them. They are a very reputable organisation so I'm not worried about losing the money and I think the delay must be due to these unusual times. Being regulated, I'm also safe under the £80k guarantee.
I'll send another email after dinner giving them 14 days or referral to the FOS. I think I'm reluctant to do that because the organisation is a friendly society and it will cost them £500.
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>> I'll send another email after dinner giving them 14 days or referral to the FOS.
Which also might not be fully staffed or operating normally at the moment.
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I was hoping to use the money as a deposit on a new McLaren on PCP and want to get in before the rush! :-)
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The McLaren factory is shut as well.
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>> The McLaren factory is shut as well.
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Oh blast!
Oh well, I suppose it's for the best, Mrs Z would murder me if I did!
Last edited by: VxFan on Sat 30 May 20 at 04:43
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I wouldn't hold out much hope for the FOS being any more efficient. I had a complaint last year and they dragged their heels and then closed the case when they said I didn't respond to an email. I never saw the alleged email (and they couldn't produce a copy) but they said it was to the effect of "if we don't hear from you we will close the case". So they had closed it in the company's favour.
While my case itself has no bearing on the actual problem here it's also instructive that they sided with the company. Apparently their offer of a £50 gift voucher was adequate compensation for a Ford Fiests sized error in their having under-billed me their management fee for some time and wanted me to settle in full immediately.
So, on my experience, I would caution against using FOS if you are looking for speedy resolution.
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>> So, on my experience, I would caution against using FOS if you are looking for
>> speedy resolution.
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Thanks, I must admit that I am loathe to take it that far. Everyone, that I have spoken to at that organisation has been really polite, couldn't believe I had been that patient but importantly had no idea how to resolve it!
Ho hum. I shall wait it out for a little longer.
On the charging side. I did a favour for our ops dept a while back and helped recover data from an old system (over 100,000 pdfs to one CSV file). We had charged the wrong currency conversion rates on a number of accounts.
In every case where it was in the customers' favour we refunded plus interest. In every case where we under charged, we told the customer and swallowed the cost and it would have been measured in a gross of McLarens (I think that's the currency du jour)!
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As I'm having a general whinge about companies today, it's only fair to point out that the Northern Building Society have kindly credited my account with a Ford Focus sized amount.
They have also sent me a cheque for the same, which means that I will need to check my account to see if the amount is debited again and of course keep the cheque safe in the meantime.
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At What Point Should I Escalate It - sooty123
