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Leaving HL without transfer charges
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It's my 12 week anniversary today, and to celebrate my first fund has appeared at iWeb. Everything but one investment trust has disappeared from HL. The fund that appeared was allegedly transferred in on 6th May according to the transaction history, which would explain why it took so long to appear in the iWeb portfolio... not. Curiously the 'bought for' value seems to roughly match what I paid for it at HL, which is surprising - unless that just a coincidence.0
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Check you accounts today people - the only thing I have left with HL is some cash and today they've taken £11.20 from it for a Paper Fee.
Strongly worded secure message duly sent.IANAL etc.0 -
[Deleted User] wrote:Hi,
nearly 3 months now since I initiated transfer from HL to II, half my funds are now with II, but they have been placed in my trading account instead of ISA account.
I phoned them about two weeks ago and got the same 'passed to transfer team', but no change yet.
Beginning to wish I hadn't started the move, least HL were quick to respond to problems and sort them out.
None of my shares have moved yet.
This happened to mine too. When I first queried it there were only 2 funds. They replied saying HL didn't state ISA on the valuation, I gave them a list and they moved those two without any trouble. They then waited until all the rest came in before assigning them to the ISA, rather than doing one at a time. But they didn't quibble. Still not sure HL confirmed which were which.
Since 1st July and the new limits, I've sold a couple of holdings, moved the cash into the ISA and bought new ones within the ISA. All easy to do online, fairly quick to execute, and contract notes have been sent by secure message.
So far so good, and all the buy/sell orders have just used the trading credits so no additional cost to me.Bossymoo
Away with the fairies :beer:0 -
It's my 12 week anniversary today, and to celebrate my first fund has appeared at iWeb.
Halifax tell me they haven't even received a valuation listing from HL yet, despite regular reminders.
Pathetic.0 -
Did you know that ISA providers are required to normally complete transfers from S&S ISA within 30 days?0
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Did you know that ISA providers are required to normally complete transfers from S&S ISA within 30 days?
http://www.hmrc.gov.uk/isa/isa-guidance-notes.pdfManagers may place a minimum period on the time stipulated by the investor for transfer. This period, which should represent whatever reasonable period the manager requires for practical implementation of transfer requests, must not exceed 30 days and must be consistent with requirements relating to transfers
between cash accounts – see paragraph 11.15c.0 -
HMRC, agreed by the FCA in PS 14/10, is what causes me to say that:
"2.24 A few respondents also noted that the ISA regulations require customers to be able to withdraw or transfer savings within 15 or 30 days (for cash ISAs or stocks and shares ISAs, respectively). One respondent queried whether allowing ISA managers to hold client money in unbreakable term deposits would lead to customers being penalised given that the ISA regulations require transfers to be made within these specified timelines. HMRC questioned the compatibility of unbreakable term deposits with the ISA regulations, given that an investor must be able to withdraw or transfer their savings within 15 or 30 days (as the case may be), and noted that an ISA fundamental is that it is not a lock-in account."0 -
Check you accounts today people - the only thing I have left with HL is some cash and today they've taken £11.20 from it for a Paper Fee.
Strongly worded secure message duly sent.
They've confirmed this will be refunded and the money will still be sent by cheque 'in the near future' but nothing that looked anything like an apology.IANAL etc.0 -
Did you know that ISA providers are required to normally complete transfers from S&S ISA within 30 days?
Yeah but what is the penalty if they don't? I haven't seen any, so they are probably not terribly fazed.
My transfer from HL to Halifax has now entered its 4th month. The funds have all transferred ok within about 6 weeks but they don't appear to be able to move the residual cash. Which you'd think should be just about the easiest part in a transfer.0 -
My wife still has three funds in limbo, one stuck with HL, and one showing with both HL and BestInvest!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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