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Leaving HL without transfer charges

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  • Porcupine
    Porcupine Posts: 682 Forumite
    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.
  • vectistim
    vectistim Posts: 635 Forumite
    Part of the Furniture
    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.
  • bossymoo
    bossymoo Posts: 6,924 Forumite
    1,000 Posts Combo Breaker
    edited 8 August 2024 at 1:41PM
    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:
  • Chris2000
    Chris2000 Posts: 318 Forumite
    Part of the Furniture Combo Breaker
    Porcupine wrote: »
    It's my 12 week anniversary today, and to celebrate my first fund has appeared at iWeb.
    You are lucky. I only hold one tracker fund and some residual cash but after 20 weeks there's no sign of either being transferred to Halifax.

    Halifax tell me they haven't even received a valuation listing from HL yet, despite regular reminders.

    Pathetic.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Did you know that ISA providers are required to normally complete transfers from S&S ISA within 30 days?
  • masonic
    masonic Posts: 27,181 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 4 July 2014 at 7:00AM
    jamesd wrote: »
    Did you know that ISA providers are required to normally complete transfers from S&S ISA within 30 days?
    What makes you say that? I wasn't aware of any limit and the limit for cash ISA transfers explicitly does not apply to cash to S&S or S&S to S&S transfers. The only statement relevant to S&S ISAs I could find about time limits was the following in paragraph 4.30:

    http://www.hmrc.gov.uk/isa/isa-guidance-notes.pdf
    Managers 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.
    ...which only appears to suggest that if the investor has stated a notice period of less than 30 days for the transfer, the ISA manager can raise it to 30 days.
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 4 July 2014 at 9:42AM
    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."
  • vectistim
    vectistim Posts: 635 Forumite
    Part of the Furniture
    vectistim wrote: »
    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.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    jamesd wrote: »
    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.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    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.
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