Transfers of S&S ISA from HL to II

Geoffo_M · 26 March 2014 at 9:10PM

Just wonder the progress of anyone else doing this transfer, I applied about 7 weeks ago now & about 2 weeks ago, two thirds of it had been transferred. But for some reason, nothing has happened since - 3 funds are still awaiting transfer plus a large chunk of cash. Anyone else experiencing similar circumstances? I understood it'd probably take 8 weeks from the outset, just seems a mystery why so much was transferred & then nothing for over 2 weeks now? Two of the funds were switches into existing funds just before I applied to transfer to make me less funds to transfer but they've transferred the original funds but not the added switches into.

masonic · 26 March 2014 at 9:29PM

See http://forums.moneysavingexpert.com/showthread.php?t=4924801

I am 8 weeks in and not a single one of my funds has appeared at II yet.

naedanger · 26 March 2014 at 10:14PM

My transfer is from HL but not to II but another platform provider but my experience is similar.

From memory HL received my transfer forms about 7 weeks ago. My shares were transferred within about 2 weeks then nothing for weeks. Now my cash has been transferred and one fund.

The most worrying aspect is that one funding holding had to be sold for cash as my new provider did not hold it. That holding vanished about a week ago (there is no record of a sale on HL platform nor any record I ever held the fund nor any cash in respect of the sale nor any transaction showing a cash transfer to my new provider).

I have spoken to my new platform who were quite forthcoming with evidence that the delay is down to HL. So I may well be sending HL a complaint once the process is finalised, especially if my cash does not turn up soon.

le_loup · 26 March 2014 at 10:16PM

My application - about 6 weeks old has had the cash moved over but no funds yet.
It's not good - this system has to change.

Sparky47 · 27 March 2014 at 12:06AM

I wonder if the transfers away from other platforms are taking as long as HL.
The 8 weeks that some people are waiting is not good enough, although I expect HL are dealing with more people transferring out than most.
I have only been waiting 3 weeks and nothing has happened yet, so could be a long wait.

amandajc · 27 March 2014 at 7:57AM

My transfer is from Royal London (ex CIS) and I haven't heard anything yet (4 weeks since iii acknowledged receiving the transfer form over 5 since I sent it). I don't suppose there's any point chasing until the specified 8 weeks is up?

Imnoexpert_2 · 27 March 2014 at 10:51AM

I was a bit slow auctioning the transfer as I was waiting for the dust to settle so this is all a bit annoying.

Maybe selling funds and re-buying in II is an option but has the disadvantage of pos capital gains, market loss, buying charge with II.

Does anyone know if it is possible to trade funds right up to the point of transfer or do HL 'lock' them at some point?

gterr · 27 March 2014 at 11:08AM

I am watching over three transfers from HL to II: My own, husband's and elderly relative's. The transfers were requested before the end of February. Similar to observations above, bits and pieces have been transferred but no account has transferred in its entirety. My husband's Fund and Share account transfer is especially weird. It contains only two funds - Vanguard LS 100% and Vanguard LS 40%. All the 40% has been transferred, but only two thirds of the 100% has transferred. The rest has been left behind at HL so far.

Stanley_St · 27 March 2014 at 11:42AM

None of my requested transfers have gone across from HL to iii and it must be coming on to a couple of months since I initiated the process. HL did send me a letter asking me if I was really, really sure that I wanted to transfer out, and not answering immediately that may possibly have added to the period it is taking.

Personally I am not too bothered by the delay and have been adjusting my holdings with HL in the meantime. As far as I can see neither HL or iii is charging me fees at the moment.

naedanger · 27 March 2014 at 12:23PM

Stanley_St wrote: »

Personally I am not too bothered by the delay and have been adjusting my holdings with HL in the meantime. As far as I can see neither HL or iii is charging me fees at the moment.

I think this is a good attitude to take. I wish I had readjusted my holdings prior to the transfer. I am now left unable to deal until a large (to me) amount of cash reaches my ISA.

That said I think there is some merit on following up from time to time and also complaining (possibly after the event) if the service fall significantly below their quoted service standards. That way hopefully unacceptable standards of service will be addressed in future.

Finally I did receive an email from HL yesterday notifying me that they are about to start charging me and I don't have enough cash in my account. (It arrived in my spam folder and is being treated as such.)

sorcerer · 27 March 2014 at 12:56PM

Stanley_St wrote: »

None of my requested transfers have gone across from HL to iii and it must be coming on to a couple of months since I initiated the process. HL did send me a letter asking me if I was really, really sure that I wanted to transfer out, and not answering immediately that may possibly have added to the period it is taking.

Personally I am not too bothered by the delay and have been adjusting my holdings with HL in the meantime. As far as I can see neither HL or iii is charging me fees at the moment.

You will probably find that HL will charge you for the holdings, and I have been told this by HL already, but they did say they would re-imburse it. And II have just sent out emails saying they will take their charge in the next couple of weeks or so. So in facy I will bit hit by a double charge in the next two weeks. I have been waiting 8 weeks so far, and about 70% has been transferred.

Transfers of S&S ISA from HL to II

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