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H-L introduces a Tracker Platform Charge

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Comments

  • Well said Snowman.

    A new investment warning should be made mandatory for those deliberately trapping their clients.

    "The value of investments can go down in value as well as up, so you could get back less than you invest."

    "Our charging structure may change dramatically and penalties imposed if you do not accept such dramatically changed charging stucture and take business elsewhere. The fees you will pay us initially may eventually end up being a lot more than what you intend at the outset to commit to. "
  • Hi Everyone,

    My position is that I have only just (September this year) started investing with HL and so only had 5k invested over 3 HSBC trackers (FTSE 100, 250 and Pacific).

    Obviously this £2 a month charge for each creates a large increase in costs and as such I will look to change what I have. Its annoying but I understand why it is happening so can't complain too much. I know it would cost me a hell of a lot more in fees if I wanted to buy 1 share of each company in the FTSE 100...

    However, that is not the point of my comment. I have been going over the monthly fees that I am paying to HL and I have hit upon a point I don't understand and feel is incorrect, so I was wondering if others could check this out.

    For the months of September and October, there are no charges relating to HSBC Trackers, just those for Bonds or Shares held in an ISA, at 0.5% which is as I expected.

    However, when I look at the fees for November entitled "HL Vantage Stocks & Shares ISA From 01/11/2011 TO Stocks & Shares ISA 3" I see that for HSBC Trackers in my ISA there now appears to be a 0.5% fee!

    I feel this is incorrect and will look to complain to HL on Monday but I was hoping if someone who also holds HSBC Trackers in a HL ISA could check the fees they were charged for November to confirm this.

    If anyone has any information it would be greatly appreciated!

    Cheers

    Chris
  • Savings Dave,

    If you click the reference it will open up and show you which elements are charged for. The HSBC trackers should state "No Charge", however if there is a figure in there it shows they are trying to charge a fee for this

    Settled fees would be relating to those that you have paid for.

    A sweep is just how the collect the money if you have cash available in other places, rather than you paying with your debit card specifically for those charges.

    Cheers

    Chris
  • Being an IT geek, something makes me think that during the recent updates to HL's funds to show the new charges, they have mistakenly reallocated the HSBC trackers to a new category and forgotten to remove the 0.5% charge for that category, which should only belong to IT's, ETF's, Bonds and Shares.
  • Hmm, I also seem to have acquired some fees for trackers and low-cost funds. While I have HSBC trackers in both ISA and SIPP, they seem to have acquired fees (= 0.5% / 12) in the ISA only. A couple of non-HSBC funds have got (again 0.5%/12) fees in SIPP that I've never had before.
  • RoughRook
    RoughRook Posts: 59 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    edited 4 December 2011 at 5:47PM
    cmorgan091 wrote: »
    Being an IT geek, something makes me think that during the recent updates to HL's funds to show the new charges, they have mistakenly reallocated the HSBC trackers to a new category and forgotten to remove the 0.5% charge for that category, which should only belong to IT's, ETF's, Bonds and Shares.

    I have just checked my account, and appears that HL have started applying deductions which appear to be wrong and probably illegal.

    They state that a fee of has been applied to my account because of the L&G Emerging Markets fund i hold, for the period of November. They state that no charges have been applied to my HSBC funds.

    It also appears to me that i am now on a 0.5% annual fee for this fund holding due to the amount being charged.

    I'm glad i am in the process of transferring my money from them very soon.

    Being a software developer, i agree that the correct 'switches' have not been applied when implementing this new charging structure. Do they have a quality assurance system in place i wonder!
    Anyway, not impressed with them at all and feel for those that may never know they have been charged already.

    Thanks for the heads up on checking accounts for fees implemented already.
    It could've been a test or something .
    If they are testing on their 'live' system then we all need to be concerned.
  • Botany
    Botany Posts: 244 Forumite
    I have just checked my account and I don't seem to have been charged this but nevermind my luck, this is an absolute disgrace.

    This is MUCH worse than the £2 'platform fee' in that this further fee has not been advertised or communicated at all, has it?

    If it wasn't for cmorgan901's eagle eyes, would we be any wiser?

    Surely this is completely and utterly illegal?
  • SnowMan
    SnowMan Posts: 3,679 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 4 December 2011 at 6:29PM
    I've been charged £1.95 for the period from 1/11/2011 to 30/11/2011 for my HL Vantage ISA which is (and always has been) solely invested in the HSBC FTSE all share tracker :mad:.

    Would tie in with them inventing a 0.5% charge for the HSBC FTSE all share tracker fund held within an ISA.

    No charge has been made to my HL non ISA fund account which was solely invested in the HSBC 250 tracker.

    Edit: Just logged back in again and the £1.95 seems to have mysteriously disappeared without trace.
    I came, I saw, I melted
  • SnowMan wrote: »
    I've been charged £1.95 for the period from 1/11/2011 to 30/11/2011 for my HL Vantage ISA which is (and always has been) solely invested in the HSBC FTSE all share tracker :mad:.

    Would tie in with them inventing a 0.5% charge for the HSBC FTSE all share tracker fund held within an ISA.

    No charge has been made to my HL non ISA fund account which was solely invested in the HSBC 250 tracker

    But i hold exactly the same HSBC All Share tracker as you Snowman, but no charges applied. Yet they charged for my L&G one. :eek:

    No logic whatsoever!! Though it does look like a 0.5% charge and not the new £1/£2 platform charge
  • SnowMan
    SnowMan Posts: 3,679 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    RoughRook wrote: »
    But i hold exactly the same HSBC All Share tracker as you Snowman, but no charges applied. Yet they charged for my L&G one. :eek:

    No logic whatsoever!! Though it does look like a 0.5% charge and not the new £1/£2 platform charge

    The £1.95 charge has mysteriously disappeared now when I logged in again. Does look like something funny is going on with their systems.
    I came, I saw, I melted
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