Changes ahoy at the HSBC Global Investment Centre

koru

grey_gym_sock wrote: »

for very large holdings, it would be cheaper to hold class "C", e.g. on alliance trust. lower TER, but extra fees.

Yes, or Interactive Investor, which has a higher quarterly fee than ATS, but gives you an equal credit against dealing fees. And the quarterly fee covers multiple accounts for family members, whereas ATS charges for every account. On the other hand, there is a risk that Interactive Investor cannot sustain its current pricing model, given that it is powered by Cofunds and Cofunds might not be happy with a tiny cut of the flat platform fee charged by Interactive Investor.

grey_gym_sock

well, if https://www.comparefundplatforms.com is correct, interactive investor aren't yet offering HSBC class 'C' or blackrock class 'D'. though the site does say they're awaiting an updated funds list from ii.

koru

grey_gym_sock wrote: »

well, if https://www.comparefundplatforms.com is correct, interactive investor aren't yet offering HSBC class 'C' or blackrock class 'D'. though the site does say they're awaiting an updated funds list from ii.

I assure you they offer both. Justin's data clearly is far from complete.

trevor.dubois

Thanks for the help all, in particular thanks for the detailed explanation grey gym sock. Nice explanation of the clean versus dirty funds and good points about having more funds in one account that charges a flat rate, which could end up been cheaper.

In this case, I will wait until the clean trackers become more available, and until the data is updated and recieved from all the providers on Justin's platform comparison website.

I'm curious about how long it will take for the data to be sent by the platform companies, but I suppose that can't be predicted as it depends all on the platform companies. I must say this comparison tool is amazing and offers real clarify amidst the forest of confusion created by the less than clear price structures.

SnowMan

Just to update on the HSBC Global Investment Centre:

The HSBC clean C class trackers are now on the HSBC GIC (and will be subject to a 0.39% pa platform fee from around May 2013). I can't see any scenario where anyone would want to buy and hold the clean C class via the GIC because of the high percentage platform fee.

The HSBC retail class trackers are no longer available for purchase or for switch into via the HSBC GIC.

Any HSBC retail class trackers already on the HSBC GIC can be left on the GIC as legacy funds with no platform fee.

While new purchases of retail class trackers isn't possible, you can re-register the HSBC retail class trackers from another platform onto the HSBC GIC (they rang me to confirm this having previously told me it wasn't possible).

So bizarrely you could buy the retail class trackers from say Fidelity Fundsnetwork and then re-register them onto the HSBC GIC to get around the no new purchase rule.

Why would anyone want to re-register retail class trackers onto the GIC you ask? Possibly someone with a smallish portfolio worried about fixed platform fees being expensive and percentage platform fees on clean classes making C class more expensive than retail class, might want to do that. So you could park your HSBC retail trackers on the GIC and wait to see what happens when other platforms further react to upcoming platform RDR.

SnowMan

HSBC GIC rang me up a while back to ask me my nationality which I told them.

A Senior Customer Services Manager has now written to me to say 'our records show that we don't hold details of your nationality'.

What's more he is threatening to freeze my account on 15th March because they don't have my nationality :mad:

They even have the bare faced cheek to say it is to help them comply with money laundering requirements.

It is no surprise HSBC were recently fined $1.9 billion for money laundering if this is the sort of incompetent check that they are doing.

Scrooge._2

HSBC won't let me buy into new JPM funds for some reason, I'm moving over to Hargreaves Lansdown, they look much better

j0nathon2

SnowMan wrote: »

HSBC GIC rang me up a while back to ask me my nationality which I told them.

A Senior Customer Services Manager has now written to me to say 'our records show that we don't hold details of your nationality'.

What's more he is threatening to freeze my account on 15th March because they don't have my nationality :mad:

I have exactly the same thing, so now I have to go out my way to phone them, despite having already spent time on the phone doing this already.

I am also annoyed that I have to find somewhere else to buy my trackers because the "C" classes with a 0.39% charge are too expensive.

verybigchris

SnowMan wrote: »

HSBC GIC rang me up a while back to ask me my nationality which I told them.

A Senior Customer Services Manager has now written to me to say 'our records show that we don't hold details of your nationality'.

What's more he is threatening to freeze my account on 15th March because they don't have my nationality :mad:

They even have the bare faced cheek to say it is to help them comply with money laundering requirements.

It is no surprise HSBC were recently fined $1.9 billion for money laundering if this is the sort of incompetent check that they are doing.

I've just got that letter this morning, I think maybe three months after they phoned me for the same info :mad:

j0nathon2

I forgot all about this!

I posted another thread last night saying that I raised two orders for £5000 each last week, and although both say Executed nothing has happened, money still in my current account.

I am now wondering if they have blocked my account, despite:

1) Having told them when they phoned me
2) Having told them when I phoned them