Hargreaves Lansdown - Terrible service

Tombola591

I'm not really sure what to think about HL. I had wanted to be able to check out the share price through the day (on Friday) and decide whether to sell (or buy more). I also wasn't sure whether to hold off until today or tomorrow (or possibly hold for longer).

I lost confidence in HL and didn't trust that there wouldn't be a repeat of Friday's problems today and tomorrow. So when I finally got through (by phone - after trying repeatedly to get through online), I sold.

I did okay - sold at 447p but would have liked to have been in control of the decision and not felt I had to decide to sell then and there - purely because I wasn't confident I'd get another chance to get through this week (and make my decision then).

ajbell

I have lost faith in them now. They need to tell us what they are going to do about this. If there is a stock market crash I need to know I will be able to trade at a moments notice.
The whole Royal mail thing has been a disaster for HL as no one got more than £750 anyway and its damaged their reputation.

Imnoexpert_2

Well after complaining bitterly to them by email that I had been unable to sell the shares on Friday at 430p I have just sold them today at 460p.

Of course this is just lucky and it could have gone the other way.

I wonder if they will compensate me now? :-)

These are the first shares I have bought in a while and it has got me tempted to 'play' more rather than invest in funds and pay the high charges. I am still put off by my experiences with Halifax, Lloyds, Santander and BP shares which I inherited or acquired through privitisation and held too long. Be under no illusion though - this is gambling!

I really am no expert!

jimjames

Just tried to login and it took under 10 seconds from loading to accessing my accounts.

Is anyone still having problems?

Hermann wrote: »

It's tempting to think that way. But if that was true then the every brokers system would have failed.

The fact is that the rest of the industry did cope Hargreaves Lansdown didn't. That tells you, with absolute certainty, that it was possible to have a functioning system on Friday.

They haven't (=aren't allowed) to give details yet according to their Chief Exec but if say 70% of RM applications went via HL then you can see why other brokers wouldn't be affected. The statement implies it was a very high number.

If that was the case then building systems to cope with a once in 20 year demand might be seen as excessive.

Hermann

jimjames wrote: »

Just tried to login and it took under 10 seconds from loading to accessing my accounts.

Is anyone still having problems?

But does a trade go through?

Does a set limit execute when it should?

*JS*

I couldn't access my account at all on Friday. It wasn't a major issue however as my plan was to hold the shares LT.

However having read a few things over the weekend I decided to sell up and invest the proceeds into my HL S&S ISA. I tried first thing and whilst could log in kept getting an error message when trying to trade. My job doesn't easily give me access to the phone so couldn't phone the helpdesk. Eventually tried again at about 11am and it went through pretty much straight away.

Haven't been too impressed with the explanation provided by HL, like others I worry what would happen if the markets crashed.

jimjames

blizeH wrote: »

Is there anyway at all to switch my ISA and all of my shares etc into another broker? I know I can just sell everything and buy elsewhere, but my ISA in particular I'm worried about... so fed up with HL after today, completely lost faith in them

You can easily switch elsewhere.

I wouldn't jump ship purely based on one exceptional days trading. I would move to get lower costs though but beware the cost of moving funds or shares for re-registration not cash.

I bet HL are regretting having any part in the RM sale as I'm sure they have made far less than the damage to their reputation has cost them.

block10

My sell order didnt go through today, but fortunately they eventually sold out at a higher price.

HL are lucky, RM share price has been rising. So compensation is not warranted for most members.

Hermann

block10 wrote: »

My sell order didnt go through today, but fortunately they eventually sold out at a higher price.

HL are lucky, RM share price has been rising. So compensation is not warranted for most members.

I think you might have missed the point that the failures affect all shares not just Royal Mail.

Party_Animal

I thought ours had sold on Friday. The system was allover the place. I've sold them today at a much better rate. Got the contract notes today so turned out right in the end.