Leaving HL without transfer charges

dutchism1958

Just one question to you all.....I am keeping photocopies of our accounts with HL whilst we are transferring to ii to ensure I know exactly what should be trasferred across.We have just been paid our loyalty bonuses by HL.Do I assume these will be transferred to ii with any cash and our 2 VANTAGE S&S ISA's?.
Thanks in advance.

munk

kfsimpson wrote: »

I can't find out anywhere if the 15 day rule applies to S&S>Cash ISA transfers, so suspect it doesn't. But I bet II would get the money in pretty sharpish from a Cash ISA. Still not sure, that's why I would value the opinions of others, but I really don't want the delays others mention and the argument with HL over exit fees.

Like you say, 15 days is the limit for cash ISAs AFAIK. Like you I couldn't find anything obvious relating to a limit for S&S ISAs, presumably they're too troublesome / prone to delays to be able to be time limited in the same way as cash ISAs.

But I did look into it though with respect to complaining to the FOS about the amount of time it's taking to transfer my S&S ISA... at the moment it's just over 10 weeks and counting and apparently according to II the transfer hasn't started at all.

II have sent two hard/paper copies of the transfer forms to HL, but each time I've chased the issue up, HL have said they still haven't received the transfer forms (twice that's happened now, once for each hard copy that was sent on to them).

II have now suggested I send another transfer form to them directly, which I will probably do - along with another complaint to the client services manager - via recorded delivery. At least that way I can know if/when the delivery was made if it has to go to the FOS for investigation later.

The only positive in all of this is that HL appear to be honouring their promise not to apply the new charging structure on my ISA whilst the transfer is 'in process', although how long that will last I don't know. On the down side, I've already paid one lot of quarterly fees at II and will soon be due to pay the next lot, despite not having had any holdings with them at all during the period they've charged me for.

kfsimpson

munk wrote: »

Like you say, 15 days is the limit for cash ISAs AFAIK. Like you I couldn't find anything obvious relating to a limit for S&S ISAs, presumably they're too troublesome / prone to delays to be able to be time limited in the same way as cash ISAs.

But I did look into it though with respect to complaining to the FOS about the amount of time it's taking to transfer my S&S ISA... at the moment it's just over 10 weeks and counting and apparently according to II the transfer hasn't started at all.

I've spoken to II today and they say that cash transfers from HL do seem to be coming through more quickly. The only question is whether I instruct HL to sell all my holdings and hold as cash before I send the transfer forms to II, or trust that they will sell promptly upon receiving the instructions to sell and transfer as cash. Even if I end up paying ten dealing fees at II, that's still £100 and would be recouped after two months with what HL are now wanting to charge me. Clearly I was remiss in not having started earlier and protested to them sooner. Don't know if I'd get any joy now, but to be honest I just feel I want out. They have really misjudged this badly. I, and am sure many others, would happily have stayed if offered 0.2 or even 0.25%.

le_loup

I recommend that YOU control as much as possible.
Set up your new account.
When you know that H-L have received your transfer agreement, sell your holdings yourself.
On settlement day TELL H-L to transfer the cash.

Doctor_Who

dutchism1958 wrote: »

Just one question to you all.....I am keeping photocopies of our accounts with HL whilst we are transferring to ii to ensure I know exactly what should be trasferred across.We have just been paid our loyalty bonuses by HL.Do I assume these will be transferred to ii with any cash and our 2 VANTAGE S&S ISA's?.
Thanks in advance.

I was told by HL that they will transfer any loyalty bonus and dividends that are credited to the account after the funds and cash have been transferred.....but this can take several months since dividends might only be paid once or twice a year!

My S&S ISA transfer has completed (apart from two funds still showing in my Vantage S&S ISA) but recently the loyalty bonus and some dividends were credited....so I'll await to see when these get transferred.

bossymoo

Hi all,

Just thought I'd update you, I was charged account fees despite having the letter stating they wouldn't. I referred back to this in a secure message asking for a refund. They did reply, and on checking today HL have refunded my 0.45% (well, the quarter that they charged me anyway).

Still no sign of any transfer however they have sent out to all my fund managers apparently.

But kudos to them, they've given me my fees back without too much of a delay!

le_loup

Doctor_Who wrote: »

I was told by HL that they will transfer any loyalty bonus and dividends that are credited to the account after the funds and cash have been transferred.....but this can take several months since dividends might only be paid once or twice a year!

Erm. Either you or H-L are got this wrong. Dividends may well be paid once a year but will be paid to whoever holds the stock at the time of going ex - dividend, which is likely to be around two moths before payment.

hyposmurf

I've noticed one of my funds disappear from my H&L account.It's no in the account I'm transferring to either.Been like that for a number of days.Quite odd awaiting H&L's reply now.

munk

kfsimpson wrote: »

I've spoken to II today and they say that cash transfers from HL do seem to be coming through more quickly. The only question is whether I instruct HL to sell all my holdings and hold as cash before I send the transfer forms to II, or trust that they will sell promptly upon receiving the instructions to sell and transfer as cash. Even if I end up paying ten dealing fees at II, that's still £100 and would be recouped after two months with what HL are now wanting to charge me. Clearly I was remiss in not having started earlier and protested to them sooner. Don't know if I'd get any joy now, but to be honest I just feel I want out. They have really misjudged this badly. I, and am sure many others, would happily have stayed if offered 0.2 or even 0.25%.

Well I suppose it depends if you're bothered about £100... *

I always thought the II offer was a bit odd in as much as you only get the bonus £10 trading credits for each holding you transfer 'in specie' - but if they're transferred 'in specie' then you don't really need the £10 trading credit anyway since your holding has already been purchased when it's transferred in. The only way you would definitely benefit from the £10 per holding credit would be if you originally had, say, 10 holdings in your original provider, sold up and transferred as cash, and THEN were given 10x£10 trading credits at II to set up each of those holdings anew at II. But obviously that's not workable from II's point of view since you can't really reliably prove what holdings you originally had at the old provider... makes more sense though from the investor's point of view especially in light of how troublesome these in specie transfers are being.

* - That said... well you do get the other £100 cash bonus amount don't you so that at least would cover the price of 10 trades (although the cash is paid over the first year, at least you'd get back the price of those 10 trades over the course of the first year). Or I guess you could just use your 2 free trades per quarter to slowly re build the portfolio if you really didn't want to lose out on the money. Which is a bit penny pinching maybe.

dutchism1958

Thanks Doctor Who!.