Leaving HL without transfer charges

vectistim

Has HL stopped responding to chase up queries?

I sent a message last Tuesday asking how it was getting on, and no response as yet.

It's been 3 months today since I sent off the application forms.

Five funds have been transferred (and still show on HL), one was converted into cash and that cash transferred (and no longer shows on HL), so 3 funds and some other cash still left to go.

munk

vectistim wrote: »

Has HL stopped responding to chase up queries?

I sent a message last Tuesday asking how it was getting on, and no response as yet.

It's been 3 months today since I sent off the application forms.

Five funds have been transferred (and still show on HL), one was converted into cash and that cash transferred (and no longer shows on HL), so 3 funds and some other cash still left to go.

Maybe write to them by post, ask them what their official complaints procedure is / give them a deadline?


My transfer hadn't started at all after 10 weeks (now nearly 12... ACTUALLY... just checked... exactly 3 months to the day!) so I had to resort to sending a copy of the new provider's transfer form directly to HL via recorded delivery (so I could at least be sure that the form had reached them since they'd told me twice that the two copies II allegedly sent them already hadn't arrived). I also sent an 'official' complaint saying that I would pursue the matter with the FOS if the transfer hadn't completed by a deadline of mid June (by which time it would have been 4 months since I originally started the transfer process, more than enough time to get it sorted).

I received a written reply from an HL client services manager to say the transfer form had now been received but they couldn't guarantee the transfer would complete before my 'deadline' and that they'd have to 'restart' the 'clock' from the point at which they'd just received the transfer form (mid May)... so potentially I'm looking at another 3-4 months if they continue at the same rate they have been doing.

Giving HL the benefit of the doubt I can appreciate their point of view in as much as IF they were telling the truth (that both copies of the transfer forms that II sent on to HL really didn't arrive at HL), then HL aren't to blame and they can really only be held to account for a transfer starting in mid May (despite the fact I started the transfer back in February). In which case then either II have lied, or the two copies of the transfer forms have gone missing in the post, which seems incredibly unlikely (although not impossible of course).

Only consolation is HL are not charging any fees at the moment (although I am paying fees at II for an empty account!).

Beggars belief that this whole S&S transfer process hasn't been modernized / brought into the 21st century yet. I can appreciate it's not completely trivial to transfer stocks and shares from one provider to another, but at the very least you would think that the process of transfer form submission would be electronic to avoid the kind of situation I've found myself in whereby the new provider swears blind that they sent the forms off by post but the old provider also swears blind that they haven't received them.

colalba

munk wrote: »

Beggars belief that this whole S&S transfer process hasn't been modernized / brought into the 21st century yet. I can appreciate it's not completely trivial to transfer stocks and shares from one provider to another, but at the very least you would think that the process of transfer form submission would be electronic to avoid the kind of situation I've found myself in whereby the new provider swears blind that they sent the forms off by post but the old provider also swears blind that they haven't received them.

It will only change when the regulator stops being such a wimp and tells the platforms and fund managers it MUST be done in X days. It is about time they stood up for us and did so. The industry has no benefit to fast transfer so only a strong regulator can effect the changes needed.


This really should have been done as part of RDR as it would obviously generate large numbers of transfer by bringing transparency to the level of fees.

samcrawford

Now up to 14 weeks and counting...

HL and III said my fund account transfer had completed, but one fund was still missing. Fortunately I'd taken a screenshot of the HL account summary page beforehand, and have been able to give this to III, and HL have now admitted they made a mistake and are providing a fresh valuation.

So make sure you take screenshots of your HL account pages before everything vanishes into limbo!

darren72

samcrawford wrote: »

Now up to 14 weeks and counting...

HL and III said my fund account transfer had completed, but one fund was still missing. Fortunately I'd taken a screenshot of the HL account summary page beforehand, and have been able to give this to III, and HL have now admitted they made a mistake and are providing a fresh valuation.

So make sure you take screenshots of your HL account pages before everything vanishes into limbo!

Exact same situation with me - HL made an error with the valuation.

vectistim

vectistim wrote: »

Has HL stopped responding to chase up queries?

I sent a message last Tuesday asking how it was getting on, and no response as yet.

It's been 3 months today since I sent off the application forms.

Five funds have been transferred (and still show on HL), one was converted into cash and that cash transferred (and no longer shows on HL), so 3 funds and some other cash still left to go.

Interesting, they must be monitoring this thread - no reply to my message, but this morning all the funds that had been transferred no longer show, and it merely shows the 3 funds and cash that are still there.

andy013

Has anyone closed their account yet? My transfer is now complete so I've wrote off to HL to close it as I believe there are some nasty closure fees starting in June. It will be nice to stop getting that junk in the mail every month too.

[Deleted User]

Hi,

well, all my funds have 'gone from HL', though still not in II, I still have 2 shares to go, also I have some cash lying with HL, would it complicate things if I just asked for a withdrawal?

[Deleted User]

Hi,

andy013 wrote: »

Has anyone closed their account yet? My transfer is now complete so I've wrote off to HL to close it as I believe there are some nasty closure fees starting in June. It will be nice to stop getting that junk in the mail every month too.

eh, will they not understand when you transfer everything that you want it closed, mmm, I'm in the same position.

le_loup

They closed mine without me asking when the final bit of my transfer was complete.


Incidentally, don't expect the mail to stop. You are on their database and there you will remain.