Leaving HL without transfer charges

Doctor_Who

Well......apart from a small amount of cash/loyalty bonus my HL S&S ISA transfer to II has now completed, it only took the best part of 4 months!! My HL SIPP shows no signs of going anywhere, and I started that transfer a couple of weeks after the ISA, so 3+ months and counting.

Surely there must be a better solution....I don't remember it taking this long when I transferred from Fidelity to HL many years ago, and IT has improved significantly since then!

le_loup

Doctor_Who wrote: »

Well......apart from a small amount of cash/loyalty bonus my HL S&S ISA transfer to II has now completed

Don't forget you will need to tell H-L to transfer the cash. They don't seem to have a mechanism to alert themselves to deal with any remnants of cash.

grey_gym_sock

le_loup wrote: »

Don't forget you will need to tell H-L to transfer the cash. They don't seem to have a mechanism to alert themselves to deal with any remnants of cash.

they managed to send the odd bit of cash in my "fund & share" account across without prompting. (my ISA contained literally no cash.)

i don't know whether they're treating "fund & share" accounts differently (why?), or what.

Geoffo_M

xylophone wrote: »

The form has now been found and will be "passed to transfer department.." Watch this space.....QUOT]

no, not 'transfer department' - transfer team surely, that's the line that I'm regularly fed - silly fool, I believed them at the beginning. I'm still waiting for 2 funds - will be 4 months by the end of next week, almost speechless about the poor service, the whole lot need a rocket up them! HL - II, they're both as bad as each other

Doctor_Who

le_loup wrote: »

Don't forget you will need to tell H-L to transfer the cash. They don't seem to have a mechanism to alert themselves to deal with any remnants of cash.

How long do I need to leave it before prompting HL to move the cash? I have some cash on the capital account, some pending loyalty bonus and probably some dividends....the latter two could take a couple of months to appear I suppose.

gterr

Just when I thought HL could not possibly find any more mistakes to make they have amazed me with a truly immense piece of ineptitude:


The cash associated with husband's S&S Isa was transferred to iii instead of CSD. Took HL ages to admit their mistake. They promised to get the cash back from iii and send to CSD. Sure enough, cash disappeared from iii over a week ago. We'd been expecting to see it arrive, finally, at CSD, but no such luck.


Husband received a letter from HL today, dated 23 May 2014, acknowledging receipt of the said cash "as part of the transfer in from Aviva". (He transferred an Aviva Isa to them in November 2012!!). HL's letter went on to say they were now processing husband's request to purchase funds to the tune of £4600 using the proceeds of the transfer. (These were the fund purchases that husband did, indeed, request in 2012, and which were processed in November 2012. ).


The fact that the money that has arrived from iii totals only £161.42 has seemingly not rung any alarm bells with HL and they do indeed seem to be trying to duplicate the fund purchases made in November 2012. A Contract Note has just been issued for the purchase of VGLS40% units for a purchase price of £121.


It is hard to know to begin the inevitable conversation with HL. We have sent a secure message, but since we are still waiting for a reply to the previous secure message - sent over a week ago - it's hard to know how to get this fixed swiftly. If HL have made the recent purchase as part of an Isa then we are in breach or regs, since husband has already filled his current Isa subscription with new purchases at CSD. Just to add to the misery, we have a fault on our phone line and very limited mobile signal, so phoning HL is not an easy option. Might try to make a quick call tomorrow and ask them to look at husband's secure messages as a matter of urgency. Any other ideas??

le_loup

grey_gym_sock wrote: »

they managed to send the odd bit of cash in my "fund & share" account across without prompting.

Then we have had a different experience (n.b. no, not like a shopping experience - ugg!)
Maybe I didn't leave the cash there long enough for them to react naturally.

lejog2003

le_loup wrote: »

Don't forget you will need to tell H-L to transfer the cash. They don't seem to have a mechanism to alert themselves to deal with any remnants of cash.

HL managed to transfer the £17 cash left in my SIPP account to ATS without any prompting, seemingly by faster payments, because it arrived the same day at ATS. It was the £85,000 cash from the sale of funds that disappeared for 10 weeks!

I think its unwise to draw any conclusions about HL from your experience, their mistakes, like their transfer process seem entirely random.

ozzage

gterr wrote: »

Just when I thought HL could not possibly find any more mistakes to make they have amazed me with a truly immense piece of ineptitude:


The cash associated with husband's S&S Isa was transferred to iii instead of CSD. Took HL ages to admit their mistake. They promised to get the cash back from iii and send to CSD. Sure enough, cash disappeared from iii over a week ago. We'd been expecting to see it arrive, finally, at CSD, but no such luck.


Husband received a letter from HL today, dated 23 May 2014, acknowledging receipt of the said cash "as part of the transfer in from Aviva". (He transferred an Aviva Isa to them in November 2012!!). HL's letter went on to say they were now processing husband's request to purchase funds to the tune of £4600 using the proceeds of the transfer. (These were the fund purchases that husband did, indeed, request in 2012, and which were processed in November 2012. ).


The fact that the money that has arrived from iii totals only £161.42 has seemingly not rung any alarm bells with HL and they do indeed seem to be trying to duplicate the fund purchases made in November 2012. A Contract Note has just been issued for the purchase of VGLS40% units for a purchase price of £121.


It is hard to know to begin the inevitable conversation with HL. We have sent a secure message, but since we are still waiting for a reply to the previous secure message - sent over a week ago - it's hard to know how to get this fixed swiftly. If HL have made the recent purchase as part of an Isa then we are in breach or regs, since husband has already filled his current Isa subscription with new purchases at CSD. Just to add to the misery, we have a fault on our phone line and very limited mobile signal, so phoning HL is not an easy option. Might try to make a quick call tomorrow and ask them to look at husband's secure messages as a matter of urgency. Any other ideas??

I must say gterr yours is certainly the most entertaining of the stories! If I were you and didn't end up with some compensation at the end of it all to dull the pain l'd be most disappointed.

xylophone

I think that you must make a formal complaint about this.