Leaving HL without transfer charges

Porcupine

There's an electronic system, but Hargreaves 'Waitrose' Lansdown didn't sign up to it.

This article from last year has some background:
http://www.telegraph.co.uk/finance/personalfinance/investing/10176519/Investors-hit-by-transfer-delay-shambles.html
(There was an article with a list of who did sign up, but I can't find it now)

xylophone

There's an electronic system, but Hargreaves 'Waitrose' Lansdown didn't sign up to it.

The money's paying for the bubbly at the shareholders' meeting? (Remember those Nationwide ads?):rotfl:

helfordpirate

Here is an interesting summary of the electronic transfer market from Altus one of the biggest providers of the software (I have no relation with them)
(Link prohibited - so cut & paste)//altus.co.uk/transfers-and-re-registrations-market-update-q1-2014/
Interesting they say "The non-advised platforms and providers have been a little slow to adopt electronic transfers" ... Something of an understatement! The TeX SLA they refer to is I believe fund transfers in 6 days!!! I am just over the 4 month mark now...

guitarman001

Just emailed iii asking if I get the transfer bonus if I start the process now but it isn't complete until after the bonus deadline.

masonic

guitarman001 wrote: »

Just emailed iii asking if I get the transfer bonus if I start the process now but it isn't complete until after the bonus deadline.

Shouldn't need to ask them, the terms are very clear:
"5. To qualify for this offer, we will need to receive your transfer forms by 31 July 2014"

The offer's been extended several times already and I expect it will be extended again.

guitarman001

Oh, thank you!
It was mainly for info - I will have ~£20k in my ISA... for longer-term SIPP I would definitely have to consider switching.

kjo

naedanger wrote: »

If you were with HL before their recent charges increases were announced (earlier this year) then you should be able to get HL to waive their usual £25 per stock fees if you decide to transfer. See post number 1133 in this thread, a few posts above.

If your decision on whether to stay or leave HL depends on whether they would waive these fees then wait for their reply before starting any transfers.

Many thanks naedanger.
Followed your advice & I sent your suggested Secure Message content, simply adding that if I did not receive a reply within 7 days I would go ahead anyway & lodge a formal complaint with the FOS.
Result- received- letter back from HL within 7 days offering "special arrangement in the hope you will stay."
This consists of " Instead of the standard tiered fund charge (starting at 0.45%) we apply a flat percentage fee of just 0.25% on all funds held under your Vantage client number."
I've yet to work out how this would compare in my particular situation with other brokes' charges.
Even more significantly they add regarding their legal right to charge transfer fees;
"In your case however we recognise that you feel strongly on this point .HL have always aimed to be viewed as a fair & reasonable co.& as such we would be happy to waive our transfer charges.for any transfer request received within one month of the date of .this letter.We shall also ensure our new charging structure is not applied to your account while the transfer takes place.I trust you will find this to be a reasonable outcome to your complaint."
Thanks to following your advice HL have been forced to make a reasonable offer :rotfl:

Moral of this story ?
Always checkout MSE & forum for a solution & never take a ripoff lying down ! :beer:

samcrawford

Now at 17 weeks into HL -> II transfer. Have sent a formal complaint to II regarding how long it's taking to complete. Maybe it will help, maybe it won't, but can't hurt to try.

Stanley_St

samcrawford wrote: »

Now at 17 weeks into HL -> II transfer. Have sent a formal complaint to II regarding how long it's taking to complete. Maybe it will help, maybe it won't, but can't hurt to try.

I am in the same boat after waiting almost as long. Some 70% of my holdings by value have transferred across from HL to ii, about 5% have yet to move and about 25% disappeared without trace several weeks ago.

When I sent a secure message to HL to ask about this, I was asked to take it up with ii. A secure message to ii has yet to be graced with an answer...

I was fairly relaxed about the transfer process taking two or three months, but this is getting ridiculous.

Doctor_Who

Stanley_St wrote: »

I was fairly relaxed about the transfer process taking two or three months, but this is getting ridiculous.

I have to agree, the whole process is antiquated and takes far too long....wishing I had transferred as cash!! My ISA took the best part of 4 months to transfer but my SIPP has easily beaten that.....still no signs of movement 4 months after starting the transfer. At least nothing's gone AWOL yet....got to look on the bright side! Anyone starting to transfer now might be done by Christmas