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Leaving HL without transfer charges

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  • masonic
    masonic Posts: 27,187 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    jamesd wrote: »
    HMRC, agreed by the FCA in PS 14/10, is what causes me to say that:

    "2.24 A few respondents also noted that the ISA regulations require customers to be able to withdraw or transfer savings within 15 or 30 days (for cash ISAs or stocks and shares ISAs, respectively).<snip>
    Thanks, although I'm still not sure this would apply to in specie transfers, since it states "withdraw or transfer savings", which implies cash. Transfers of S&S ISAs in cash have generally been much faster than in specie transfers and do normally complete within 30 days (with one notable exception posted recently).
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    None of them will make in specie transfers quick unless they are forced to do so.

    That this process still involves letters and cheques in 2014 could be understood for the creaking giants of traditional pensions companies, but aren't the young bucks supposed to be agile and efficient?
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • masonic
    masonic Posts: 27,187 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    gadgetmind wrote: »
    None of them will make in specie transfers quick unless they are forced to do so.

    That this process still involves letters and cheques in 2014 could be understood for the creaking giants of traditional pensions companies, but aren't the young bucks supposed to be agile and efficient?
    The sad thing is that someone posted a list of companies who already have the capability to perform electronic transfers (including HL, Cofunds - which several of the other platforms run on, and most of the other major players).

    Apparently they all prefer printing things out and putting them in the post. Presumably they don't want to rely on high exit fees alone in discouraging customers from shopping around.
  • Fed
    Fed Posts: 109 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I've sent off my forms to II, who are now contracting HL. I'm not going to challenge the exit fee but I was wondering how they take it? Do they sell off stock to fund it or take it from nominated account?
    I don't want to delay the transfer at all because i'm meant to have funded the account to cover the fee.
  • hyposmurf
    hyposmurf Posts: 575 Forumite
    Fed wrote: »
    I'm not going to challenge the exit fee

    Why not? You could send off the template letter to them via email, it's quite easy.
  • Fed
    Fed Posts: 109 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    hyposmurf wrote: »
    Why not? You could send off the template letter to them via email, it's quite easy.

    Purely because it's been a while since the changes and I wouldn't want it to delay the transfer if I was contesting it. But if it's realistic I could get still them to waive it at this point then I will do? I will take a look through the thread later, worth contacting them asap or waiting till the transfer has gone through and then trying to redeem the fee?

    Thanks
  • hyposmurf
    hyposmurf Posts: 575 Forumite
    Fed wrote: »
    Purely because it's been a while since the changes and I wouldn't want it to delay the transfer if I was contesting it. But if it's realistic I could get still them to waive it at this point then I will do? I will take a look through the thread later, worth contacting them asap or waiting till the transfer has gone through and then trying to redeem the fee?

    Thanks

    Might be a bit late now you've put the transfer in.Worth a try though.
  • vectistim
    vectistim Posts: 635 Forumite
    Part of the Furniture
    And it's finally complete, forms originally sent off 19 Feb, transfer now complete on 10 July - 20 weeks.
    IANAL etc.
  • Sillychuckie
    Sillychuckie Posts: 1,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I'm transferring a SIPP and an ISA from HL to II at the same time.

    As part of my HL->II transfer, one of my big HL SIPP holdings was credited to my II ISA (SIPP to ISA).

    I haven't said anything yet. The thought of being able to get at these funds is quite appealing, though I'm sure HMRC would take a dim view of it (50% tax surcharge).
    I'll almost certainly let them know - its too big a risk not to.
    Any thoughts?

    I'm at the 4 month stage - still a load of funds which haven't moved yet. Some of you are lucky, but I'm being quite patient.

    SC.
  • Nixter
    Nixter Posts: 69 Forumite
    I'm transferring a SIPP and an ISA from HL to II at the same time.

    As part of my HL->II transfer, one of my big HL SIPP holdings was credited to my II ISA (SIPP to ISA).

    I haven't said anything yet. The thought of being able to get at these funds is quite appealing, though I'm sure HMRC would take a dim view of it (50% tax surcharge).
    I'll almost certainly let them know - its too big a risk not to.
    Any thoughts?

    I'm at the 4 month stage - still a load of funds which haven't moved yet. Some of you are lucky, but I'm being quite patient.

    SC.


    Their admin is a total disgrace. I've had similar issues where they transferred cash from my Hargreaves ISA into the Trading Account instead.

    I doubt the fools at iii would ever notice, but surely HMRC would sooner or later find out.
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