Leaving HL without transfer charges

masonic

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

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?

masonic

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

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

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

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

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

And it's finally complete, forms originally sent off 19 Feb, transfer now complete on 10 July - 20 weeks.

Sillychuckie

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

Sillychuckie wrote: »

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.