Leaving HL without transfer charges

ViksB

lejog2003 wrote: »

You can try a complaint to the Ombudsman about a breach of FCA rules see post #1183 if you don't receive an adequate reply from HL. Before the Ombudsman will look at a case you have to have raised a formal complaint with HLand received their "final response".

Edit: Contact the Financial Ombudsman - they are quite happy to talk and help you before taking up a case officially.

Edit #2: Also see this post about what HMRC/FCA say out you being locked out of trading if your funds disappear into the black hole of a funds manager for over 30 days and are therefore not tradeable.

Thanks, an official complaint to HL is first on my list on Monday morning.

masonic

zedray wrote: »

I hadn't considered it but it's certainly possible I suppose. How do I find out where the hold-up is? II told me the hold-up was with M&G, but that could have been an assumption on their part from me mentioning M&G to them.

Is it best to secure message HL at this stage and check the fund has been correctly transferred to M&G? Presumably I don't want to raise a formal complaint until I know which of the three the hold-up is with?

Others have had great difficulty getting reliable information, so question both II and HL and then compare notes. Ask HL if they have received confirmation from M&G that the holding has been re-registered to II and on what date. Ask II the date they last chased up transfer of this holding and what was the response received. If you do this by phone ask them to confirm the facts in a secure message so you have a written record.

II are responsible for ensuring the transfer is completed in a timely manner, so I wouldn't hesitate in making a complaint to them even if you aren't sure they are responsible for the hold-up.

Given that transfers are routinely taking 12+ weeks, perhaps it would be prudent for everyone to submit a formal complaint after 30 days, citing that HMRC guidelines state S&S ISA transfers should normally be completed within this timeframe. That way, if your transfer does drag on for 3 or 4 months, you will be in a position to refer the complaint to the FOS by that time.

le_loup

The problem I had was that whenever I queried the delays with III, the stock answer was that transfers are taking longer but we will refer your problem to the transfer team which NEVER got answered; that's NEVER

zedray

masonic wrote: »

Others have had great difficulty getting reliable information, so question both II and HL and then compare notes. Ask HL if they have received confirmation from M&G that the holding has been re-registered to II and on what date. Ask II the date they last chased up transfer of this holding and what was the response received. If you do this by phone ask them to confirm the facts in a secure message so you have a written record.

II are responsible for ensuring the transfer is completed in a timely manner, so I wouldn't hesitate in making a complaint to them even if you aren't sure they are responsible for the hold-up.

Thanks masonic, I will follow this up in the morning.

gadgetmind

All of my wife's SIPP funds have now moved, but there are mismatches regards units leaving HL versus arriving with BestInvest.

Once he final ISA funds arrive, I'll ask both for a report on what left/arrived and invite them to reconcile. Yes, I could do it myself, but it's not my !!!!-up.

lejog2003

masonic wrote: »

.
II are responsible for ensuring the transfer is completed in a timely manner, so I wouldn't hesitate in making a complaint to them even if you aren't sure they are responsible for the hold-up.
.

Sorry I have to disagree strongly with this, until the funds manager reregisters the funds from HL to ii, HL remain responsible to you for the transfer, it is HL that hold the funds, it is their name on them. They can't just tell you that they've sent off the forms to the funds manager and wash their hands of the affair. This is borne out by what the FCA say.

malfesto wrote: »

From the FCA’s Conduct of Business Sourcebook under Rule 6.1G (Re-registration of title to retail investment products)

6.1G.1 If a client requests a firm (F) to transfer the title to a retail investment product which is held by F directly, or indirectly through a third party, on that client's behalf to another person (P), and F may lawfully transfer the title to that retail investment product to P, F must execute the client's request within a reasonable time and in an efficient manner.

(F) - in this case HL - are responsible for executing the client's request, not (P) - in this case ii.

organic_wanabe

I had similar problems with one of my husband's M&G holdings - Corporate Bond. His other two M&G funds had transferred over a couple of months earlier along with a number of other funds. Eventually I got to the end of my tether and phoned both HL and II and then made formal complaints by secure message (headed 'Formal Complaint'). I don't know which of them was responsible, but it appeared pretty sharpish thereafter.

[Deleted User]

Hi,

I'm in same boat, midstream, from HL to II, all funds gone from HL, but only half of them showing in II, and showing in trading account rather than ISA, nearly four months now.

I've complained to both, but nothing seems to happen.

Wee question, had a message from II 17/6, about quarterly fee to be taken on 5/7, but not taken yet.

Wonder if they feel guilty, and are not charging this quarter?

le_loup

[Deleted User] wrote:

Wee question, had a message from II 17/6, about quarterly fee to be taken on 5/7, but not taken yet.

They took mine but all my funds have moved across. On the other hand they took the April charge when none of them had moved.

[Deleted User]

Hi,

le_loup wrote: »

They took mine but all my funds have moved across. On the other hand they took the April charge when none of them had moved.

yes. took mine in April, and had only just started the transfer.