Leaving HL without transfer charges

naedanger

philc27 wrote: »

A few months ago, I opted to complain to HL about their revised charges. They offered me discounted fees (0.25% instead of 0.45%) to stay; so I stayed.

However, checking my HL account this week I found that they have in fact been charging me 0.45%.

So, my message to any HL customers who were offered a 'special' rate is: check your account! The figures are tucked away, so here's how:

Login to HL.
Choose one of your accounts.
Click the Account Adminstration tab.
Click View history of fees charged.
Click the fee transaction that you wish to view.

It should show a breakdown of the fees by percentage and investment type. Check you are getting the fee that you were offered!!! Repeat for each of your HL accounts (NISA, SIPP, etc).

Very useful information for those on discounted charges.

One thought: might it be worth adding as a new thread with appropriate title since those who are happy staying with HL (on discounted charges) may not be reading this thread?

gadgetmind

Thanks for that, I'll do some checking.

We have just *finally* had the final fund of my wife's ISA transferred, so that's the lot. HL sent the last two off to seeming random places, and it took a lot of work by BestInvest to track them down.

All I have to sort now is a unit difference for one fund, and get HL to send over the last few bits of cash, reconcile everything, and we're free of HL (other than my wife's unwrapped.)

le_loup

gadgetmind wrote: »

(other than my wife's unwrapped.)

I'd try to persuade her to avoid this now that winter is on the way.

C_Mababejive

I am beginning to wonder whether the whole S&S funds ISA business is worth all the hassle especially if you only have a relatively small amount in it say £50k or less. I mean, even with double that, your not going to break the CGT barrier but even so, you are left with all the restrictions and hassles of charges,hidden charges,switching charges etc.. Maybe its better to just hold a non isa account then you can buy/sell move without any hassle?

gadgetmind

C_Mababejive wrote: »

I am beginning to wonder whether the whole S&S funds ISA business is worth all the hassle

Trust me, after you've had to do the calculations for a few corporate actions, you'll wish it was all wrapped. In just a few years, I've had rights issues, share splits/consolidations, capital returns (part shares, part income, part dividends, with mad maths) and all kinds of other mayhem. Now Carillion wants to merge with Balfour Beatty, and my wife holds unwrapped holdings in both, and that loads more spreadsheet work.

Maybe its better to just hold a non isa account then you can buy/sell move without any hassle?

The hassle comes just from holding!

kfsimpson

HL have refused to waive my exit charges, which seems odd, since pretty much everyone else on here has had them waived. Started transfer in May. Is this a new stance from HL? Has anyone else gone to FOS and been successful? Your advice needed please!

naedanger

kfsimpson wrote: »

HL have refused to waive my exit charges, which seems odd, since pretty much everyone else on here has had them waived. Started transfer in May. Is this a new stance from HL? Has anyone else gone to FOS and been successful? Your advice needed please!

Did you just ask or did you formally complain?

If you did not get a copy of their complaints procedure then HL have not considered it a complaint. HL won't refund unless you formally complain.

All formal complaints as far as I am aware have been met with an offer from HL to waive their charges, which most people accept. I took them to FOS since they did not agree to compensate me for my time. However once at FOS they paid the amount I requested (which was higher then the original amount I sought before going to FOS) but still refused to admit they were wrong.

If you want wording for a formal complaint let me know and I will try and find it in this long thread.

Also refuse to be bound by any confidentiality clause they may try and insert. It is completely out of order.

kfsimpson

naedanger wrote: »

Did you just ask or did you formally complain?

If you did not get a copy of their complaints procedure then HL have not considered it a complaint. HL won't refund unless you formally complain.

All formal complaints as far as I am aware have been met with an offer from HL to waive their charges, which most people accept. I took them to FOS since they did not agree to compensate me for my time. However once at FOS they paid the amount I requested (which was higher then the original amount I sought before going to FOS) but still refused to admit they were wrong.

If you want wording for a formal complaint let me know and I will try and find it in this long thread.

Also refuse to be bound by any confidentiality clause they may try and insert. It is completely out of order.

Used your letter and your wording, thanks - 'Please accept this letter as a formal complaint that you are refusing to allow me to exit freely from my Hargreaves Lansdown accounts following your unilateral increase in charges announced earlier this year' etc ...

I have a copy of HL's complaints handling procedure on A4 and an FOS leaflet sent with their reply.

Hence why I wonder whether they have changed stance. Converted most to cash and moved successfully, but these have to go in specie due to CGT limits.

naedanger

kfsimpson wrote: »

Used your letter and your wording, thanks - 'Please accept this letter as a formal complaint that you are refusing to allow me to exit freely from my Hargreaves Lansdown accounts following your unilateral increase in charges announced earlier this year' etc ...

I have a copy of HL's complaints handling procedure on A4 and an FOS leaflet sent with their reply.

Hence why I wonder whether they have changed stance. Converted most to cash and moved successfully, but these have to go in specie due to CGT limits.

It sounds like they have changed their stance. I would guess they will turn down all complaints about these charges from now on.

Personally I would complain to the Ombudsman even if the amount involved is not great because I can be rather stubborn at times. If you do so then I am happy to help. Your case is very strong. I think there will be two main points to address. Firstly why the charges are unfair (there should be wording in the earlier parts of this thread) and secondly why you did not complain sooner (because their announcement was so misleading it both disguised the nature of the changes and implied customers had no right to have exit charges waived).

I think you can put forward a very good case but unfortunately there are a few Ombudsmen with very bad judgement. (I know at least two people on this forum who had really bad decisions from the Ombudsman.) So there is quite an element of lottery to it.

Alternatively just put together a very short case for FOS and give it one go, with nothing to lose.

kfsimpson

naedanger wrote: »

It sounds like they have changed their stance. I would guess they will turn down all complaints about these charges from now on.

Personally I would complain to the Ombudsman even if the amount involved is not great because I can be rather stubborn at times. If you do so then I am happy to help. Your case is very strong. I think there will be two main points to address. Firstly why the charges are unfair (there should be wording in the earlier parts of this thread) and secondly why you did not complain sooner (because their announcement was so misleading it both disguised the nature of the changes and implied customers had no right to have exit charges waived).

I think you can put forward a very good case but unfortunately there are a few Ombudsmen with very bad judgement. (I know at least two people on this forum who had really bad decisions from the Ombudsman.) So there is quite an element of lottery to it.

Alternatively just put together a very short case for FOS and give it one go, with nothing to lose.

Thanks. I didn't jump in Jan/Feb, as many did, but waited to see how things would settle. In the end, nothing much did change, so started the transfer in May. Like many others, I would have preferred to stay with HL, but the cost would have been too high.
From what you write sounds as if my next step should be to go to FOS. It's free, so I suppose I have nothing to lose. It's a few hundred pounds, so a not trivial sum, but it is more the principle, and I too am quite stubborn. Any advice anyone can offer on points to highlight or pitfalls to avoid most welcome. I can show that I acted in time to avoid the cash exit charge, but there was no option to exit by a given date to avoid fund exit fees. Looking at the booklet we were sent back in Jan, it does say this charge is changed, but refers only to SIPP in the text.
Did others see that HL have dropped the probate fee? http://www.telegraph.co.uk/finance/personalfinance/investing/11030536/Hargreaves-Lansdown-drops-Isa-death-fee-and-share-vote-charge.html Perhaps they've decided that it's better publicity to drop that and to change on waiving other unfair fees.
Thanks as ever for your input!