Leaving HL without transfer charges

malfesto

Apart from the Unfair Contract Terms Team, you might want to register a complaint about the conduct of the business (forwarding any copies of communications from the business) to the FCA via the Consumer Helpline. Below is a list from the FCA which I invite you to draw your own conclusions.

a) Treating customers fairly obligations with its six customers outcomes which are

· Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.

· Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.

· Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.

· Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.

· Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.

· Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

b) High level business standards listed in the Principles for Business. In particular,

Principle 6 - A firm must pay due regard to the interests of its customers and treat them fairly

c) Conduct of Business Sourcebook (COBS) which is applicable to designated investment business.

COBS 2.1.1

A firm must act honestly, fairly and professionally in accordance with the best interests of its client (the client's best interests rule).

COBS 2.1.2

A firm must not, in any communication relating to designated investment business seek to:

(1) exclude or restrict; or
(2) rely on any exclusion or restriction of;

any duty or liability it may have to a client under the regulatory system.

COBS 2.1.3

(1) In order to comply with the client's best interests rule, a firm should not, in any communication to a retail client relating to designated investment business:

(a) seek to exclude or restrict; or
(b) rely on any exclusion or restriction of;

any duty or liability it may have to a client other than under the regulatory system, unless it is honest, fair and professional for it to do so.

(2) The general law, including the Unfair Terms Regulations, also limits the scope for a firm to exclude or restrict any duty or liability to a consumer.

The FCA’s Consumer Helpline email address is (I can’t insert links under MSE forum rules)

consumer . queries @ fca . org . uk

Previous post(s) correctly identified that if many customers complain (and get the media onboard given its share of the D2C market), then the FCA will probably lean on the business to waive the charges. However, the FOS backstop is available should Deus ex machina not occur.

Regards,

malfesto.

armageden

HL normally get back to me promptly when I have reason to secure message them, but my exit fee waiver request has not enjoyed the same prompt treatment.
Explained that adversly affected customers should be allowed to find a penalty free remedy , (free provider transfers).
Just turned the calender page & still waiting.......

petepool

armageden wrote: »

HL normally get back to me promptly when I have reason to secure message them, but my exit fee waiver request has not enjoyed the same prompt treatment.
Explained that adversly affected customers should be allowed to find a penalty free remedy , (free provider transfers).
Just turned the calender page & still waiting.......

I suspect they are very busy, just spoke to the my new provider (II) and they were saying they'd had loads of transfer requests from HL customers and this may start to impact transfer times.

Blackdog

I also had a delay in communication from HL (posted about that elsewhere), when they did reply they had misread what I asked them and what they said they had posted to me has not arrived. This is really unusual for HL as I have always found their customer service to be good. I can only assume that it is due to the mass of people looking to move away from them.
It is disappointing to hear that II may be affected by transfer times but not surprising considering the volume of business that must be coming their way.
I do wonder if HL might reconsider their charges for people with larger holdings and try and stem the exodus.

armageden

Now have an HL response, it's "NO", we won't waive transfer fees, (why am I not surprised).
All the above threads appear to be the tip of the iceberg, HL may well be about to take considerable hit, always a danger when a company becomes too dominant.

ffacoffipawb

armageden wrote: »

Now have an HL response, it's "NO", we won't waive transfer fees, (why am I not surprised).
All the above threads appear to be the tip of the iceberg, HL may well be about to take considerable hit, always a danger when a company becomes too dominant.

You spelt arrogant incorrectly.

Stanley_St

SnowMan wrote: »

Worth saying that Barclays are waiving exit fees temporarily having announced their changes this week.

What a contrast to the behaviour of Hargreaves Lansdown.

HL and Youinvest are in the hall of shame in my view in this regard, and I would suggest investors think very carefully before using their services.

Worth mentioning also that when II introduced their RDR-compliant charges they also agreed to waive exit fees for a period afterwards. Of course a campaign on this forum and elsewhere helped to twist their arm on this one.

armageden

Good one ffacoffipawb.

lejog2003

I received the standard complaint acknowledgement letter at the weekend. Today, I received a letter telling me to expect my in-specie SIPP transfer to take 8-10 weeks.

This shows the importance of complaining not only about exit charges, but also the implementation of new charges from 1st March and I urge anyone else to complain about BOTH. In my case the transfer fee is £75, increased charges for March and possibly April £130 or £260.

I'm writing to HL to ask them to reply to my complaint by March 1, given the circumstances.

lejog2003

ffacoffipawb wrote: »

You spelt arrogant incorrectly.

When I transferred to HL 15months ago (to go into drawdown), they wrote to tell me that the transfer time was in the hands of my company scheme . I was on good terms with the company scheme administrator, who kept me up to date with the progress of the transfer, responded to HL by return of post and informed me of the delays on their part.

Now I'm transferring out surprise, surprise they tell me the transfer time will depend on the fund managers and the destination company. HL obviously do no wrong, its everyone else's fault.

They've already delayed the transfer by not accepting my letter to them telling them I was transferring as authority to transfer (or indeed the signed authority supplied to Alliance Trust), but insisting that I send them a HL SIPP transfer out form. I do suggest anyone who is transferring finds a copy of this and sends it off instead of a letter (of course still writing a letter of complaint!)