Leaving HL without transfer charges

rail.link

Cashed in the ISA and closed the account with HL.
Got written confirmation this morning that the account has been closed.

Can't fault their excellent customer service. The charges were too high for me; had there been a bearable increase, I would have stuck with them for their customer service.

ffacoffipawb

lejog2003 wrote: »

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!)

Do you have a link for this document? Thanks.

petepool

Blackdog wrote: »

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.

Just to clarfiy the guy at II said the delay was with HL due to volume, but we only have their word for that, and he did say they were normally one of the more efficient companies to do transfers with.

petepool

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.

I'll look forward to a similar response then.
Just out of intestest had you raised it as a formal complaint? I think that you have to do that before going to the regulators.

lejog2003

ffacoffipawb wrote: »

Do you have a link for this document? Thanks.

Sorry no, they snail mailed it to me. They did say on their site to phone them if transferring a SIPP, but I wantee to avoid the retntion spiel and wrote.

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.

Same here.

What now, transfer and if they take the £75 go to the Ombudsman?

Thank you for your further email. I can confirm I have passed your comments on regarding the account closure fee for the Vantage SIPP. I am pleased to confirm the probate valuation fee you mention does not apply to the Vantage SIPP. Instead there will be flat charge of £295+VAT for arranging SIPP death benefits to reflect the costs involved in administering this process.

Our Terms & Conditions allow us to vary our terms to reflect current or future changes in law, Financial Conduct Authority (FCA) rules or regulations, without providing the option of a free transfer. Our recent changes are the result of a regulatory initiative by the FCA and as such they do not require us to permit free transfers out. Further under section 6.1 of the Terms and Conditions of the Vantage service we are permitted to adjust our charges and make other amendments having provided 30 days notice to you. In this case the new exit charge for the Vantage SIPP will not be implemented until 2 June 2014. law, Financial Conduct Authority (FCA) rules or regulations, without providing the option of a free transfer. Our recent changes are the result of a regulatory initiative by the FCA and as such they do not require us to permit free transfers out. Further under section 6.1 of the Terms and Conditions of the Vantage service we are permitted to adjust our charges and make other amendments having provided 30 days notice to you. In this case the new exit charge for the Vantage SIPP will not be implemented until 2 June 2014.

SnowMan

ffacoffipawb wrote: »

Same here.

What now, transfer and if they take the £75 go to the Ombudsman?

That's what I would do in your circumstances (but that's up to you). That assumes their response is a 'final response'.

It is a very straightfoward process, complaint form here

http://www.financial-ombudsman.org.uk/consumer/complaints.htm#3

HL told me that they could charge me an exit fee in 2011. That was blatant nonsense and they should have known that it was blatant nonsense. The Financial Ombudsman Service subsequently clearly thought it was effectively nonsense.

naedanger

ffacoffipawb wrote: »

Same here.

What now, transfer and if they take the £75 go to the Ombudsman?

Thank you for your further email. I can confirm I have passed your comments on regarding the account closure fee for the Vantage SIPP. I am pleased to confirm the probate valuation fee you mention does not apply to the Vantage SIPP. Instead there will be flat charge of £295+VAT for arranging SIPP death benefits to reflect the costs involved in administering this process.

Our Terms & Conditions allow us to vary our terms to reflect current or future changes in law, Financial Conduct Authority (FCA) rules or regulations, without providing the option of a free transfer. Our recent changes are the result of a regulatory initiative by the FCA and as such they do not require us to permit free transfers out. Further under section 6.1 of the Terms and Conditions of the Vantage service we are permitted to adjust our charges and make other amendments having provided 30 days notice to you. In this case the new exit charge for the Vantage SIPP will not be implemented until 2 June 2014. law, Financial Conduct Authority (FCA) rules or regulations, without providing the option of a free transfer. Our recent changes are the result of a regulatory initiative by the FCA and as such they do not require us to permit free transfers out. Further under section 6.1 of the Terms and Conditions of the Vantage service we are permitted to adjust our charges and make other amendments having provided 30 days notice to you. In this case the new exit charge for the Vantage SIPP will not be implemented until 2 June 2014.

Have they given you a copy of their complaints handling procedure? Was your email an enquiry or a complaint? If it was a complaint (even if it did not use the word complaint) and Hargreaves Lansdown did not give you a copy of their complaints handling procedure then that is a further failure on their part.

ffacoffipawb

naedanger wrote: »

Have they given you a copy of their complaints handling procedure? Was your email an enquiry or a complaint? If it was a complaint (even if it did not use the word complaint) and Hargreaves Lansdown did not give you a copy of their complaints handling procedure then that is a further failure on their part.

I have asked them if their refusal to waive the charge is their final response and that they should confirm this in writing if this is the case.

I consider this to be a complaint issue and it isn't exactly TCF to increase charges without allowing a free exit. Will see what their next response is.

naedanger

ffacoffipawb wrote: »

I have asked them if their refusal to waive the charge is their final response and that they should confirm this in writing if this is the case.

I consider this to be a complaint issue and it isn't exactly TCF to increase charges without allowing a free exit. Will see what their next response is.

Good. I suspect they will not be rushing to give a final response, so patience may be required. And I would not delay initiating any transfers meantime (unless you plan to stay with them in the very unlikely event FOS does not uphold your complaint).