Leaving HL without transfer charges

ayayay

Ive not had my response yet, but it will be interesting to see whether i simply get the standard response. Ive told them that i don't regard the RDR as justifying changes to their I.T charges, since those regulatory changes only affect funds. Ive also raised the unfair contract charges regs. Lets see what they've got to say.

naedanger

The only response I have had is an acknowledgement along with a copy of their complaints handling process and a statement that they were investigating my complaint.

Nothing further. It seems like they are intent on prolonging the process.

ffacoffipawb

Perhaps I will let them take the £75 because Sippdeal have said they will pay the charge for me if I transfer into my existing much larger SIPPDEAL SIPP.

Even if the fact they are taking it sticks in the throat somewhat.

lejog2003

After posting yesterday about HL delays in transferring my SIPP, I have much better news.

The funds in my ISA, which I'm transferring to Cavendish in cash, have been sold so the ISA presumably will be transferred shortly, a mere 7 days after Cavendish received my transfer request. Oddly enough HL accepted my letter advising the transfer of the ISA without sending me a form to fill out.

Also Alliance Trust who I'm transferring my SIPP to are still quoting around 4 weeks for the transfer, depending on HL. This is an in-specie transfer since I didn't want to pay Vanguard a £800 dilution levy.

armageden

Phoned & e-mailed the FOS yesterday regarding my complaint about the adverse affect of HL's new charging regime on my Passive Funds & their no-waiver transfer fees.
Although I did not use the FOS complaints form, I have already recieved a reply stating the FOS are looking into my complaint & will reply within 6 weeks.
My e-mail was quite detailed & raised points about HL's inconsistant use of fee capping across their product range amongst other issues.
Lets hope the avalanche complaints the FOS are surely recieving, will amount to something.

naedanger

armageden wrote: »

Phoned & e-mailed the FOS yesterday regarding my complaint about the adverse affect of HL's new charging regime on my Passive Funds & their no-waiver transfer fees.
Although I did not use the FOS complaints form, I have already recieved a reply stating the FOS are looking into my complaint & will reply within 6 weeks.
My e-mail was quite detailed & raised points about HL's inconsistant use of fee capping across their product range amongst other issues.
Lets hope the avalanche complaints the FOS are surely recieving, will amount to something.

Did FOS say whether they had received many complaints regarding HL's charges already?

Also did you have a final response from HL, and if not is there a risk FOS will just reply to say you need to allow HL further time to respond? I would like to take my complaint to FOS now but feel I cannot as HL have not yet given me a final response.

lejog2003

Having reread the FOS site, it does say you can contact them for help during the eight week period.

1. complain to your bank, insurance company or finance firm

It's important that you complain first to the business you're unhappy with – and give them a chance to look into your problem. They have eight weeks to do this. We can help by contacting the business for you, and telling them about your complaint.
<phone or email them>

2. ask us to look at your complaint

If you're not happy with how the business has dealt with your complaint, you can ask us to look into it for you. You will need to fill in our complaint form.

So not an official complaint resulting in adjudication at this stage, but they will contact HL for you

armageden

naedanger, you have made some good points, but I still think it was a useful exercise.
The FOS man was careful as to what he said, but very helpful. I still got the distinct impression he was well aware of the nature of my complaint.

naedanger

armageden wrote: »

naedanger, you have made some good points, but I still think it was a useful exercise.
The FOS man was careful as to what he said, but very helpful. I still got the distinct impression he was well aware of the nature of my complaint.

Thanks for the reply and to lejog2003. If HL do not reply in the next few days I will follow suit and send my complaint to FOS. Based on what you and lejog2003 have said this seems quite appropriate, especially because there seems to be no good reason for HL's delay.

agombar

I've been following this thread for a while trying to decide what to do. Yesterday I finally got around to composing my complaint letter to HL (mainly cobbled together from all of the great ideas on this thread - many thanks!) and received this reply almost immediately....

COMPLAINT - Unilateral Increase in Charges

Dear Mr ***

Thank you for your e-mail.

Whilst we are satisfied that we are not obliged to waive our exit fees, you obviously feel very strongly on the subject. With this in mind we would be happy as a gesture to waive the exit fees on your account should you elect to transfer out within 1 month of the date of this email.

I hope this is of assistance, if you have any further queries please contact us on 0117 900 9000.

Kind regards

***** ****
Investment Helpdesk Manager
Hargreaves Lansdown | One College Square South | Anchor Road|
Bristol | BS1 5HL. Tel: 0117 900 9000

Have they had a change of heart? This certainly wasn't the reply that I was expecting. Anybody else received anything similar?

Happy to post my original email here if anybody is interested, but I suspect that I was just lucky with my timing and they've finally succumbed to the pressure.