Leaving HL without transfer charges

SnowMan

agombar wrote: »

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.

Welcome to the forum. Many thanks for posting this up. A very interesting development indeed.

What specific exit fees are we talking about in your case that they are waiving?

And what argument were you using. Increased costs? Increase in exit fees in the future? Unilateral change to create the regulatory change condition in the first place?

ffacoffipawb

agombar wrote: »

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.

Is that just the £75 SIPP cash transfer charge or are they waiving the per-fund charges as well?


My HL SIPP is cash at the moment (fortuitous market timing but done to save any transfer charges).

lejog2003

There are currently no per fund transfer charges for SIPPs, its a flat £75 fee whatever the method of transfer, at least until June. The £25 per fund fee is for non-SIPP holdings.

While waiving transfer fees is good news, I have just posted a letter to HL stating that since my complaint I have been informed that an in-specie transfer may take 8-10 weeks (until mid April) so the new platform charges will apply for a month or two. I hope they back down on this issue too.

Has anyone else here been informed their transfer may take place after 1st March?

masonic

lejog2003 wrote: »

Has anyone else here been informed their transfer may take place after 1st March?

I got told my transfer would take "a number of weeks", so mine might not be completed by March either. I think it would be rather unreasonable for them to charge a fee on holdings that are in limbo.

Have they actually stated you will be liable for platform fees until the date the transfer is completed?

gterr

I sent a PM to HL asking, specifically, if they intended to levy the new 0.45% charges if my account transfers (already requested) had not been completed by the time the new charges started, or would they waive them, given the circumstances. They replied that the new charges WOULD be levied from 1st March if my transfers had not completed by then.


II say that they anticipate the transfer to them will take between 6 and 8 weeks, and if that is the case I'll be paying HL's new charges in the interim.


I will be sending my second complaint letter to HL this weekend, which will include a longer argument for why I think their transfer charges should be waived, and will ask for their 'final decision' on the matter. I will now include in this complaint the business of charging the new fees when a transfer out is pending.


Perhaps HL will now realise that I, too, 'feel strongly' about their charges, and will do as I ask and waive them. If not, I definitely feel strongly enough to escalate the matter to FOS.

lejog2003

masonic wrote: »

I got told my transfer would take "a number of weeks", so mine might not be completed by March either. I think it would be rather unreasonable for them to charge a fee on holdings that are in limbo.

Have they actually stated you will be liable for platform fees until the date the transfer is completed?

I didn't ask HL that in my initial email, but the start of my complaint letter said:

[FONT=Verdana, sans-serif]In the circumstances, I have two issues which I would like you to address:[/FONT]

• the refusal to waive exit charges.
• the possibility that if there is a delay in transfer that I shall be charged a monthly fee of £110 (up from £6) from 1st March.

Their reply said that my concerns were being treated as a formal complaint, certainly nothing along the lines of don't worry about point 2.

Edit: which is why I've written a further letter saying that point 2 is now virtually certain, not just possible.

masonic

gterr wrote: »

I sent a PM to HL asking, specifically, if they intended to levy the new 0.45% charges if my account transfers (already requested) had not been completed by the time the new charges started, or would they waive them, given the circumstances. They replied that the new charges WOULD be levied from 1st March if my transfers had not completed by then.

II say that they anticipate the transfer to them will take between 6 and 8 weeks, and if that is the case I'll be paying HL's new charges in the interim.

Well it certainly sounds as though it's in HL's best interests to make sure it takes at least that long. I wonder if they'll still be paying loyalty bonuses on the funds when they start applying the new charges.

naedanger

agombar wrote: »

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.

Well done and thanks for the update. (I've not received anything similar.)

I think it would be helpful if you posted your original but anonymised email. That way anyone coming across this thread for the first time can find a template that gets results. I suspect HL will only be offering this gesture to those who they suspect will otherwise take their complaint, with the right arguments, to FOS. Therefore a template could well be very helpful to others.

Stanley_St

agombar wrote: »

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....

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.

Pleased that HL have relented in your case. My response from them was much slowing coming, and the message I got today suggests that they still want to play hardball with me:

We are sorry to hear that you are considering transferring away from Hargreaves Lansdown. However, we are not required to permit transfers out without charge. 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.

Our transfer-out charges are designed to cover the administrative costs involved in transferring an account to another provider. You will be able to transfer out under our current terms until the 2 June 2014, when our new transfer charges will come into effect.

Presently, our charge for transferring a Vantage Stocks & Shares ISA to another provider is £25 per holding. Cash is not counted as a holding; however you may incur a dealing commission on the sale of any investments.

Please note that from 2 June 2014 there will be a charge of £25 to transfer cash.

If you have any further queries please contact us on 0117 900 9000.

So I suppose my next step is to seek clarification that this is their final position.... Would be interested to know what part of a complaint that they respond to.

naedanger

Stanley_St wrote: »

Pleased that HL have relented in your case. My response from them was much slowing coming, and the message I got today suggests that they still want to play hardball with me:



So I suppose my next step is to seek clarification that this is their final position.... Would be interested to know what part of a complaint that they respond to.

Yes, the next step would be to ask them for a final response. I would also mention that this is so you can take your complaint to FOS so that they know you are serious.

Can I ask a couple of questions? Did HL send you a copy of their complaints procedure? And if not, was it obvious from your enquiry that you were dissatisfied that they were going to levy exit charges? I just wonder if HL are failing to alert customers to their complaints procedures.