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Leaving HL without transfer charges
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It does beg the question what the hell are the FCA doing.. if I was being cynical I'd suggest they're afraid of biting the hand that feeds them.
It strikes me that HL are very good at PR and are not afraid to respond robustly to regulators. I wonder if that is having any influence on the FCA's lack of action.0 -
That perhaps incorrectly assumes the FCA are on top of the situation.
Past experience suggests, while wearing their old costume, that they're probably so far up their own backsides they haven't a clue what's going on.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
I'm going to check the charges for moving 2 x ISAs and 1 x SIPP from HL but almost certainly go ahead anyway. What I now won't be doing is making a fuss about IT charges in our unwrapped as they have now been retracted so this can stay put.
I just need to decide whether to complain about the other charges.
HmmmI am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
What about the new and retrospective account closure charge they'll make when you sell all your unwrapped ITs? Not that you'd want to make a fuss...gadgetmind wrote: »I just need to decide whether to complain about the other charges.
Hmmm0 -
But I now don't need to sell/move our unwrapped ITs. Or did I miss something?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
You'll hold them with HL forever more?gadgetmind wrote: »But I now don't need to sell/move our unwrapped ITs. Or did I miss something?0 -
Rollinghome wrote: »You'll hold them with HL forever more?
I'll start flogging them down at some point after retirement to keep funding ISAs (and for money to take to Oddbins and Waitrose) but it'll take 18 years to shift the lot.
A small one-off closure charge in over two decades' time doesn't get me too heated.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »I'll start flogging them down at some point after retirement to keep funding ISAs (and for money to take to Oddbins and Waitrose) but it'll take 18 years to shift the lot.
A small one-off closure charge in over two decades' time doesn't get me too heated.
Knowing the way HL operate, the charge may not be small by then0 -
True, but the cost of moving to certificates is pretty large and I now don't have any leverage to get HL to pay for this.
Note that I have 35+ equity holdings held unwrapped.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: ».. I now don't have any leverage to get HL to pay for this..
I think you do. They are increasing your charges e.g. for paper statements, for probate valuations (which hopefully you will never need but you never know), future account closure charge, charge for certain corporate actions etc.
As a result you should be free to exit at no cost (according to FCA and OFT guidance). If you wish to exit to paper certificates then HL should waive their usual charges for this.
If you complain, ultimately to FOS, I think you have a very good chance of winning (although nothing is guaranteed).0
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