Leaving HL without transfer charges

bigadaj

Surprised that there isn't the sounds of corks popping on the boards with hl share price today, down 10%, which might in itself provoke some modification of their approach.

SnowMan

bigadaj wrote: »

Surprised that there isn't the sounds of corks popping on the boards with hl share price today, down 10%, which might in itself provoke some modification of their approach.

I'm just waiting for Grey Gym Sock to start a thread titled

We lost everything gambling on HL shares:(

gadgetmind

naedanger wrote: »

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.

Well, I guess it's worth a go.

simonfitba

Where you jumping ship to Gadget? I reckon it's iii for me and the wife.

jamesd

bigadaj wrote: »

Surprised that there isn't the sounds of corks popping on the boards with hl share price today, down 10%, which might in itself provoke some modification of their approach.

This really isn't about being happy about bad things for HL, it's about HL treating customers fairly. Yes, the share price move may help - or hinder - but TCF is really the underlying issue set.

jamesd

Why decide on iii now, with more announcements still pending? If you've some reason to rush, no problem to do it now, but otherwise it's better to wait a while.

bigadaj

jamesd wrote: »

This really isn't about being happy about bad things for HL, it's about HL treating customers fairly. Yes, the share price move may help - or hinder - but TCF is really the underlying issue set.

No, it a wasn't a very serious comment but seemed to sum up a view of hl held by many, I'm not with hl so have no experience.

It could of course be considered karma, or more sensibly a market reaction to the way they are handling their business.

The statistics you quoted earlier were interesting in terms of assets under management, and also the relatively low median level of holdings by investor. I just wonder whether as these change seem to hit more experienced investors, probably with larger holdings, there might be relatively high asset outflows which would then be need to be replaced by an extremely large number of starter investors?

The suggestion is that their margin would be slightly lower after these changes than before now they can't receive the kickbacks from fund managers so maybe this combination is being anticipated in the share price, as profits will be a lower percentage of a smaller number.

itm2

I'm also planning to quit HL (probably for iii), and am surprised that HL haven't taken the opportunity to price alot of their competitors out of the market. In these situations the bigger players are often in the best position to compete on price, as they already have a large customer base so presumably have much lower costs per customer. Unless they've grown fat and are having problems managing an excessive cost base, that is.

In view of the £25-per-stock-line exit fees (I have > 30 funds between my ISA, SIPP and Fund&Share account) I've decided to cash in most of them and transfer as cash. For this reason I'll probably "sell in May", in the hope of mitigating the effects of being out of the market for a few weeks.

armageden

My much requested HL complaints response letter arrived in the post this morning & HL have agreed to to waive my transfer charges.HL accepted that as a large proportion of my funds are passive, I would be particularly badly affected by the new charging regime.
I may well have got some of the transfer fees refunded by my new provider, however I felt there was a principle to be upheld here.This is a considerable U-turn in the tone of HL's previous secure message responses, (not sure if my initial communications with the FOS was a game changer ).
I know others have had their transfer fees waived, hopefully the pressur is telling.
Just required to commence transfer process within a month which has already happened.

afwone

armageden wrote: »

My much requested HL complaints response letter arrived in the post this morning & HL have agreed to to waive my transfer charges.HL accepted that as a large proportion of my funds are passive, I would be particularly badly affected by the new charging regime.
I may well have got some of the transfer fees refunded by my new provider, however I felt there was a principle to be upheld here.This is a considerable U-turn in the tone of HL's previous secure message responses, (not sure if my initial communications with the FOS was a game changer ).
I know others have had their transfer fees waived, hopefully the pressur is telling.
Just required to commence transfer process within a month which has already happened.

An important victory! I hope that my own letter to this effect is on the way.


Seems that HL are still hoping to avoid opening the floodgates and don't want to waive exit fees for everyone. The plan seems to be to restrict this to a few of the more persistent complainers.