Leaving HL without transfer charges

naedanger

lejog2003 wrote: »

Yet another thought, are they meeting the new rules by offering 0.2% to one customer, but still charging other customers the full 0.45%? Is it true that they have to charge a customer the same for all categories of funds, but can charge different customers different charges?

I may be wrong but I don't think there is any rule specifically against them charging different customers different prices. (So long as each customer's charges are made clear to them.)

If so there was no regulatory reason for my new charges, since they could have continued charging me £6 a month for my 3 trackers (I only held 3 trackers in my SIPP).

I think they possibly could, but they would then have needed to charge you at this rate for all funds which they may not have wished to do.

masonic

Like others, I've had a response to my complaint. Unlike others, I'll let HL have its confidentiality over the details of the offer, but I won't be filling out the FSCS complaint form I downloaded a couple of weeks ago.

My transfer is now well underway, so all this talk of reduced fees won't be much use to me, but I'm rather surprised to see people are able to haggle! It just goes to show how much of that fee is profit.

darren72

I like the idea of haggling - What is the best deal anyone has got ?

ffacoffipawb

gadgetmind wrote: »

So much for transparency and a level playing field!

Indeed, not TCF (just TSCF where S = some).


As a result I have now put in a complaint to the Ombudsman about this exit charge.

lejog2003

naedanger wrote: »

I think they possibly could, but they would then have needed to charge you at this rate for all funds which they may not have wished to do.

Which makes it a commercial reason for the change, not a change enforced by regulation.

juliamarsh

ffacoffipawb wrote: »

Indeed, not TCF (just TSCF where S = some).


As a result I have now put in a complaint to the Ombudsman about this exit charge.

Even though HL gave you a final response, it might be worth going back to them and having one last try at getting them to reconsider their decision, in view of the fact that you now have concrete evidence that they have treated other customers differently by waiving charges. In view of this, you will have a very strong case with the ombudsman but it takes SO LONG (can be well over a year) that although you should get a positive response eventually it would be much less hassle for you if HL would agree to waive your charges now. I have not had my final response letter yet so I have my fingers and toes crossed!!

ffacoffipawb

masonic wrote: »

Like others, I've had a response to my complaint. Unlike others, I'll let HL have its confidentiality over the details of the offer, but I won't be filling out the FSCS complaint form I downloaded a couple of weeks ago.

My transfer is now well underway, so all this talk of reduced fees won't be much use to me, but I'm rather surprised to see people are able to haggle! It just goes to show how much of that fee is profit.

HL are a complete shambles. Glad to be moving my SIPP to join its bigger brother at A J Bell.

darren72

Are you going to AJ Bell directly, or through one of the cheaper companies they manage SIPP's for (ie, iweb, Halifax) ?

juliamarsh

gadgetmind wrote: »

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.

You should have a look at SVS Securities for shares and ITs. They charge no fees other than £5.75 per trade. I have moved quite a few shares and ITs to them and have found them to be excellent.

ffacoffipawb

juliamarsh wrote: »

Even though HL gave you a final response, it might be worth going back to them and having one last try at getting them to reconsider their decision, in view of the fact that you now have concrete evidence that they have treated other customers differently by waiving charges. In view of this, you will have a very strong case with the ombudsman but it takes SO LONG (can be well over a year) that although you should get a positive response eventually it would be much less hassle for you if HL would agree to waive your charges now. I have not had my final response letter yet so I have my fingers and toes crossed!!

They had plenty of time and opportunity to reconsider, but turned me down. So I sent them the following ...


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In view of the arrogance and contempt my complaint regarding an unfair exit charge has received from yourselves, and the way you are waiving other people's charges and not mine and offering others a lower fee to remain with yourselves (interesting information courtesy of the MSE Forums and as a result I have spoken to the Financial Ombudsman about your unfair penalty charge and I have completed their form as a result of your 'final response'.

I believe that by denying me a free exit your unilateral increase in charges is both unfair and contrary to FSA and OFT guidance. For example section 12.4 of the OFT's “Guidance for the Unfair Terms in Consumer Contracts Regulations 1999” published in September 2008 highlights that a valid reason for varying a contract, such as a regulatory change, is NOT sufficient for a price change to be fair. Consumers must also be given the chance to cancel freely. You are giving some customers a free exit, but you have refused to offer me the same opportunity.


=====================================


The lady at the ombudsman's office who I spoke to a few minutes ago was very helpful and took down the relevant details and she gave me a reference to put in to my form which I will be posting tonight. I have printed off the secure messages and also some of the posts here showing that HL are waiving some people's charges but not others.