Leaving HL without transfer charges

blizeH

Thank you, I think I may give that a try I'm mostly just kicking myself for not paying the £25 though, then at least I'd have a strong case of claiming it back too.

naedanger

blizeH wrote: »

Thank you, I think I may give that a try I'm mostly just kicking myself for not paying the £25 though, then at least I'd have a strong case of claiming it back too.

Thinking about it a bit more I think you have a reasonable chance - maybe 50/50 - and a very, very high chance of getting at least £25.

The point I did not make is that you genuinely would have moved to cash because you thought that was likely to be the least costly way of moving.

Of course, if ultimately, you repurchase for less than you sold then you will not be able to claim for anything from HL (but nor will you have made any loss).

naedanger

An interested article in Financial News - "Hargreaves Lansdown faces its biggest challenge". (Should appear on a google search.)

Peter Hargreaves: “You can always tell when you are dealing with a great business, as they will try to hammer you into the ground.”

Rollinghome

Good article, thanks. Shades of Jack Cohen, never give a sucker an even break.

Amusing that Hargeaves accuses fund managers of being over-paid when a quick glance at any one of their cheaper competitors shows their own staggering greed. Posing as the champion of investors by driving down fund costs looks like the purest hypocrisy when then that's not their intention at all.

Quite the reverse, to try to prevent fund managers cutting fund prices for competitors they threatened that if they dared they'd demand still lower for themselves. Their only interest is in making their own fees look less exorbitant and that new Wealth 150 list could become even more motley.

And surely they could take a photo of Hargreaves that doesn't have him grinning like "The Very Fat Man Who Waters the Workers' Beer".

Sparky47

naedanger wrote: »

An interested article in Financial News - "Hargreaves Lansdown faces its biggest challenge". (Should appear on a google search.)

Peter Hargreaves: “You can always tell when you are dealing with a great business, as they will try to hammer you into the ground.”

Heres the link
http://www.efinancialnews.com/story/2014-02-10/hargreaves-lansdown-faces-its-biggest-challenge?ea9c8a2de0ee111045601ab04d673622

masonic

blizeH wrote: »

Thank you, I think I may give that a try I'm mostly just kicking myself for not paying the £25 though, then at least I'd have a strong case of claiming it back too.

You can argue it the same way, more or less. You took steps to avoid the fee because you were not given a free exit and have suffered a loss as a result. You should have been given a free exit.

IIRC, this was the situation Snowman was in after leaving HL when the £2 platform fees were introduced and the FOS ruled in his favour.

ffacoffipawb

Well, my cash transfer from my HL SIPP arrived in my Youinvest SIPP today.

They don't appear to have deducted the £75 fee as promised.

Let's hope I invest the proceeds wisely.

Less than two weeks to transfer out. Perhaps HL aren't losing as many clients as I thought.

gadgetmind

ffacoffipawb wrote: »

Perhaps HL aren't losing as many clients as I thought.

They claimed to have 96% of their clients being happy sheep queueing up for slaughter. I'm sure the final figure will be lower but some sheeple seem to happy to be bled dry.

badger09

gadgetmind wrote: »

They claimed to have 96% of their clients being happy sheep queueing up for slaughter. I'm sure the final figure will be lower but some sheeple seem to happy to be bled dry.

Well I've finally decided I'm not going to be one of them

Tomorrow morning I'm going to:
Open iWeb ISA
Complete xfer form for in specie xfer
Top up HL ISA in case xfer takes more than 7 weeks
Consider letter to HL re changes to charges, exit fees etc

I'm sure HL will be devastated to lose my tiny ISA but I calculate I'll save between £100 & £200 next year alone (depending whether I xfer in cash ISAs)

Gaffy

Am I right in thinking that it would be cheaper to close a redundant HL Vantage account now rather than 2nd June when it will cost £30, or if it was left open with £0.00 would there be a yearly admin fee?