Leaving HL without transfer charges

masonic

Rollinghome wrote: »

There currently aren't any fees for transferring out in cash: the new fees for closing accounts and for cash transfers aren't to be imposed until 2 June. To agree to waive any charges for transfers out but only mean where there aren't any charges anyway would be a tad too misleading even for Hargreaves Lansdown. I hope.

That's true for their ISA and fund & share account, but there is an exit fee for SIPPs even if you transfer in cash.

I paid their in specie transfer fee ahead of getting an answer to my complaint, so my contentment with its outcome should speak volumes...

naedanger

Paulo104 wrote: »

Hi
I just received my letter this morning saying they will waive exit charges from 1st march once I have had a chance to see their new charges and they are done within one month.
What I am concerned about is that I set the ball rolling last week to transfer my SIPP , ISA and share account to ATS where I already have accounts and they are likely to make the transfer before the end of this month so will HL still waive the charges if it happens before 1st March?
I am sure many others are also in this situation ?

Just write back and say you have seen enough to their new charges to know that you find them unacceptable. Therefore you have already started the transfer process and require them to refund all your exit fees and any of the new charges that are levied before the transfer is completed. Ask them to either confirm that they will do so or alternatively confirm that you can take your complaint to FOS.

Head your communication "OFFICIAL COMPLAINT" and ask for all replies to be in writing.

They will almost certainly agree to waive your the charges. (Many people started their transfers before hearing from HL and have since had HL agree to refund their exit fees.)

In the very unlikely event they don't agree then post back.

masonic

Paulo104 wrote: »

Hi
I just received my letter this morning saying they will waive exit charges from 1st march once I have had a chance to see their new charges and they are done within one month.
What I am concerned about is that I set the ball rolling last week to transfer my SIPP , ISA and share account to ATS where I already have accounts and they are likely to make the transfer before the end of this month so will HL still waive the charges if it happens before 1st March?
I am sure many others are also in this situation ?

The shortest estimate I've seen for how long it will take to transfer in specie is 6-8 weeks, but I've also seen comments that it could take significantly longer.

So have you already paid the fees associated with transferring? It sounds like your offer is contingent on you waiting until March?

smoulder

I make monthly contributions to a LifeStrategy fund inside my SIPP at HL. I've worked out that the cheapest place for me to hold my SIPP will be with BestInvest.

Tax relief of 20% shows up in my account about 10 weeks after each monthly contribution. How does the timing of this tax relief credit affect a transfer? Do I need to cease my monthly contribution and wait 10 weeks to make sure that I don't miss out on any of these credits?

I need to make further contributions this tax year to maximize higher rate tax relief, so I can't cease payments at this time. Are my only options:

A) to delay the transfer to next tax year?
to run SIPPs with both HL and BI at the same time paying both platform fees until all tax relief has been received?

westy22

smoulder wrote: »

I make monthly contributions to a LifeStrategy fund inside my SIPP at HL. I've worked out that the cheapest place for me to hold my SIPP will be with BestInvest.

Tax relief of 20% shows up in my account about 10 weeks after each monthly contribution. How does the timing of this tax relief credit affect a transfer? Do I need to cease my monthly contribution and wait 10 weeks to make sure that I don't miss out on any of these credits?

I need to make further contributions this tax year to maximize higher rate tax relief, so I can't cease payments at this time. Are my only options:

A) to delay the transfer to next tax year?
to run SIPPs with both HL and BI at the same time paying both platform fees until all tax relief has been received?

You can transfer whenever you like - HL will continue to receive tax contributions and any dividends due on your investments for several months after you have left. They will then transfer this cash over to your new platform once they are happy that all monies due have been received.

smj

I sent the template complaint via secure message and got the standard letter over the weekend, offering a free transfer within a month for my SIPP. iii next for me I think.

Thanks for the help.

thesaver79

I've received the standard letter as well. Time to move my Vanguard Lifestyle funds elsewhere.

Is everybody going to Charles Stanley?

andy013

iweb is cheaper than Charles Stanley if you don't trade as often.

darren72

I just can't decide between Interactive Investor (iii) and I-Web....

Imnoexpert_2

After much lurking on the thread I have now posted my objection to the price changes to HL and plan to move whatever the response.

Thanks to all contributors and especially those who helped develop the standard letter - I hope it works for me.

At present I favour II as it is cheapest for me and seems to do the job. I am a Trustnet fan though and am eagerly waiting their launch in case they have tweaked the offering.

I suspect that before long HL and others will modify their offerings and this will become an ongoing saga and just as we change our car insurer, energy supplier, phone company and savings accounts periodically we will be doing the same for our 'platforms'.