Leaving HL without transfer charges

darren72

Speaking of which... The website https://www.trustnetdirect.com no longer seems to work .... ?

chineplate

Thanks for all the help here. Received the standard letter today offering free transfer from 1st March once I'd had the opportunity to see the new funds' charging structure. However, the secure message that I received later in the day stated that I could transfer free of charge if I initiated the transfer before 31st Mar. So guess what, ISA transfer to Halifax started today.

jamesd

trustnetdirect.co.uk works and is registered to Financial Express (Holdings) Ltd, the owner of the brand. It's returning an empty page bar a little javascript but it's there. I didn't find an owner for the .com in whois but the site address that doesn't work is being supplied b the nameserver ns2.financialexpress.net and that is also one of their sites.

vectistim

I've printed out the forms for Cavendish

darren72

jamesd wrote: »

trustnetdirect.co.uk works and is registered to Financial Express (Holdings) Ltd, the owner of the brand. It's returning an empty page bar a little javascript but it's there. I didn't find an owner for the .com in whois but the site address that doesn't work is being supplied b the nameserver ns2.financialexpress.net and that is also one of their sites.

I vaguely remember their being a 'Coming Soon' page on the Trustnet Direct website.. - Must have gone..

gterr

Just for interest, last week I received the standard letter agreeing to waive my transfer-out fees (for transfers in specie). However, HL did not address in the letter the second part of my complaint, which was about the imposition of the new charging structure (0.45% platform fee) whilst my transfers were pending, so I complained again.


I've had a letter today apologising for failing to address this second issue, and confirming that they will NOT start charging the new fees if my transfers haven't completed before the new charging structure starts. That's a success, and I have no outstanding issues with HL.


I would advise anyone in the same position to keep at it until HL agree to both parts: waiving exit fees and delaying the start of the new platform charges for those transferring out.

hyposmurf

My charges with H&L will likely be lower than they are currently and I only have a small number of investments, I want to move to another provider than H&L, as the new provider will be cheaper, have less additional charges that HL are adding and I have less faith in H&L than before. I was going to transfer my pension to them, but their new charging structure now means it wouldn't be financially viable.

I could exit by transferring but the charges would be ridiculously high, considering my small pot.

I could transfer out in cash, but that would mean I'd have the costs involved with buying/selling.I also have shares that I want to just hold.I could possibly loose whilst out of the market.

Is it worth me going down the complaint route?

naedanger

hyposmurf wrote: »

My charges with H&L will likely be lower than they are currently and I only have a small number of investments, I want to move to another provider than H&L, as the new provider will be cheaper, have less additional charges that HL are adding and I have less faith in H&L than before. I was going to transfer my pension to them, but their new charging structure now means it wouldn't be financially viable.

I could exit by transferring but the charges would be ridiculously high, considering my small pot.

I could transfer out in cash, but that would mean I'd have the costs involved with buying/selling.I also have shares that I want to just hold.I could possibly loose whilst out of the market.

Is it worth me going down the complaint route?

You have nothing to lose by complaining and in my view have a legitimate complaint in respect of:
1) the increased exit charges that will apply in future
2) the new charges that apply in respect of certain corporate actions and could potentially apply in the event of your death
3) the new charge for half yearly paper statements (assuming you had not gone paperless already)

The above three items are unilateral charge increases and if they are not acceptable to you then you should ask for your exit charges to be waived.

(I would not complain about the fact that they are more expensive than other providers or that you have less faith in them now. If you do include these items in your complaint you need to say why these facts support your claim for their exit charges to be waived.)

Remember to mark your email "OFFICIAL COMPLAINT" and insist that they either agree to waive the exit charges or agree that you can take your complaint to the FOS.

naedanger

Article in the Telegraph regarding ISAs:

http://www.telegraph.co.uk/finance/personalfinance/investing/10639076/Time-for-an-end-to-fund-shop-exit-fees.html

A spokesman [for the FCA] said: “We are discussing concerns with the industry that certain terms and conditions in contracts such as high exit charges could deter consumers from transferring their investments and hinder competition.”

riccaricca

Having read all this thread I'd like to thank you all for information and template letter. I will send my email of Complaint in to H&L in the morning.

I have 15 funds in HL Vantage stocks & Shares ISA, Plus 227 Royal Mail Shares. The funds are worth approx £71,000.

2 of these funds, “First State Global Emerging Mkt Leaders (Acc)” and “Liontrust Special Situation (Inc)” I put £100 in each fund per month that HL buys units.

I also have 2 funds in “ HL Vantage Fund & ShareAccount”. These are not ISA’s.

These 2 funds are worth approx £23,000.

So in total I have £94,000 invested with HL.

If I have to pay the new exit fees on each of these funds it’s going to be a costly affair.

Also the new charge for half yearly paper statements.

Will it make any difference that I haven’t decided who I'm going to transfer to yet?