Leaving HL without transfer charges

naedanger

Not news to most people here but interesting to see the special deals that HL is offering have made the financial press.

http://www.moneymarketing.co.uk/2006816.article

organic_wanabe

What Investment have just published a piece on the scandal of exit fees entitled "Hargreaves Lansdown et al need to make ISA transfers easier and cheaper". I'll try to post the link but it might not work!

http://www.whatinvestment.co.uk/comment-and-analysis/2454442/hargreaves-lansdown-et-al-need-to-make-isa-transfers-easier-and-cheaper.thtml

lejog2003

gadgetmind wrote: »

Err, what? It looks to me like they aren't even bothering to read complaints (with "COMPLAINT" in bold in the title!) and are instead just sending out boiler plate responses.

I've kept away from this thread for a couple of days but HL's shambolic responses still keep coming. I told them that it was no use including boilerplate text saying that if I disagreed with the response I could complain to the FOS, when I couldn't complain as they hadn't said it was their final response.

I also said I would consider my complaint closed if they wrote to me consolidating the two offers they made separately (waiving exit fees, refunding new charges levied before transfer) into one final written reply.

All I got in response was more gibberish by email.

virgin11

Sent in a complaint 2 days ago, have had no answer yet, what is the usual time they take to respond.Thanks

thesaver79

virgin11 wrote: »

Sent in a complaint 2 days ago, have had no answer yet, what is the usual time they take to respond.Thanks

They'll probably never reply via secure message and just send you the standard letter they've been sending to everyone else.

josephjago

Received my reply and offer via secure message after about 5 days, but there seems to be little consistency in how, and in what way, complaints are being dealt with.

ss53

Took 2 days via Secure Message for hem to agree to waive exit charges and keep me on existing charges post March if the transfer is still ongoing.

Mat_P

Took them a week but standard 'goodwill' waiving fees for transfer.
(thats on 'full fat' managed ISA funds none of those tricksy trackers I've been cross subsiding for years )

fozzeh

Just a note; not getting much response from HL with regards to the actual processing of the transfer out. Got 3 pending for over a week at the minute and getting no where.

If you are in the process of leaving HL, ask for their SLA on completion for Normal Business Procedure and whether the expect to stick to it.

With being stupidly busy, I can imagine that it may take a bit longer than normal...more so if you have some crazy OEIC's!

("In the trade", so to speak, not an actual customer).

SlapShot

As a new user, can I just offer my thanks to those giving such great advice here - my complaint has been submitted and I look forward to consolidating my accounts with Charles Stanley Direct.

I also have one small observation, in that HL have shot themselves in the foot by forcing people to complain rather than blanket waiving the exit fees for everyone for a period. Not only are they increasing their admin workload, but they're also both stoking up discontent and also making it easy for people to pre-commit to moving. In that, it's easier to cut-and-paste a complaint and send it via secure message, than it is to actually setup a new account and effect a transfer. Once you've stated an intent to transfer (via the complaint) you're more inclined to follow through with it. Very bad business judgement IMO, something that has characterised this whole new charging fiasco and that has transformed HL from being the good guys (which they once were) to definite baddies!