Leaving HL without transfer charges

gterr

organic_wanabe wrote: »

simonfitba - DH and I are in the same position. Both our letters want us to tick a box which states:

'I wish to proceed with the transfer in stock. I understand there will be a £25 charge, which includes £25 for each stock being transferred plus any outstanding balance on the account.'

Is yours similar?

Our previous letters state '... we would be happy as a gesture of goodwill to waive our transfer charges, for any request received before 31st March 2014. We shall also ensure our new charging structure is not applied to your account while the transfer takes place.'

I will have to phone them to find out exactly what this £25 is for as we feel no charge should be levied as we are leaving because HL have unilaterally increased charges.

I just crossed out the bits about the charges and added "You have agreed to waive all exit charges" and sent back the form. This seems to have worked for my ISA transfer, but if you read my post back up the page you'll see they still charged me for my Fund and Share account transfer, so you need to keep an eye on Transaction History.

ffacoffipawb

gterr wrote: »

I just crossed out the bits about the charges and added "You have agreed to waive all exit charges" and sent back the form. This seems to have worked for my ISA transfer, but if you read my post back up the page you'll see they still charged me for my Fund and Share account transfer, so you need to keep an eye on Transaction History.

My SIPP has gone to A J Bell and the account has disappeared from HL, so how do you see your Transaction history?

organic_wanabe

gterr - how much did they charge as 'Re Reg Fees' (whatever that stands for!)?

westy22

ffacoffipawb wrote: »

My SIPP has gone to A J Bell and the account has disappeared from HL, so how do you see your Transaction history?

You would have needed to have printed off all the history, contract notes etc that you needed from HL before they transferred your funds and closed your account.

lejog2003

westy22 wrote: »

You would have needed to have printed off all the history, contract notes etc that you needed from HL before they transferred your funds and closed your account.

I bit difficult to print off everything including transfer charges if HL don't tell you exactly when the account is to going to be closed. When I transferred my HL ISA they sent me a paper copy of the closing statement with a letter informing me of the transfer.

gterr

organic_wanabe wrote: »

gterr - how much did they charge as 'Re Reg Fees' (whatever that stands for!)?

My Fund and Share account only had two funds in it (I'd simplified it a few weeks ago). I requested transfer out in specie, so the cost should have been £50 if exit fees were charged.
HL took £24.16 from my Fund and Share account and £31.88 from my S&S ISA. This was all the available cash in both accounts. They have since returned £50 to my Fund and Share account. I've complained that they took more than £50 to start with (no idea why) and that I'd like the funds taken from my ISA to be reimbursed in full to that account because of the tax free status. No response to my message sent last Friday. Not impressed.

masonic

lejog2003 wrote: »

When I transferred my HL ISA they sent me a paper copy of the closing statement with a letter informing me of the transfer.

I initiated my transfer on 20th January and I've still had no movement on any of my holdings (which I'm not surprised about). It seems like others' transfers have been moving faster - for those who have already transferred (in specie), out of interest how long did your transfer take?

redbuzzard

Rollinghome wrote: »

Hargreaves Lansdown's presentation to shareholders made clear that they expected to maintain margins by continuing to collect commissions on top of platform fees on unconverted bundled funds - a plan that would seem to largely depend on not making clients aware.

An obvious example are the Ruffer funds where clients with O class funds will continue to pay 1.5% amc but with the 0.45% platform fee on top and HL will then additionally retain all commission they receive without rebating it. The clean version will cost an amc of 1.2% plus the platform fee, net 1.65% and a 0.50% initial fee.

I thought the idea broadly was that HL will now rebate their commission on the 'inclusive' funds, but I am annoyed at the treatment of the Ruffer funds.

I have Ruffer Equity & General - until 1 March, the OCF was 1.56%, with loyalty rebate of 0.15%, net 1.41%

From 1st March, the loyalty rebate has GONE, and the 0.45% charge applies, so the fund is 0.6% more expensive.

The unbundled version is 1.26% OCF +0.45%, so at 1.71% total charges is actually 0.3% dearer than the pre-1st March deal!

I have been through all my funds. With the exception of the trackers and the Ruffers, in general they net out very slightly cheaper.

In some cases, the inclusive fund works out cheaper than the new unbundled class. e.g. Standard Life GARS, where the rebate on the inclusive fund has increased from 0.1% to 0.75%, becomes net 0.2% cheaper. The unbundled version mysteriously has higher "other expenses" at 0.14% vs 0.09%, and nets out slightly more expensive.

I await a phone call from HL on my request for lower fees, but even with the 0.45% reduced to 0.25%, Ruffer E&G fund will still have higher net charges to me.

grey_gym_sock

the idea is that HL will now rebate nearly all their commission on "inclusive" funds, but not always 100% on existing holdings. they have to rebate it all on new purchases (at least from april 6), but are allowed to retain commission on existing holding for another 2 years.

as for why ruffer funds are being treated differently, i have no idea. you could check what commission HL are now getting on the inclusive units (in case it's changed) by going through the process as if you want to buy more inclusive units, and clicking the link which displays the commission.

lejog2003

masonic wrote: »

I initiated my transfer on 20th January and I've still had no movement on any of my holdings (which I'm not surprised about). It seems like others' transfers have been moving faster - for those who have already transferred (in specie), out of interest how long did your transfer take?

I've also seen no movement in my in specie SIPP transfer initiated at the same time as you, my cash ISA transfer went through in about 2 weeks.