Leaving HL without transfer charges

le_loup

gterr wrote: »

le loup: Have you got your money back yet?

Not yet. Will chase again on Monday.

highet

like others here sent secure email to HL on sunday complaining of hike in fees/breech of contract etc etc and asking to leave free of charge - again, like others, got letter today offering reduction in charges to 0.25% across my isa,fund acc and sipp if i stayed (complained on wifes behalf and she got same letter today) - now have to decide whether to stay or go although tempted now to stay as cant see savings being big enough to justify the upheaval???

Imnoexpert_2

I'm beginning to feel insulted by HL now. Although I got the standard letter offering a free transfer out I didn't get the offer of fee reductions to 0.25. I have what I consider a lot of dish with them- over 100k.

I think now I should have another go at them and try to get their best offer before I decide to leave them. I don't bear them any ill will or personal animosity like some. They have made a commercial decision attempting to maximise profit and I'm doing the same in trying to minimise cost.

But then I'm imnoexpert.

Doctor_Who

I didn't get the 0.25% offer either, but even if I had I would still have moved elsewhere.....for me 0.25% is still 4-5 times more than some of the competition.

dutchism1958

I understand 20% of HL investors will be worse off with the new charges.My understanding is this is more applicable for those with 100K + invested as is the waiving of exit fees from H-L?.I am looking for new pastures to invest our money like many here.My wife and i have a total of 50K in 2 separate Vantage S&S ISA's,one with 2 funds and the other with 17 funds(I am looking to reduce this number drastically!).
Am i right in saying that there is no fee for closing these accounts before June and transferring out the funds into cash to avoid the £25 fee per holding,which would save us £500 approx?.
Not sure if I have understood this correctly,so any confirmation greatly received.I am planning to move the lot to another platform as a single fund.Thanks.

masonic

dutchism1958 wrote: »

Am i right in saying that there is no fee for closing these accounts before June and transferring out the funds into cash to avoid the £25 fee per holding,which would save us £500 approx?.
Not sure if I have understood this correctly,so any confirmation greatly received.I am planning to move the lot to another platform as a single fund.Thanks.

You are correct in the above statements. Condensing the 17 funds would probably be a good idea, but HL should waive the cost of moving a reasonable number in specie.

gterr

le_loup wrote: »

Not yet. Will chase again on Monday.

Husband and I got a secure message each today saying errors have been rectified and all the money is back in the relevant accounts. I have checked and this is so. Not sure if my post yesterday asking the HL spies to intervene did any good, but either way I'm happy now.

armageden

HL dicussed on Radio 4 Moneybox tomorrow !.

dutchism1958

masonic wrote: »

You are correct in the above statements. Condensing the 17 funds would probably be a good idea, but HL should waive the cost of moving a reasonable number in specie.

Thanks Masonic,much appreciated!.Does any one have an opinion regarding my other point of 20% of HL customers being worse off with the new charges, but more especially those with larger investments of 100K +?. We have 50K of investments in 2 Vantage S&S ISA's with 19 funds due to be condensed into 12 and when I look at other providers costs the difference seems relatively small?.
Thanks in advance.

grey_gym_sock

it is not generally larger investors in funds per se who will be worse off than before with HL, because the commissions which HL used to be paid with were the same percentage for any holding size (except for the lack of rebates on individual holdings under £1000), and the new charges are also a flat percentage (0.45%) - until you go over £250k per account, which few do.

it's the bigger passive investors in funds who are the most obvious losers. since their charges have changed from £24 per year per holding to 0.45% per year. which is a price cut for individual holdings under £5333, but a rise for bigger holdings - and some ppl have individual holdings of £50k or more!

OTOH, it is the case that bigger investors in funds have more to gain by moving away from HL. because there are other platforms with fixed, or at least capped, annual charges.