Leaving HL without transfer charges

Sue_S

It's getting very speedy now. I sent my secure message on Thursday and got the standard letter via snail mail yesterday (Monday) waiving exit charges. Thanks everyone for your help!

planteria

i'm pleased for you Sue S..

i have not had the same luck myself, though.

i sent a message and have received a reply via secure message this morning refusing to waive the exit charges.

"We are sorry to hear that you are considering transferring away from Hargreaves Lansdown. However, we are not required to permit transfers out without charge. Our Terms & Conditions allow us to vary our terms to reflect current or future changes in law, Financial Conduct Authority (FCA) rules or regulations, without providing the option of a free transfer. Our recent changes are the result of a regulatory initiative by the FCA and as such they do not require us to permit free transfers out.

Our transfer-out charges are designed to cover the administrative costs involved in transferring an account to another provider. You will be able to transfer out under our current terms until the 2 June 2014, when our new transfer charges will come into effect.

Presently, our charge for transferring a Vantage Stocks & Shares ISA or a Vantage Fund & Share Account to another provider is £25 per holding. Cash is not counted as a holding; however you may incur a dealing commission on the sale of any investments. For transferring a Vantage SIPP to another UK provider the charge would be £75. For transferring to a non-UK provider, this would be £250.

Please note that from 2 June 2014 there will be a charge of £25 to transfer cash"

was i a little bit too slow, and they have just changed their policy? anyone any ideas about how to respond?

Sparky47

planteria wrote: »

i'm pleased for you Sue S..

i have not had the same luck myself, though.

i sent a message and have received a reply via secure message this morning refusing to waive the exit charges.

"We are sorry to hear that you are considering transferring away from Hargreaves Lansdown. However, we are not required to permit transfers out without charge. Our Terms & Conditions allow us to vary our terms to reflect current or future changes in law, Financial Conduct Authority (FCA) rules or regulations, without providing the option of a free transfer. Our recent changes are the result of a regulatory initiative by the FCA and as such they do not require us to permit free transfers out.

Our transfer-out charges are designed to cover the administrative costs involved in transferring an account to another provider. You will be able to transfer out under our current terms until the 2 June 2014, when our new transfer charges will come into effect.

Presently, our charge for transferring a Vantage Stocks & Shares ISA or a Vantage Fund & Share Account to another provider is £25 per holding. Cash is not counted as a holding; however you may incur a dealing commission on the sale of any investments. For transferring a Vantage SIPP to another UK provider the charge would be £75. For transferring to a non-UK provider, this would be £250.

Please note that from 2 June 2014 there will be a charge of £25 to transfer cash"

was i a little bit too slow, and they have just changed their policy? anyone any ideas about how to respond?

Did you head your message 'Official Complaint'.
If not try another message headed Official Complaint and ask them if it is their final response so that you can refer it to the FOS.

planteria

i didn't.
but it was clear, and along the lines of trevbrierley's suggested message in post 599.

munk

planteria wrote: »

i didn't.
but it was clear, and along the lines of trevbrierley's suggested message in post 599.

Send something like

Subject:FAO Senior Client Services Manager - Official Complaint
Your fee increases are unfair and break our contract (note: claiming that unfairness is exempt due to regulatory changes is against FCA guidance).
As a result I no longer want to stay and I expect you to waive the exit fees.
If you charge any fees on exit, the fees will be pursued via the FOS.

Pad that out a bit, should be fine. If they still disagree then just do as you say above ^: exit, pay the fees, then pursue the fees with the FOS. PITA but you've explained your stance to HL so the FOS should be happy enough that you've given them fair warning.

naedanger

planteria wrote: »

i didn't.
but it was clear, and along the lines of trevbrierley's suggested message in post 599.

It looks like HL are going back to their old ways and only agreeing to waive their fees if you submit an official complaint. (This should not need to be the case, as under FCA rules they should treat all complaints, whether explicitly stated to be complaints or not, the same way. However I also had my first complaint rejected because I did not use the words "official complaint".)

Do not give up. Send the reply that munk has drafted. Don't worry about padding it out. It should do as it is. But I would put the words "official complaint" in bold and underlined.

In the unlikely event they don't agree to waive your exit fees then post back here.

planteria

thanks guys.
i have gone back to them and been told it has been passed on to Client Services, who should be back to me within 5 days.

PITA?

planteria

i Think i have done enough now, but i hope im not left waiting for another negative response, slowing things down:think:

does "I can confirm that I have passed your response onto our Client Services department as a formal complaint. They will deal with your complaint and aim to initially be in contact within 5 working days." sound positive enough?

beniamino

It's interesting that different people are getting different responses. What makes the difference? Both my wife and I have got negative responses to secure messages, and have now submitted 'formal complaints' (the term used by HL; perhaps it should have been 'official'). We haven't heard back yet.

Sue_S

I sent my secure message with OFFICIAL COMPLAINT in the heading (in caps so no mistaking). The body of the letter was copied and pasted, with minor amendments, from post #371 (thanks to naedanger).


This was my first contact with HL, I didn't bother asking just went straight to the complaint and got an incredibly speedy positive response. I sent the message on Thursday 6th, their letter to me is dated 7th.