Leaving HL without transfer charges

Stanley_St

le_loup wrote: »

You should have had a form to complete from H-L a few days after your new provider sent your transfer request to them. Have you been told by your new provider that they have passed on your request? If not, chase fast.
H-L's month was to run from their commitment to you until they received the request from your new provider, not until the transfer was complete.

For what it is worth, my one month period of grace to arrange the transfer has passed now, without my transfer having taken place. I did spend a while weighing up options between iii and iWeb, before plumping for iii a couple of weeks before my month was up.

When I checked with HL that the original offer to waive transfer fees still held, I got an immediate assurance that I would not be charged exit fees with the delay. So perhaps HL are not all bad.

Freefall123

Perhaps the forum moderators could run a survey asking where everyone has gone after leaving HL?

I'm off to III after finding out regular investing into funds was only £1.50 not £10, otherwise it would have been CS.

munk

le_loup wrote: »

You should have had a form to complete from H-L a few days after your new provider sent your transfer request to them. Have you been told by your new provider that they have passed on your request? If not, chase fast.
H-L's month was to run from their commitment to you until they received the request from your new provider, not until the transfer was complete.

I'm about 3 days away from the 1 month mark now and I still haven't had the transfer mandate form from HL to move away to iii, so it is weighing on my mind slightly. However I did initiate the transfer process / send off my transfer forms to iii within days of receiving the original confirmation from HL, and the issue appears to be with HL not having received the transfer request from iii.

I checked with iii and they say they sent the transfer request to HL on 26th Feb, but as yet I've not had the transfer mandate form from HL some 2 weeks later. (Tellingly, I started an identical transfer for another family member on the same day and she got her transfer mandate form from HL on/around the 5th March, a week after iii said they sent out the transfer request to HL... which sounds about 'right'.)

So... I've had to ask iii to send another copy of the transfer request to HL again - which they did a few days ago - so now it's a case of waiting for HL to send out the transfer mandate form. Won't be best pleased if this one goes 'missing' in the post... and it will definitely be over a month from the original 'fee waiving' letter, so just hoping they will honour their agreement.

Under the circumstances I don't think HL should (or would be in their right to) impose the fees since I had started the process within very good time (I have proof that I sent the original transfer forms out within days (recorded delivery), plus iii's 'word' / proof of when they sent the transfer requests to HL which subsequently got 'lost' in the post) and so not waiving the fees on that basis would be unfair to say the least.

To be fair actually I think imposing a 1 month limit is fairly pointless of HL anyway. If they were to impose fees and refused to budge on refunding them, we'd just be back at square one anyway with me threatening to take it to the FOS (which I would do if they continued to refuse to refund the fees). Fair enough they have to impose some limit, but given the arcaneness of the transfer process and the ability for it to go wrong, one month seems a very short amount of time.

It amazes me that the ISA transfer process is still done the way it is though. It seems somewhat pointless sending the transfer form to the new provider, in effect you're having to sign/send two transfer mandates (one to the new provider, and then another one which the old provider sends to you to confirm your transfer again).

Is that 'standard' practise for S&S ISAs? Or is it just something that HL does to give them one last go at persuading you to stay (similar to how MAC codes operate with phone/broadband switching where your current provider insists on you talking to them in person to obtain the MAC code and 'incidentally' giving you the hard sell to try and get you to stay!).

Stanley_St wrote: »

For what it is worth, my one month period of grace to arrange the transfer has passed now, without my transfer having taken place. I did spend a while weighing up options between iii and iWeb, before plumping for iii a couple of weeks before my month was up.

When I checked with HL that the original offer to waive transfer fees still held, I got an immediate assurance that I would not be charged exit fees with the delay. So perhaps HL are not all bad.

That's encouraging news then for me / my situation, hopefully they will be honourable about the 1 month issue.

Robie

I am thinking of moving away from HL as well. I have lots of funds and 2 IT.

But, I also have a monthly savings plan with HL which buys into lots of different funds (between my wife and I). I know I could possibly have less funds but the question is: How much does III or iWeb charge for monthly savings?

I can't find an answer to this anywhere.

Thanks in advance if anyone does have that information.

Robie

C_Mababejive

I am an HL client but unsure whether to move or not. I have an ISA and also a normal account both with funds in them. he total content of either funds does not exceed 50k each..so whats the tipping point ?

Doctor_Who

Robie wrote: »

How much does III or iWeb charge for monthly savings?
Robie

II charge £1.50 per fund for regular savings

Doctor_Who

C_Mababejive wrote: »

I am an HL client but unsure whether to move or not. I have an ISA and also a normal account both with funds in them. he total content of either funds does not exceed 50k each..so whats the tipping point ?

See here http://langcatfinancial.co.uk/2014/03/cut-price-fruit-russian-oligarchs-gary-coleman/ for tables of charges

naedanger

munk wrote: »

To be fair actually I think imposing a 1 month limit is fairly pointless of HL anyway.

The wording of my offer from HL was that I had to start the transfer process within one month, which sounds a reasonable period to me. In that context I don't think the limit is pointless for HL. If someone fails to start the transfer process within the one month period then FOS might rule against them as they were given an opportunity to exit freely but chose not to exercise it.

For the avoidance of doubt:

1. I agree a one month limit to complete the transfer process would be unreasonable and therefore pointless.
2. The one month period should only start from when HL make the offer. I believe that customers who have not yet complained will be able to start their complaint for many months to come.

munk

naedanger wrote: »

The wording of my offer from HL was that I had to start the transfer process within one month, which sounds a reasonable period to me. In that context I don't think the limit is pointless for HL. If someone fails to start the transfer process within the one month period then FOS might rule against them as they were given an opportunity to exit freely but chose not to exercise it.

For the avoidance of doubt:

1. I agree a one month limit to complete the transfer process would be unreasonable and therefore pointless.
2. The one month period should only start from when HL make the offer. I believe that customers who have not yet complained will be able to start their complaint for many months to come.

Yes what you say sounds 'right' or reasonable and you'd hope that would be the spirit within which the letter was sent.

I'll have another look but I'm fairly sure it did say in my letter that they had to receive the transfer request within one month of the letter for them to waive the charges - yes it says: 'we (will) waive our transfer charges, for any transfer request received within 1 month of the date of this letter.".

What you said above is what I think is 'right' - the wording (you would feel) should be 'we will waive any transfer charges for any transfer request initiated within 1 month'. Otherwise it's trivial for them to say 'well we didn't receive your transfer request from your new provider within a month' even if they did - being cynical, they could receive the request on the 1st of the month, but then not acknowledge they received it until the 2nd day of the following month and there would be no way to prove otherwise unless the new provider used some kind of recorded delivery system.

Anyway... probably just being pedantic / worrying about the wording too much and hopefully it will be fine. They could actually have received my transfer request already since iii sent out the transfer forms again 2 days ago - which would be 3 days inside the 1 month mark and I'd have a chance to get it back to them within the month.

naedanger

munk wrote: »

Yes what you say sounds 'right' or reasonable and you'd hope that would be the spirit within which the letter was sent.

I'll have another look but I'm fairly sure it did say in my letter that they had to receive the transfer request within one month of the letter for them to waive the charges - yes it says: 'we (will) waive our transfer charges, for any transfer request received within 1 month of the date of this letter.".

What you said above is what I think is 'right' - the wording (you would feel) should be 'we will waive any transfer charges for any transfer request initiated within 1 month'. Otherwise it's trivial for them to say 'well we didn't receive your transfer request from your new provider within a month' even if they did - being cynical, they could receive the request on the 1st of the month, but then not acknowledge they received it until the 2nd day of the following month and there would be no way to prove otherwise unless the new provider used some kind of recorded delivery system.

Anyway... probably just being pedantic / worrying about the wording too much and hopefully it will be fine. They could actually have received my transfer request already since iii sent out the transfer forms again 2 days ago - which would be 3 days inside the 1 month mark and I'd have a chance to get it back to them within the month.

The wording you have received is probably the same as mine (which I do not have to hand). The point I was making is that they do not expect the transfer to be completed within the month. (Sorry if I misunderstood.)

To be on the safe side I would send them a secure message saying that you are transferring your accounts from them to [new provider]. You understand from [new provider] that they have sent the transfer forms with your instructions to HL. Could you [HL] please confirm you have received this request?

This secure message should itself (together with your correspondence with your new provider) be evidence of a transfer request submitted within the one month deadline.