Leaving HL without transfer charges

badger09

I opened an account with iWeb on 12 February and started the transfer of my ISA from HL. iWeb acknowledged transfer request on 17 February. Letter 25 February from iWeb saying transfer underway.

I made my complaint to HL via secure message on 15 February. No email/message response & I was out of the country 19 February - 9 March.

Letter from HL dated 19 February 'in your case however..... gesture of goodwill.... waive our transfer fees for any request received within 1 month of this letter'. Complaints handling bumph included.

Letter dated 21 February with transfer checklist & transfer form, which contained reference to transfer charges (which I deleted & mentioned waiver) returned 11 March.

I'll update when transfer completed, though obviously some of the delay is down to my absence, enjoying myself in Bangkok, Hong Kong & Dubai :T

badger09

westy22 wrote: »

I think that is Chanson d'Amour, badger!

Indeed it is

xylophone

enjoying myself in Bangkok, Hong Kong & Dubai

You have run off with your first love's money.....:rotfl:

badger09

xylophone wrote: »

You have run off with your first love's money.....:rotfl:

Nah. Spending my son's inheritance

Though I did pay for his hotel in Bangkok so he could join us for a long weekend. Seemed only fair as we then stayed with him for 10 days in Hong Kong :T

planteria

i have posted transfer forms off too III, but am hoping that HLs 'exit fees waived' letter is en route.

hennerz

I'd like to move my ISA from HL but leave my SIPP.

They are saying there would be "a charge of £25 per line of stock for an in specie (stock) transfer" after I asked to waive the exit charge and they said no.

I currently have money in VG FTSE tracker and Standard Life GARs. However I don't think iWeb offer the SL GARs fund, so I will sell that before transferring?

Should I go ahead and send a complaint even though I wish to leave my SIPP with HL?

grey_gym_sock

i don't see that leaving your SIPP with HL undermines your case for having the exit fees waived on your ISA transfer. the point is that, if the terms of the contract are materially changed to your disadvantage, you should have the right to a free exit. whether you then exercise that right is up to you.

naedanger

hennerz wrote: »

Should I go ahead and send a complaint even though I wish to leave my SIPP with HL?

Yes. Make sure to make clear that it is a formal complaint e.g. include the line "Please treat this communication as a formal complaint."

There is no reason why they should not waive exit charges on one account just because you wish to leave another one with them. They need to offer you the opportunity to leave without exit charges. However you don't need to take them up on that offer e.g. in respect of your SIPP account.

naedanger

Hargreaves Lansdown: 'Our exit charges will only change when others get their act together'

http://www.whatinvestment.co.uk/financial-news/banking-and-savings/2457007/hargreaves-lansdown-and39our-exit-charges-will-only-change-when-others-get-their-act-togetherand39.thtml

So its other providers' fault since they don't have the technology to make it easier. Except that most in fact do "... as I say we have the technology, and in fairness, most of the other platforms do ..."

It's a pity the article did not cover the point that customers should be given the opportunity to exit free of charge following any charge increases by the platform provider. And that customers who have formally complained when this has not happened have had their charges waived.

masonic

naedanger wrote: »

Hargreaves Lansdown: 'Our exit charges will only change when others get their act together'

http://www.whatinvestment.co.uk/financial-news/banking-and-savings/2457007/hargreaves-lansdown-and39our-exit-charges-will-only-change-when-others-get-their-act-togetherand39.thtml

No explanation of why it is so costly and takes so long to re-register holdings, other than...

For example, if we are processing the exit of one fund from our platform, we have to go to the fund group in question to get them to re-register the holding on to the new platform.

So how could that cost £25 per holding and take 8+ weeks to complete?

Excuse my ignorance, but it seems like that would involve printing a form detailing the identity of the fund, the number of units, the details of the new broker and a reference for the transfer, then getting it signed off and posted to the fund house. If HL can't produce the paperwork in a few mouse clicks, then their technology can't be as advanced as they like to boast. The only real work is for a signatory or two, who could probably check over the form and sign it within a minute or so per holding.