Leaving HL without transfer charges

naedanger

fozzeh wrote: »

Effectively, 80% of the time, it is that easy.
The other 20% of the time can take a while (see post 482 on here which I did).

Realistically;
- you send a form (1 to 5 working days via RM)
- HL receive form and add it to the bottom of a pile (1 to 10 working days, generally 2 or 3)
- Evaluating portfolio and contacting counterparty (1-2 days usually)
- Agreeing dates to transfer ‘quick’ stocks (usually set a day or two ahead, with a few days settlement (so 4-6 working days))
- If ended; check, close, confirm (2 working days).

So you’re on 2 weeks generally if it runs smooth with easily transferrable stocks.

If you add UT’s into it; AML check, receiving parties account status, fund size, KIID checks, funds restrictions, class conversion, share class transfer conversions, restricted dealings (some funds can only be transferred once per quarter), etc…it’s a bane. Sending things to and from a UTM can add another 3 weeks in easily if they have backlogs. More so if you’re dealing with Barclays I find.

And, with that remaining 20% which do take some time…imagine one company wanting all the business…and everything going through them.

Whilst some may take a few minutes to do, some can take a lot more time and can lead to big delays.

Thanks for the insight. However it does not really excuse transfers taking up to 8 weeks. If the process is as antiquated as you describe then it needs significant improvement.

One method for doing that would be if the regulator set minimum standards and companies had to pay penalties if they took longer.

In your explanation you say "HL receive form and add it to the bottom of a pile (1 to 10 working days, generally 2 or 3)" If a provider leaves a request in a pile for more than two days, far less 10 days, then the customer should be compensated for this needless delay. Until there are sanctions for bad service companies have little incentive to improve their current processes for dealing with business that is transferring away from them.

innovate

Got confirmation today that 'as a gesture of goodwill' they will waive transfer charges if they receive any transfer request for my accounts within 1 month of their letter.

The rest of their letter is devoted to explaining that they were forced to introducing their new charging structure but did not have any obligation to allow people to exit free of charge.

Their goodwill gesture follows my formal complaint by internal message, which, to their credit, they processed literally immediately.

Many thanks to the folks on here who kept encouraging formal complaints. They do work.

masonic

fozzeh wrote: »

Effectively, 80% of the time, it is that easy.
The other 20% of the time can take a while (see post 482 on here which I did).
<snip>
So you’re on 2 weeks generally if it runs smooth with easily transferrable stocks.
<snip>
Sending things to and from a UTM can add another 3 weeks in easily if they have backlogs. More so if you’re dealing with Barclays I find.

The trouble is, nobody has confirmed their (in specie) transfer is complete yet and there are quite a few who are transferring. Mine has been going on for almost 8 weeks and shows no sign of progress yet. I got in quite early (transfer request sent in a few days after the charges were announced) so others are probably going to suffer even slower transfers, especially with fund conversion requests starting to roll into the UTMs from April.

armageden

Spoke to A.J Bell today to see how my ISA/SIPP transfer-in request is proceeding. A.J said that HL are currently swamped with transfers, so transfers are taking longer than usual.
In my humble opinion HL may now be regretting their response to the RDR.

Mattygroves2

Letter arrived today waiving exit charges and offering me less than .45% charges. This part of the process has been efficient as the complaint was sent by secure message last week. Almost enough to tempt me to stay but not quite. Time to do a bit of rebalancing for free and then get the transfer forms done.

paddytt

Mattygroves2 wrote: »

Letter arrived today waiving exit charges and offering me less than .45% charges. This part of the process has been efficient as the complaint was sent by secure message last week. Almost enough to tempt me to stay but not quite. Time to do a bit of rebalancing for free and then get the transfer forms done.

Same here, the offered 0.25% - but I came to the same decision as you. If it wasn't for iii's one-fee-per-family scheme, I would probably have stayed with HL. I have to say, HL have dealt with the process very well and surprisingly quickly all things considered.


With iii's cashback scheme, we will probably come out with a profit for moving - what a result!
:beer:


regards

paddy

vectistim

I sent my transfer form off 19 Feb, all that's happened so far is that one fund has been cash and that cash transferred (presumably for some reason that fund couldn't be in specied), the cash that was sitting in there (a couple of thousand as I topped up before initiating things to make sure this year's ISA allowance was fully used) is still just sitting there.

gowgowuk

armageden wrote: »

Spoke to A.J Bell today to see how my ISA/SIPP transfer-in request is proceeding. A.J said that HL are currently swamped with transfers, so transfers are taking longer than usual.
In my humble opinion HL may now be regretting their response to the RDR.

Mmmm. I start to worry that I've initiate the transfer too late, with only 2 weeks until the end of the transfer fee-free offer. I hope iii is not swamped with transfer-in requests and will act quickly to send the transfer form to H&L!

vectistim

gowgowuk wrote: »

Mmmm. I start to worry that I've initiate the transfer too late, with only 2 weeks until the end of the transfer fee-free offer. I hope iii is not swamped with transfer-in requests and will act quickly to send the transfer form to H&L!

I sent H&L a message letting them know that a transfer had been initiated, just to ward off any such complications.

naedanger

gowgowuk wrote: »

Mmmm. I start to worry that I've initiate the transfer too late, with only 2 weeks until the end of the transfer fee-free offer. I hope iii is not swamped with transfer-in requests and will act quickly to send the transfer form to H&L!

Why not send HL a secure message requesting the transfer e.g.

"I am writing to request that you transfer my accounts to III. I have also written to III and I understand from them that they will contact you in due course."

Then print it out and keep it as evidence that you complied with HL's stipulation that they had to receive the transfer request within one month. (You need to print it as you will lose access to their system once the transfer completes.)

If HL need any other information more quickly they can write to you or III.