Leaving HL without transfer charges

gowgowuk

naedanger wrote: »

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.

Yes, thanks, I think I'll do that for peace of mind. I always assumed that they mean "receive the transfer request *from III* within a month" but they don't really specify....

naedanger

gowgowuk wrote: »

Yes, thanks, I think I'll do that for peace of mind. I always assumed that they mean "receive the transfer request *from III* within a month" but they don't really specify....

I think that would be a bit unreasonable of them since that is outside your control. Provided you can evidence that you acted within their timeframe then I would not expect them to quibble.

xylophone

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

https://forums.moneysavingexpert.com/discussion/comment/65007639#Comment_65007639

I've stopped holding my breath!

le_loup

Haven't we all!

fozzeh

naedanger wrote: »

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.

Trust me, it really needs looking at significantly. One of the things is that all transfers will need a ‘wet’ signature for everything…from either the client of registered signatory. (I think) Even if you do do it electronicly for a UT, it needs about 2 or 3 levels of sign off.

Compensation for delay IS possible…but you have to fight a bit of a battle and prove loss. If you can prove loss, you can also claim for distress.
You will have an estimated time (Service Level Agreement – SLA) which they will ‘aim’ to stick to. They can claim backlogs, factors with the transfer, etc etc. You then have to complain and you can just get the sh*t end of stick which can take up to 8 weeks for final response. If you can prove you have been out of the market significantly and have lost money (so wanted to sell and instruct to sell something at £1, drops to 50p but can’t sell at time of instruction because in-specie transfer is in place), then you can fight that battle (only if you actually intend to sell…can’t claim on what you would have done). Usually you will get hit with a compensation structure of £25 or £50 depending on severity of delay. I’ve had a couple of good results…a couple of bad…but the FOS are always helpful if you get your facts straight.

I agree with the statement but some do take some time for whatever reason (usually, for me, is setting up new accounts with UTMs as we’re only a small firm). I, personally, would get something acknowledged within 1 day and arranged within 1 week. I hate having clutter.

masonic wrote: »

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.

8 weeks is pretty poor. I think HL are buckling…why I don’t know! I had one the other week coming from them…correct instructions in place 18/02/14, everything settled and confirmed 04/03/14…and that included a week delay with a dispute over fees!!!

Have you got onto them asking what the delay is? I would be kicking up a fuss by now. Complaint lodged? I’d ask for a copy of the Terms of Business or SLA’s on transfers!

An example of which, from Barclays is:

We are now processing your request and we will be in regular contact with your other provider to ensure that the transfer is completed at the earliest opportunity. The actual time needed to complete your request will depend on a number of factors, including:

• The time it takes your other provider to respond to our requests
• The type of stocks that are being transferred (i.e. cash 1-2 weeks, equities 4-6 weeks, Funds 10-12 weeks, foreign 10-12 weeks)
• The need for additional documentation required by us or your other provider
• If you have fees outstanding with your other provider (including possible closure/administration fees)

I will tell you here and now; the above is awful! Generally, standard equities take days, cash takes hours, funds can take 4 weeks, foreign take days too! The last 2 can hit snags but they should be explained. Barclays delays are their own problems…it took them 4 weeks to even forward me a letter…and I don’t think you and I would be happy that your funds were being looked after by someone in India!

The problem is quite a few people are moving from the masses to the masses…there is no personal touch. You are a customer and not a client to them. They usually won’t care about you as a person, only the targets set by those above them.

xylophone wrote: »

https://forums.moneysavingexpert.com/discussion/comment/65007639#Comment_65007639

I've stopped holding my breath!

Chin up and follow what is said in the thread, add to your complaint.

badger09

badger09 wrote: »

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

Letter dated 14 March received today from IWeb:
.......I can confirm that we have contacted Hargreaves Lansdown to arrange transfer of your holdings. Unfortunately, they were unable to action our request at this time. We will continue to contact Hargreaves Lansdown until we receive a response to our request'

Is this likely to be because HL hadn't received my signed transfer checklist? I had assumed that the signed request from IWeb would have been sufficient authority for the transfer. That will teach me to make assumptions

gowgowuk

badger09 wrote: »

Letter dated 14 March received today from IWeb:
.......I can confirm that we have contacted Hargreaves Lansdown to arrange transfer of your holdings. Unfortunately, they were unable to action our request at this time. We will continue to contact Hargreaves Lansdown until we receive a response to our request'

Is this likely to be because HL hadn't received my signed transfer checklist? I had assumed that the signed request from IWeb would have been sufficient authority for the transfer. That will teach me to make assumptions

I am confused now... Which signed transfer checklist? I thought that the only step to take to transfer was to fill and send transfer forms to the new provider and that they would take care of everything?

badger09

gowgowuk wrote: »

I am confused now... Which signed transfer checklist? I thought that the only step to take to transfer was to fill and send transfer forms to the new provider and that they would take care of everything?

Yes - so did I!

However, apparently on receipt of a transfer request from the new provider, HL send out a 'transfer checklist' & a letter, which basically asks you to reconsider. If you want to go ahead with the transfer they ask you to return part of their checklist, signed to show you acknowledge the charges & whether you want to transfer in cash or in specie - despite the fact that you've already chosen!

I don't know if this is common practice or just one of HL's processes:(

Sparky47

badger09 wrote: »

Letter dated 14 March received today from IWeb:
.......I can confirm that we have contacted Hargreaves Lansdown to arrange transfer of your holdings. Unfortunately, they were unable to action our request at this time. We will continue to contact Hargreaves Lansdown until we receive a response to our request'

Is this likely to be because HL hadn't received my signed transfer checklist? I had assumed that the signed request from IWeb would have been sufficient authority for the transfer. That will teach me to make assumptions

Is everybody transferring from HL receiving a seperate form from HL to sign ?
I sent my transfer form to II two weeks ago but have heard nothing since.

rpc

Sparky47 wrote: »

Is everybody transferring from HL receiving a seperate form from HL to sign ?

Nope. ATS received my transfer forms about 3 weeks ago, 2 weeks ago they sent me a letter to say they had requested the transfer from HL.

Some time last week, my ITs disappeared from HL and showed on ATS earlier this week. My funds are still with HL.

The only communication I received from HL throughout the entire process was the written response to my request to have exit fees waived. And a copy of Investment Times.