Leaving HL without transfer charges

samcrawford

rpc wrote: »

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.

Identical experience here, except I sent mine in 5 weeks ago. Still no movement on the transfer.

They must be inundated with them!

munk

Sparky47 wrote: »

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

As far as I know that is the case. Presumably it's standard practice with HL - whether or not it's standard practice across the board I don't know? (I would like to know, I did have a quick search for information but couldn't find anything obvious, it's one of those things that's not the easiest to search for because given the search terms you would use, the majority of results returned are usually from ISA provider's websites detailing how you transfer an ISA to them and they omit all the nitty gritty details about how the process actually works.)

Here, I asked above (wasn't actually a hypothetical question but it got lost in the mass of content of this thread, as no doubt will this hah): does anyone know the answer to this?:

munk wrote: »

Is (the practise of a fund platform sending out a transfer form to a customer when they receive a request from the new provider that the customer is transferring to) 'standard' practise for S&S ISAs (investment transfers generally)?

I'm in the same position as you above though Sparky47, as I detailed above here I completed a transfer form which was downloaded from Interactive Investor (iii), signed it with a 'wet' signature and sent it off to iii on 23rd Feb.

Two weeks later on 12th Mar, HL still hadn't sent me out one of their own transfer forms to complete/sign/return, despite me confirming with iii that they HAD sent the transfer forms to HL on 26th Feb (so apparently iii had done their job ok, having processed the form within 1-2 days of having received it). (Note - I'm transferring a relative's investments as well/at the same time as mine, and they DID receive the transfer form from HL OK on 5th Mar.)

I asked iii to please resend the transfer forms again to HL, which they did on ~9th Mar. 10 days later and I still haven't received the transfer forms from HL to sign.

So it's getting a bit ridiculous now, twice iii have sent out the transfer forms to HL and it looks like twice HL haven't received them. It is still only 10 days on the 2nd attempt which given the fact it's near ISA deadline is not that long I suppose, I'm still giving it a while longer but exactly how long that should be I don't know.

I'll probably at least write HL a reply to the response I got to the complaint/request I made about having transfer fees waived. As it is neither of the investments I'm transferring have been received by HL inside the 1 month within which they agreed to waive fees, so by rights they could probably say 'no' to waiving the fees. However, given that the reason for the 1 month deadline having been missed is apparently due to HL not processing the transfer forms inside the 1 month deadline, to my mind it would be unreasonable for them to not agree to waive those fees if/when they eventually do get around to processing the transfer.

Doctor_Who

Sparky47 wrote: »

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.

I received forms from HL for both my ISA and SIPP despite sending signed transfer forms to II. HL also wanted to know how I would like to pay for the transfer fees (I sent back a copy of the secure message they sent waiving my transfer fees). They also included a feedback form..............

xylophone

I received forms from HL for both my ISA and SIPP despite sending signed transfer forms to II. HL also wanted to know how I would like to pay for the transfer fees (I sent back a copy of the secure message they sent waiving my transfer fees). They also included a feedback form..............

Exactly my experience - and the transfer has still not taken place.

fozzeh

On the form; sorry to say it...but it's a HL ball ache!

Their transfer form is pretty poor. From what I have seen (for a transfer in to them), the request to move from existing broker is tiny within the app form (about an inch tall) and they attach this to a covering letter.

Transferring out from them; if you send them a letter from receiving broker, they have to act upon it. Some brokers send out follow ups or questionnaires but if they have a piece of paper with your signature on it, they can not ignore it...can be on plain paper, receiving broker headed paper or toilet paper. That first point of contact is start date...not when they receive a conditional form back. You've already had the T&C's, they've changed them, you want out without an exit fee due to disadvantaging...

They should not be asking you to re-consider or sign to agree new terms or agree to knowledge of the exit charges. In my eyes, they are trying to get people to sign to update/acknowledge their T&C's agreement. They have to include this for it to be fully valid anyway...if they don't, it wouldn't stand up in a complaint for HL's defence. Without reading all of the bumpf and if it did include T&C's, it could make things a little stickier later down the line.

Munk, as for not processing the forms within 1 month; irrelevant. As long as the request was submitted within the time frame, you'll be fine. If iii can back you up on this, then you should be even more ok.

fozzeh

Oh, I will say it is usually best to notify the receiving broker first haha! Whilst they (HL) can approach a broker if they have all of the contact relevant details, it makes the process a lot easier if they know about it and are ready to proceed. Plus, if receiving broker have the form and send it on, they know where they are at and what date things are done, who to chase etc

SnowMan

SnowMan wrote: »

I'm just waiting for Grey Gym Sock to start a thread titled

We lost everything gambling on HL shares:(

Hargreaves Lansdown shares have shot up immediately on the budget announcements. Look at this amazing chart

http://www.bbc.co.uk/news/business/market_data/shares/3/87740/intraday.stm

Looks like Grey Gym Sock will have the last laugh :T:rotfl:

Some insurance company shares have plummeted as their annuity business may be affected.

gowgowuk

naedanger wrote: »

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.

However, I did sent a mail as above and here is their reply:
"Although we have yet to receive the request form Interactive Investor, we have noted that the transfer fees are to be waived if received within the offer period.
I trust that this clarifies the situation".
So, they really only consider the transfer form from III! I have the impression that I'll need to fight for this if III is a bit slow, or if H&L pretend they haven't received the form...

naedanger

gowgowuk wrote: »

However, I did sent a mail as above and here is their reply:
"Although we have yet to receive the request form Interactive Investor, we have noted that the transfer fees are to be waived if received within the offer period.
I trust that this clarifies the situation".
So, they really only consider the transfer form from III! I have the impression that I'll need to fight for this if III is a bit slow, or if H&L pretend they haven't received the form...

I think I would go for a two pronged approach.

First I would ask III to confirm in writing they have issued their transfer form to HL. I would also tell them it is important that they retain evidence that it has been issued as HL will waive charges for you provided they receive the form from HL by [insert relevant date]. I would explain you may need this evidence to pursue a claim against HL if they continue to deny receiving the form. (You may or may not wish to spell out that if they cannot provide this evidence and HL refuse to refund your exit charges you may hold them liable. On balance I would not do this, in case they refuse to take on your business with this condition.)

Then I would write to HL along the following lines:

"I note your response of [date]. It does not clarify matters at all, rather it contradicts your previous offer. Your offer was conditional on receiving my transfer request within one month. I have already given you that request in my previous email. If you wish to renege on your offer make no mistake that I will pursue any exit charges you do not refund with the Financial Ombudsman Service. I have fulfilled my side of the offer by informing both you and my new provider within the one month period. Other aspects of the transfer process are outside my control and it is unreasonable of you now to make your offer conditional on factors I cannot control."

If they deny receiving the form within the one month period and you can evidence that you informed both HL and III (and told III of the deadline) I think that FOS would uphold any complaint against HL. (But I cannot guarantee this as FOS do make some strange decisions.)

However I agree that it is best to try to get III to evidence that they informed HL within the one month period to minimise further hassle.

It is also a bit rich of HL sticking to a one month deadline when they are currently taking so long themselves to process transfers.

naedanger

fozzeh wrote: »

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.

Thanks for the useful information. When I said I could not claim compensation I meant for the delay. If their inefficiency leads to a demonstrable loss then I will make a claim. I cannot really say I have been distressed by any of this, although I have been irritated and inconvenienced. If I do claim for any demonstable loss, I will also add an amount to cover time and effort (although I understand FOS will only agree to very modest claims for this element.)

I have started to write to HL and the receiving platform and from what I have seen the delay seems to be down to HL having left my case in a pile for 3 weeks (although that is not how they have phrased it).

HL implied that they could only start to transfer my funds (unit trusts) after they had transferred my equities. Is this the case?

You will have an estimated time (Service Level Agreement – SLA) which they will ‘aim’ to stick to.

If the transfer does not complete soon then I will start pressing HL on the detail to their first response, and will ask them how their responses compare with their SLAs. They have already taken longer than what they originally quoted for the whole process so it seems they must have failed to meet their SLAs. (I have allowed for the time that they say they were waiting on responses from others.)