Leaving HL without transfer charges

masonic

le_loup wrote: »

Gis a link mate.

It's in Hyposmurf's post above: http://monevator.com/compare-uk-cheapest-online-brokers/
(scroll right down to bottom)

kfsimpson

Thanks liquidityftw and all other posters. What a nightmare! I'll certainly be very careful not to allow HL to buy any more of their potentially excusive fund classes. Will still continue with the consolidation into fewer different funds held to maximise use of CGT allowance, but I think I will leave some allowance in case I need to sell the few new superclean 'HL wealth 150+' units already acquired.
Don't really want to leave HL, as the service over nearly twenty years has always been superb, but can't ignore nearly £1000 pa. If they would only reduce their charges I'd stay.

liquidityftw wrote: »

sorry kfsimpson if i have caused confusion - it is complex and the devil is indeed in the detail.

gavvy

Am Very frustrated with HL.

Got the letter off them on Feb 14 offering to wave exit fees, sent transfer forms off to cavendish who sent them to fidelity, who in turn sent them to HL on the 26th Feb.

On March 12 I contacted HL online to confirm receipt on the 13th they replied they had not!

So contacted Fidelity who in turn contacted HL who told them they HAD received the forms, that was on the 14th..... Have still not heard anything from HL regarding the transfer.

What should I do now- Sent another Email to HL to say thinks for giving me incorrect info and get a move on???

dutchism1958

A big thanks to all who have kept this thread going and their input into drafting the letters and responses to H-L.I got my letter today waiving fees following my letter 5 days ago and have opened accounts with iii to transfer across on Monday.One question i have....I have about £70 sitting in the accounts as cash,should I buy stock with this(assuming HL don't try to charge me fees)or can i ask them to transfer this across together with the S&S ISA funds in specie?.Many thanks in advance for any advice.

le_loup

The cash will transfer as cash. You don't have to ask.

masonic

gavvy wrote: »

What should I do now- Sent another Email to HL to say thinks for giving me incorrect info and get a move on???

I'm quite surprised HL doesn't seem to be writing to people any more to tell them they have started processing their transfer. HL's famous customer service has taken a bit of a nose-dive recently as has been noted by others (and not just in relation to transfers).

Now that you know HL has all the relevant paperwork there is nothing you can do that will speed things up. I'd speculate this is the largest mass transfer out in HL's history and they don't seem to have prepared very well. Those of us who got in our transfer requests back in January are still waiting now, so I wouldn't set your own expectations too high.

dutchism1958

le_loup wrote: »

The cash will transfer as cash. You don't have to ask.

many thanks le loup!:)

utockin2me

masonic wrote: »

This one?


Wow! That's incompetent. Presumably they will be able to correct that mistake and the ISA status of the money will not be lost, but that would be very distressing.

Your presumption may be wrong. According to HRMC rules, once an ISA is cashed in, or allowance not used, it cannot be reinstated or `back applied`.
I had an instance some 10 years ago with two (wife`s and mine) full amount S&S ISA applications being sent by us and received (recorded delivery) by my then platform in early March, in good time before the April deadline.
When I realised, a couple of weeks later, that our cheques had not been banked, I contacted the platform to ask why. After searching they found them, with others, in a sack of unopened mail in a back office, by then too late for the intended year`s allowance.
Eventually after much to-ing and fro-ing with platform, HMRC and other `advisors` we received £1000 as compensation, but absolutely no chance for that year`s ISA input. Really wanted the ISAs though.
Few months later I bought a device from a Mr Dell, joined the modern world and changed platform. As always, sometimes merde happens, but lessons are learned!
I hope, and no doubt you do, that Kevin comes up smelling of roses.

naedanger

utockin2me wrote: »

Your presumption may be wrong. According to HRMC rules, once an ISA is cashed in, or allowance not used, it cannot be reinstated or `back applied`.
I had an instance some 10 years ago with two (wife`s and mine) full amount S&S ISA applications being sent by us and received (recorded delivery) by my then platform in early March, in good time before the April deadline.
When I realised, a couple of weeks later, that our cheques had not been banked, I contacted the platform to ask why. After searching they found them, with others, in a sack of unopened mail in a back office, by then too late for the intended year`s allowance.
Eventually after much to-ing and fro-ing with platform, HMRC and other `advisors` we received £1000 as compensation, but absolutely no chance for that year`s ISA input. Really wanted the ISAs though.
Few months later I bought a device from a Mr Dell, joined the modern world and changed platform. As always, sometimes merde happens, but lessons are learned!
I hope, and no doubt you do, that Kevin comes up smelling of roses.

Interesting but the case where HL paid out money from an ISA without an instruction from the client seems different to me. In that case I would have thought the "transaction" would be invalid and not recognised by HMRC as having taken place. However I don't know.

le_loup

I believe that if a provider makes such a mistake, it can be corrected.