Leaving HL without transfer charges

armageden

Doctor_Who wrote: »

Has anyone who initiated an in-specie transfer out of HL completed the transfer process, and if so how long did it take? My own experience is that very little has happened in 6 weeks, and my suspicion is that a lot of transfers will take considerably longer than 8 weeks!

I think you have a point, we have initiated transfers to to AJ Bell & II, both platforms have indicated to us that HL are snowed under with transfers each time we have progress checked the process.
All HL say is that the transfers will be completed shortly, but our delay time scale is similar to yours.

atypical

"The chief executive of Hargreaves Lansdown has said the group is considering cutting charges later this year following a surge of activity across the platform sector ... “We will look at all charges as we want to be competitive,” he said. “There are one or two areas in particular we are interested in, and our charges are not locked in.”"

http://www.investmentweek.co.uk/investment-week/news/2335583/hargreaves-lansdown-eyes-further-price-cuts-this-year

More people leaving than they expected perhaps.

naedanger

atypical wrote: »

"The chief executive of Hargreaves Lansdown has said the group is considering cutting charges later this year following a surge of activity across the platform sector ... “We will look at all charges as we want to be competitive,” he said. “There are one or two areas in particular we are interested in, and our charges are not locked in.”"

http://www.investmentweek.co.uk/investment-week/news/2335583/hargreaves-lansdown-eyes-further-price-cuts-this-year

More people leaving than they expected perhaps.

Very interesting. As you say maybe more people leaving than they anticipated. Other possibilities:

Pressure being applied by FCA over exit charges. For example see:
http://www.ifaonline.co.uk/ifaonline/news/2331851/fca-calls-for-further-progress-on-platform-re-registration

Another possibility is to encourage people to stop leaving now, then either make no, or very limited changes.

I think when we see the revised terms we may have a good idea of the real reason. If they cut ongoing charges then it is likely to be because of competitive pressures (too many leaving or too few new customers). If it is a significant cut to exit fees I suspect it will be in response to FCA pressure. If there is no real change then I would suspect it had been a cynical ploy.

tightfisteddave

First time poster motivated to join up to voice discontent with HL charges and SPIN.

Have been a customer for 4-5 years and currently have approx. 50k with HL. About 27k in SIPP (15 holdings) and 23k in ISA (10 holdings).

Thanks to the great info on this forum and checking out the links I feel much better informed about the various platform charges. However I'm really annoyed with the pricing and stance that HL have taken. I think the 0.45% is too high and as investments grow over the years with new money and hopefully growth then the pricing does not look competitive.

The exit charges really have me scratching my head for the best thing to do. Because my pots are quite small the 0.45% is not TOO much at the moment and the potential exit fees (if I didn't battle for rebate) feel like a barrier.

One things for certain whichever way the pricing pans out I will be looking to move out of HL at some stage on principle.

£Nash£

Hmm, I was within an hour of starting a SIPP with HL but decided to look at this forum for information on Best SIPPs. I am having doubts about HL now. Does anyone have any advice for me?

dutchism1958

masonic wrote: »

I went ahead and got HL to refund me later, but it is up to you whether you are happy to outlay that cash. The III incentive has been extended once, so I wouldn't be surprised if it were extended again.

I spoke to iii yesterday after opening accounts and they confirmed the incentive would be ongoing for the foreseeable future and in his opinion into 2015.

yatinsardana

Thanks, I'm going to play the waiting game for a few weeks I think. Firstly, I'm still waiting for HL to acknowledge my message - if they don't in the next 2 days, I'll write to them asking to do so.

Then obviously depending on their response I'll decide when to make the transfer. I'm getting quite eager to just make a move and settle down in my new home i.e. III !

I wanted to start investing in some funds soon but now I don't want to add any holdings with HL before I move.

OldDIYer

Doctor_Who wrote: »

Has anyone who initiated an in-specie transfer out of HL completed the transfer process, and if so how long did it take? My own experience is that very little has happened in 6 weeks, and my suspicion is that a lot of transfers will take considerably longer than 8 weeks!

I'm interested too. I'm only 3 weeks into transfer from HL to II & HL are waiting for II to 'accept the transfer' before proceeding - whatever that means!

I don't like the drawn out process as I like to ditch/switch under-performing holdings & I know that will delay things further.

yatinsardana

trevbrierley wrote: »

I'm interested too. I'm only 3 weeks into transfer from HL to II & HL are waiting for II to 'accept the transfer' before proceeding - whatever that means!

I don't like the drawn out process as I like to ditch/switch under-performing holdings & I know that will delay things further.

I obviously may be wrong but when I spoke to the II person about transferring, he said that no matter how long it takes, almost up until the last day or two, your broker for those holdings will be HL and you can buy or sell shares in that time.
Although I appreciate your concerns about buying/selling shares in the interim period, I would ring II or HL to check if you can do so without it affecting the transfer process (I suspect it won't affect it as 6-8 weeks is an unreasonable amount of time to not be able to undertake any transactions)

The reason I don't want to buy shares is that I don't want to add more holdings in case I end up having to pay for the transfers.

OldDIYer

£Nash£ wrote: »

Hmm, I was within an hour of starting a SIPP with HL but decided to look at this forum for information on Best SIPPs. I am having doubts about HL now. Does anyone have any advice for me?

Try this thread: https://forums.moneysavingexpert.com/discussion/4929925

Similar question asked - answers will bring you back to right places in this thread which is quite long now!