Leaving HL without transfer charges

zagfles

bossymoo wrote: »

Hmm. What sort of size investment will they be looking to retain?

For an idea see https://forums.moneysavingexpert.com/discussion/4889890

yatinsardana

I've been informed that HL have posted a letter to my home address agreeing to waive the charges provided I transfer by the 28th April. I'll post the exact wordings when I see the letter myself. Strange they didn't reply to my secure message and chose to post letter instead.

So yeah, I think I'm just going to wait out another week for the new year to start and make an account with II and initiate the transfer process. I don't know why I'm waiting until then, I suppose I can make an account with them right now and transfer right, as long as I don't put any new money into my II account before the new year?

Also I don't know if everyone gets a deadline in their final offer as to when HL want you to transfer by. In case they don't then maybe HL are thinking that after 28th April they'll start saying no to majority of complaints quoting it's too late now to waive fee? I don't know.

Thank you all for your help throughout this process ! Now I'll join the queue for the bumpy ride that you're all in with transferring stocks and funds from HL to II!

masonic

I think they have given everyone one month to get the transfer underway.

I wouldn't wait if I were you. The transfer will take long enough as it is and there is nothing stopping you opening an ISA at II and not funding it.

yatinsardana

Yeah I think I was just getting apprehensive for no reason really about opening up another isa in the year.
Good, so I'll open it tomorrow and get going! Thanks!!

naedanger

yatinsardana wrote: »

I've been informed that HL have posted a letter to my home address agreeing to waive the charges provided I transfer by the 28th April. I'll post the exact wordings when I see the letter myself. Strange they didn't reply to my secure message and chose to post letter instead.

So yeah, I think I'm just going to wait out another week for the new year to start and make an account with II and initiate the transfer process. I don't know why I'm waiting until then, I suppose I can make an account with them right now and transfer right, as long as I don't put any new money into my II account before the new year?

Also I don't know if everyone gets a deadline in their final offer as to when HL want you to transfer by. In case they don't then maybe HL are thinking that after 28th April they'll start saying no to majority of complaints quoting it's too late now to waive fee? I don't know.

Thank you all for your help throughout this process ! Now I'll join the queue for the bumpy ride that you're all in with transferring stocks and funds from HL to II!

Yes, as masonic has said everyone seems to be getting one month to get their transfer to HL. (The transfer does not need to be completed by then but it needs to reach HL within the month.)

I agree it is best not waiting since it is better to get confirmation from HL well before the month is up.

The one thing I would add is if there are any trades you want to do this tax year then do them before the move. Also if you need to rearrange any investments e.g. because you have funds the new platform does not accept then I would do those trades before starting the process.

Finally I do not believe HL will have a deadline for new claimants of 28th April. (They would not get away with that because there will still be customers who don't know their charges are increasing because HL's letter was so lacking in key, client specific information.) However they only need to give customers an opportunity to exit freely, and one month should be sufficient for most people.

yatinsardana

naedanger wrote: »

Yes, as masonic has said everyone seems to be getting one month to get their transfer to HL. (The transfer does not need to be completed by then but it needs to reach HL within the month.)

I agree it is best not waiting since it is better to get confirmation from HL well before the month is up.

The one thing I would add is if there are any trades you want to do this tax year then do them before the move. Also if you need to rearrange any investments e.g. because you have funds the new platform does not accept then I would do those trades before starting the process.

Finally I do not believe HL will have a deadline for new claimants of 28th April. (They would not get away with that because there will still be customers who don't know their charges are increasing because HL's letter was so lacking in key, client specific information.) However they only need to give customers an opportunity to exit freely, and one month should be sufficient for most people.

Thanks, this is what I'm essentially thinking:

1) Withdraw the cash that I have lying around in HL account and put it into II in the new year. I won't be close to reaching the 15K limit so it should be ok.

2) shuffle around with my investments like you said before my transfer request gets to HL. The only thing I wanted to know was, will I be able to buy and sell shares (not funds) during the time the transfer is in process? Surely I can't be frozen from my isa account for the 8 or whatever number of weeks it takes to transfer?

naedanger

yatinsardana wrote: »

Thanks, this is what I'm essentially thinking:

1) Withdraw the cash that I have lying around in HL account and put it into II in the new year. I won't be close to reaching the 15K limit so it should be ok.

2) shuffle around with my investments like you said before my transfer request gets to HL. The only thing I wanted to know was, will I be able to buy and sell shares (not funds) during the time the transfer is in process? Surely I can't be frozen from my isa account for the 8 or whatever number of weeks it takes to transfer?

1) OK

2) You won't be prevented from dealing (other than possibly a day or two while money/stock is between accounts). But I think it may delay the process if part way through you start buying new stocks, since they will also need transferred. Could you sell on HL and buy on the new account (if you have cash in the new account)? I think this may be better since you are not buying new assets under the old account.

Please note these answers are not based on experience, just reasoning, which may be flawed.

Hopefully someone more knowledgement can give a definitive answer.

masonic

yatinsardana wrote: »

2) shuffle around with my investments like you said before my transfer request gets to HL. The only thing I wanted to know was, will I be able to buy and sell shares (not funds) during the time the transfer is in process? Surely I can't be frozen from my isa account for the 8 or whatever number of weeks it takes to transfer?

In theory the shares should transfer more quickly than the funds. Some people have continued trading while there transfer has been in progress, but this could lead to strange things happening during the transfer. I think I've seen a couple of instances where holdings that have been traded recently have not transferred properly (i.e. wrong number of units have shown up in the new platform) - but that was in relation to funds.

yatinsardana

At present I only have shares, I'll be adding funds once I've made the move to II.
I definitely don't want to be adding to any potential confusion when making the move. I think I almost certainly will not buy anything until I'm fully transferred. I probably won't need to sell either - but that one obviously depends on my holdings and how they're doing.

naedanger, I agree with your thinking. If I were to buy something, it'll be on II.

Thanks naedanger and masonic

funinvestor_2

I'm also in the process of transferring my SIPP and ISA from HL to ii and it looks as though I'm still free to trade, although I'm holding off in case it complicates matters. Anything new will go into my ii accounts (although for the ISA not until 6th April to avoid paying into two separate ISAs in the same tax year).


Looks like others have been given until end of April to transfer free of charge. They gave me a deadline of 31st March, which I thought I would meet, having had confirmation that ii have contacted them and confirmed my wish to leave by secure message, but they have posted me a transfer request form for the SIPP, which arrived only yesterday (Saturday) so will not get back to them until Tuesday at the earliest... I'm hoping this isn't sleight of hand on their part, but will obviously pursue the matter via the FOS if they attempt to reinstate the exit fees.