Leaving HL without transfer charges

masonic

tightfisteddave wrote: »

Just a quick question to anyone who might know. Has anyone launched an official complaint re charges but then only closed one of their accounts with HL? Is there likely to be a problem if I only decide to move the S&S ISA rather than both?

The question has been asked before, so I don't think you're alone in wanting to do this.

The standard offer is of the form "...we would be happy as a gesture of goodwill, to waive our transfer charges, for any transfer request received within 1 month...", so there is no specific requirement to transfer all of your sub-accounts and it would be unfair to penalise someone for failing to do so.

tightfisteddave

thanks masonic.

haven't quite decided where to stick the SIPP yet so i'll try the complaint route on the S&S ISA and update on here when I get their answer.

mikebeaches

Hargreaves Lansdown are the biggest faller in the FTSE 100 just at the moment - shares down 5.82%. Wonder why that could be?

Rollinghome

mikebeaches wrote: »

Hargreaves Lansdown are the biggest faller in the FTSE 100 just at the moment - shares down 5.82%. Wonder why that could be?

As they take a percentage of portfolio values their profits are heavily geared to the markets which are currently very twitchy. Everyone knows there has to be a correction but no one knows when or by how much.

They will obviously be concerned about the current animosity towards them especially as that sort of feeling tends to ripple outward. How much of a factor in their longer-term profitability that will be might depend on how good the competition is.

gadgetmind

Rollinghome wrote: »

They will obviously be concerned about the current animosity towards them

I haven't sensed any such concern and they seem to be more arrogant than anything else.

Rollinghome

gadgetmind wrote: »

I haven't sensed any such concern and they seem to be more arrogant than anything else.

Still with huge holdings in HL, Mr H and Mr L will be concerned as will Mr Gorham with his £6 million or so worth and no doubt far more in options - at least until he can off-load them.

Their concern for the share price is less likely to extend to being a personal concern for their clients.

tightfisteddave

No response from HL re my first complaint on 10-Apr. Suppose its only been one working day but they have normally responded straight away when I've contacted them before.

Submitted another complaint for my 2nd transfer today. Transfer of S&S ISA with 10 funds. Would cost £280 (10x25 plus £30 a/c close) to transfer under their naff exit charges policy.

So two transfers on the go with two complaints to waive exit charges.

10-Apr. Transfer 1. Complaint to HL awaiting response
13-Apr. Transfer 2. Complaint to HL awaiting response

Jerry2014

My partner and I have also sent secure messages to HL complaining about the new exit charges (cash transfer, account closure etc) asking to leave now without penalty. Messages sent on 10th April, still no reply.

In today's post came the letter they must be sending to all clients, also dated 10th April, thanking us for our custom during the last tax year. It goes on to ask if we have feedback. Yes, we do. Answer our complaint - now.

I can only assume from all the coverage everywhere HL have a lot of unhappy customers, especially those with higher value holdings over £100,000 who would be better off on almost any other platform.

We plan to go to II which will cost us £80 a year instead of over £900 with HL. At least if we go before June 2nd we'll avoid the new extra charges. We'll complain to the Ombudsman if they don't waive the exit fees.

Doctor_Who

Jerry2014 wrote: »

In today's post came the letter they must be sending to all clients, also dated 10th April, thanking us for our custom during the last tax year.

I have also received this letter and I initiated ISA and SIPP transfers a couple of months ago.....ISA transfer completed recently. Not sure why they are bothering wasting money on me, they must realise they aren't getting my custom "in the next tax year".

le_loup

Aw, now you're being cynical. It was just meant as a big thank you.
I'd have preferred a postal order from them but nevertheless I shall be keeping the letter as a memento, together with my valuable collection of freepost envelopes.
Happy days.