Leaving HL without transfer charges

bossymoo

Have any of you been charged by HL? My letter states if they receive my transfer request within 1 month of their letter they will not apply the new charging structure.

I have confirmation from ii they are transferring but HL have applied the first quarterly charge! Assuming they have not acknowledged the transfer but when they do will I get my money back?

I've had nothing from HL and I think I should be expecting a "sure you wanna leave?" Letter?

Doctor_Who

bossymoo wrote: »

Have any of you been charged by HL?

No "new" management fees charged for my ISA and SIPP.....I can see from a linked account (staying with HL for the moment) that they were taken on the 4/4/2014, but no fees taken from my accounts. Obviously I am still paying fees but under the old, very opaque structure!

Sparky47

bossymoo wrote: »

Have any of you been charged by HL? My letter states if they receive my transfer request within 1 month of their letter they will not apply the new charging structure.

I have confirmation from ii they are transferring but HL have applied the first quarterly charge! Assuming they have not acknowledged the transfer but when they do will I get my money back?

I've had nothing from HL and I think I should be expecting a "sure you wanna leave?" Letter?

I have not been charged any fees so far.

I didn't get a letter asking if I was sure I wanted to leave, but before my month was up I sent a secure message to HL asking them to confirm they had received my transfer request, which they did.

I would send them a secure message complaining about the charge and they should refund it.

bossymoo

Thank you. I've sent one requesting they confirm the transfer requests and to refund as a matter of urgency.

I'm sure their definition of urgency will be different to mine

OldDIYer

I got the II apology message too - so I chased HL by secure message to see if it helps. The delay seems to be on funds - all the stocks have transferred. 'Only' six weeks so far :mad: (compared to less than two weeks including the Easter bank hols to transfer a cash ISA from PO to II!).

We are being charged fees by HL on two ISAs - but at the 0.25% rate offered if we stayed - but nothing on the Fund/Share a/c. Also being charged the 0.25% on the SIPP/Drawdown that's staying (as couldn't find a cheaper platform for the amount involved). Wonder how long the lower SIPP charge will last. I'll keep quiet for now I think.:o

trevjl

OK, 3 hours later I have finally read all 48 pages. Trouble is I'm still unsure what to do. I a new investor and just having a bit of fun poking around really. I have only been with HL since December and didn't really take too much notice when the charges changes letter arrived originally - I naively believed what it said that most would actually be better off. Not quite sure why I did that as I'm normally quite on the ball in these circumstances. Anyway, only just got round to researching things and not liking what I am reading. I have tried some comparisons and it looks like I will be much worse off, but it is not totally clear to me if I will or not. If the hit is small I am happy to pay a bit more for a good service, which I believe it is, but there are always limits to what service is worth.
I have ISA with 9 funds & 4 share holdings and a F & S account with 2 funds and 1 share, totals are about £30K & £6K
I suppose my questions are
Generally, I don't expect anyone to state categorically


1)Will I be very much poorer staying
2) If so, is it too late to have a pop at getting exits fees waived or at least an offer of a reduced rate as other have done.

ColdIron

Most people will be better off than they were before except for those with trackers. Your funds cost you 0.45% pa while they may have been up to 0.75% before. You shares in the ISA are also 0.45%, they were 0.5% before. This is relative of course as you can get cheaper fees outside HL

naedanger

trevjl wrote: »

OK, 3 hours later I have finally read all 48 pages. Trouble is I'm still unsure what to do. I a new investor and just having a bit of fun poking around really. I have only been with HL since December and didn't really take too much notice when the charges changes letter arrived originally - I naively believed what it said that most would actually be better off. Not quite sure why I did that as I'm normally quite on the ball in these circumstances.

I am not surprised you missed the effect of their new charges as their communication was very one sided and lacked any customer specific information.

Anyway, only just got round to researching things and not liking what I am reading. I have tried some comparisons and it looks like I will be much worse off, but it is not totally clear to me if I will or not. If the hit is small I am happy to pay a bit more for a good service, which I believe it is, but there are always limits to what service is worth.
I have ISA with 9 funds & 4 share holdings and a F & S account with 2 funds and 1 share, totals are about £30K & £6K
I suppose my questions are
Generally, I don't expect anyone to state categorically

1)Will I be very much poorer staying
2) If so, is it too late to have a pop at getting exits fees waived or at least an offer of a reduced rate as other have done.

1) Not sure on point 1. I suspect you will not be much worse off as your holdings are relatively small. However I think others will be better able to advise. It will depend on a number of factors e.g. how much is in funds versus shares, how often you deal, whether you expect the funds to grow significantly over time. In addition I would also consider whether it is sensible staying with a provider that issues such one-sided communications. It is not my idea of good service.
2) It is certainly not too late to get your exit fees waived. But I don't think they will offer you any reduced rates to stay as those offers only seem to be to those with very large funds.

trevjl

By good service I meant I like their website and App - I'm quite easily pleased !! I can see that many have been treated shockingly.
Think I may send the standard 'Formal Complaint' and see what they say.
Quite like the look of II

Totton

trevjl wrote: »

... I can see that many have been treated shockingly. ..

You aren't looking very deeply then, account numbers have risen at HL. In the context of all HL account holders we have only heard from a very small minority. That's not to say they may have a valid issue but simply to also point out that more of us are actually staying with HL than are leaving, hence I doubt the validity of your claim.

Competition in this area of finance should lead to cheaper services for us all, not necessarily better services though.