Leaving HL without transfer charges

naedanger

Totton wrote: »

You aren't looking very deeply then, account numbers have risen at HL.

How many of those who are leaving are currently counted as customers because their transfers have still not been processed? The numbers leaving are not yet known and will probably never be known because they will be offset by new customers.

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, ...

This may all be correct but

hence I doubt the validity of your claim.

I don't think this statement follows. Trevjl did not say a majority of customers had been treated shockingly. A small minority of customers may still be "many". And not all customers who have been treated badly may chose to leave, other factors are likely to come in to play.

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

Hopefully competition will lead to both cheaper and better. However for competition to work effectively I believe it needs to be fair, which is why I believe the regulators have a job to do.

Mattygroves2

Transfers out may be getting quicker.

I started the transfer from HL to Trustnet Direct on 25th March and things are starting to happen with most of my funds now having disappeared from the HL site.

Still got the last 5 funds I bought (but done before transfer request went in) and my shares in both ISA and trading account to move though. Nothing yet appeared the other end but I was warned that would be the case.

masonic

Mattygroves2 wrote: »

Transfers out may be getting quicker.

<snip>

Nothing yet appeared the other end but I was warned that would be the case.

That sounds a lot like HL is now just removing the funds from your account without waiting for confirmation the transfer has been done. Most of mine turned up at the other end *before* they disappeared from HL.

Mattygroves2

masonic wrote: »

That sounds a lot like HL is now just removing the funds from your account without waiting for confirmation the transfer has been done. Most of mine turned up at the other end *before* they disappeared from HL.

Possibly but Trustnet did tell me that for a while they would be on neither platform so it might depend on how their system works. No doubt all will become clear in the next day or so ! Either that or I'll spend some time on the phone.

bossymoo

bossymoo wrote: »

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

I've got the following response:



Dear Mrs Bossymoo

Thank you for your email.

I will ensure that any charges applied to funds being transferred out are reversed.

The transfers are progressing, we have recently forwarded a Stock Transfer Form to the individual Fund Managers you hold investments with requesting they move the units from our account to your new provider. Once they have sent confirmation of the transfer that can take up to six weeks dependent on fund manager, but is often completed well within this timeframe, we will remove the units from your account and the transfer will be complete.

I trust that this clarifies the situation, however should you have any further queries please contact our Helpdesk via reply email or by calling 0117 900 9000.

Yours sincerely

Hargreaves Lansdown Vantage Service

So I gather things are on the move and they will refund :T

le_loup

bossymoo wrote: »

we have recently forwarded a Stock Transfer Form to the individual Fund Managers

When were they asked to do the transfer; when did they send the STF?
Sounds like a bit of non-information, information to me!

masonic

le_loup wrote: »

When were they asked to do the transfer; when did they send the STF?
Sounds like a bit of non-information, information to me!

I thought that wording looked familiar and, lo and behold, I have a secure message in my inbox dated just under 2 months into my transfer containing the exact same phrase. Either most of their correspondence is done via copy/paste of a few carefully prepared paragraphs or the real source of the delays is being unwittingly revealed.

bossymoo

le_loup wrote: »

When were they asked to do the transfer; when did they send the STF?
Sounds like a bit of non-information, information to me!

masonic wrote: »

I thought that wording looked familiar and, lo and behold, I have a secure message in my inbox dated just under 2 months into my transfer containing the exact same phrase. Either most of their correspondence is done via copy/paste of a few carefully prepared paragraphs or the real source of the delays is being unwittingly revealed.

I was a bit of a slowcoach I'm afraid. II received my transfer requests on 5/4 :cool:

le_loup

It's the use of the word "recently". It could be that they only sent the form in response to your chaser and then replied to you saying "recently". It's true but uninformative.
And we have all received similar generic wording to a specific request.

hyposmurf

I have also had that standard reply from them.