Leaving HL without transfer charges

le_loup

Well done.
One down seven thousand three hundred and twenty two of us to go!

lejog2003

Lucky you,

14 weeks in and the transfer of my SIPP is ongoing, due in no small part due to HL. I did post three weeks ago saying that HL had written to say the transfer was complete but that ATS were awaiting cash for one of the funds.

It transpires that HL then transferred my SWIP FTSE All Share Index (SWIP Foundation Growth) funds in specie not as cash. Particularly clever when they are the 0.07% charge Class B variant, which HL were quick to advertise only they offered! (Hence the cash transfer). ATS have transferred them back to HL and asked for cash.

It appears that HL's confusion arises from their own transfer out form which only offered two tick boxes for the complete transfer - cash or in specie. Since I had already provided instructions on which funds to transfer as cash and which in specie to ATS, I specifically wrote on the HL form that detailed instructions had been given to ATS.

In the meantime it appears that £80,000 is in limbo somewhere along with my income drawdown account, so no pension this month.

gadgetmind

As of today, I have no accounts with HL.Of course, nothing has yet arrived with BestInvest, but you can't have everything!

mutley74

unless I missed something I am better off with HL than before.
Charges for funds etc £16
Loyalty bonus £33...

grey_gym_sock

mutley74 wrote: »

unless I missed something I am better off with HL than before.

most HL customers are better off than before - the main exception being ppl with big holdings in tracker funds.

Charges for funds etc £16
Loyalty bonus £33...

presumably you were getting a lower loyalty bonus before? so if the old amount was less than £17, you're now better off. unless there are other factors involved.

even if you are better off than before, you might be better off again by moving somewhere else. a lot of ppl have been revisiting their choice of broker, now that everybody's post-RDR2 charging is out.

LHW99

RESULT!
Secure message received from HL today: "... I can confirm we received your completed SIPP transfer form on 28th February.... ....However, despite what we told you on 10th April, I am afraid we have not yet arranged electronic settlement for the transfer of the equity holdings"

Even better, my other half complained as he initiated his transfer from HL at the same time, and received this gem -
"I can confirm we received your completed SIPP transfer form on 6th march 2014. It appears from our records we have not yet received confirmation from Interactive Investor of their acceptance of the transfer, so clearly there has been a breakdown in communication at some stage. In my view, we must accept responsibility for this delay as I cannot see a record of us contacting Interactive Investor regarding this..."
What - no response to a letter that wasn't sent- really???

So no transfer fee to be deducted, an apology and anny annual charges from 1st March to be refunded for both transfers.
As I said RESULT!!

gterr

LHW99 wrote: »

RESULT!

"I can confirm we received your completed SIPP transfer form on 6th march 2014. It appears from our records we have not yet received confirmation from Interactive Investor of their acceptance of the transfer, so clearly there has been a breakdown in communication at some stage. In my view, we must accept responsibility for this delay as I cannot see a record of us contacting Interactive Investor regarding this..."

Priceless!

mutley74

grey_gym_sock wrote: »

most HL customers are better off than before - the main exception being ppl with big holdings in tracker funds.



presumably you were getting a lower loyalty bonus before? so if the old amount was less than £17, you're now better off. unless there are other factors involved.

even if you are better off than before, you might be better off again by moving somewhere else. a lot of ppl have been revisiting their choice of broker, now that everybody's post-RDR2 charging is out.

yes I managed to get a lower rate on my funds. Probably stick for now as I like HL customer service and easily approachable for now. I got my HL account linked with 5 family members so if I move its a bit of job to get everyone to follow!

Porcupine

My transfer has been 3 weeks so far with a complete stonewall from HL. However I just received an email:

I am sorry to hear that you are transferring your investments out of the Vantage Service. I would like to take this opportunity to thank you for your business and I hope we can be of service again in the future.

We always welcome feedback from clients, so I would be grateful if you could complete this short survey. Your comments will be used to help us improve our service.

So I think that counts as an acknowledgement of its existence...

dutchism1958

Sounds as if your transfer is moving rapidly Porcupine,mine is 6 weeks underway. Like you I received a letter from HL saying they are sorry to see me go and have similarly asked for feedback!.I have also just received an apology from ii regarding the length of time transfers are taking and they put this down to new regulation rules and the number of customers leaving other providers.
I have kept a tight paper trail of all secure messages from and to HL & ii,following the official letter of complaint put together by others here,so i would possibly follow their guidance and get your transfer confirmed by either secure message or by letter which is what HL did with me,it took 5 working days to arrive following my secure message .
Just one question to you all...we have just been paid our loyalty bonuses by HL.Do I assume these will be transferred to ii with any cash and our 2 VANTAGE S&S ISA's?.
Thanks.