HL customer charges custom offers

naedanger

pip895 wrote: »

I have been pushing HL for a deal we have 6 accounts with them (isa, sipp & fund/share account for both of us) all sizable but only one account is over 250k. So far they haven't offered us anything. All I was given was the suggestion that I would be pleasantly surprised when the super clean pricing came in. :huh:

I wondered if deals are being done only for people currently predominantly in trackers etc. who will definitely be worse of post RDR. Has anyone currently in standard managed (dirty) funds been offered any kind of deal?

Sorry I can't help with your specific question.

I suspect HL will only make an offer when they think it is (very) likely they will otherwise lose the business. And they probably judge that those in active funds are much less likely to leave than those is passives.

Also was anyone given an offer before starting the leaving process or before making a very strong complaint? (Both key indicators to HL that they were about to lose the business.)

One of the known offers was 0.25% managed fund fee capped at £500 across all products held under one client number, so it takes effect after funds in SIPP, ISA and F&S account combined reach £200,000. So it sounds like your accounts' value is not a bar to offers.

ctdctd

pip895 wrote: »

I have been pushing HL for a deal we have 6 accounts with them (isa, sipp & fund/share account for both of us) all sizable but only one account is over 250k. So far they haven't offered us anything. All I was given was the suggestion that I would be pleasantly surprised when the super clean pricing came in. :huh:

I wondered if deals are being done only for people currently predominantly in trackers etc. who will definitely be worse of post RDR. Has anyone currently in standard managed (dirty) funds been offered any kind of deal?

Same here - got a call but no offer.
Forms to move to II have now been posted!

gterr

Husband and I have started the transfer process for our ISAs and our Fund and Share accounts. We have persuaded HL to waive our exit fees, but we have not been made an offer of lower trading fees. We each got a letter which tried to persuade us to stay and included a tear-off section to send in if we really really did still want to leave. We've returned all four of these now (2 each). Our pot size is just short of £100k each (most in the Fund and Share accounts).

organic_wanabe

gterr, when you say that HL waived your exit fees what exactly does that mean? The new fee for closing an account (of £25 plus VAT) is not due to be introduced until June 2014, so would I be right in thinking that you opted for an in-specie transfer but the charge per line of stock was waived? We have not yet started the transfer process, nor made a complaint, as first of all we have asked for our Vantage ISAs to be consolidated (to minimise the lines of stock in case of charges). So far mine has been done but there has been no movement on that of my husband.

gowgowuk

Hi. I am in the same situation as organic wanabe above and thinking of reorganising my ISA (consolidating) to reduce the exit fees. I have far too many funds (have been probably a bit too obsessed with diversifying!). I have to say it is quite daunting to try to keep up with the hundreds of messages concerning the new HL charges on this forum, and I don't feel very confident on what I should do. Am I right in thinking that it's ok to wait until the 1st of March and see what is their offer on "super clean" funds and only then taking a decision to move out, since we'd have until the 1st of June until the new charges are applied?

Lokolo

gowgowuk wrote: »

Hi. I am in the same situation as organic wanabe above and thinking of reorganising my ISA (consolidating) to reduce the exit fees. I have far too many funds (have been probably a bit too obsessed with diversifying!). I have to say it is quite daunting to try to keep up with the hundreds of messages concerning the new HL charges on this forum, and I don't feel very confident on what I should do. Am I right in thinking that it's ok to wait until the 1st of March and see what is their offer on "super clean" funds and only then taking a decision to move out, since we'd have until the 1st of June until the new charges are applied?

Most new charges are applied 1st March. Closure accoutn fee isn't until June.

naedanger

gowgowuk wrote: »

Hi. I am in the same situation as organic wanabe above and thinking of reorganising my ISA (consolidating) to reduce the exit fees. I have far too many funds (have been probably a bit too obsessed with diversifying!). I have to say it is quite daunting to try to keep up with the hundreds of messages concerning the new HL charges on this forum, and I don't feel very confident on what I should do. Am I right in thinking that it's ok to wait until the 1st of March and see what is their offer on "super clean" funds and only then taking a decision to move out, since we'd have until the 1st of June until the new charges are applied?

There is not any imminent deadline for complaints, especially since HL have not given customers any client specific details and issued a very misleading letter. Some people may well not be aware that charges have increased until they see the effect of them on their accounts in future months. So I would not be worried about needing to meet any deadline. It is reasonable to wait until you see what the super-clean funds are like before deciding. (And you complaint can ask for charges to be refunded as well as waived.)

I know the threads on HL charges are now very long and confusing. For that reason I have (re-)posted a template complaint letter today (post 371) on the "Leaving HL without transfer charges" thread.

masonic

Those people who are considering rejecting the variation to their contract need to do so by 1st March. After that the new terms are in force and it will be more difficult to complain. Even though some of the new charges won't be applied until June, they might be considered part of the March contract variation since they were included in the tariff of charges sent to customers.

gterr

organic_wanabe wrote: »

gterr, when you say that HL waived your exit fees what exactly does that mean? The new fee for closing an account (of £25 plus VAT) is not due to be introduced until June 2014, so would I be right in thinking that you opted for an in-specie transfer but the charge per line of stock was waived?

Yes, that's exactly right. We have requested transfers out of a total of four accounts: two ISAs and two Fund and Share accounts, and have requested transfer out in specie. HL offered to waive these transfer fees, but only after we'd gone down the formal complaint route, details of which you'll find in the thread "Leaving HL without transfer fees".

sd0

0.25 for two ISAs (wife and mine), SIPP, joint Vantage and individual Vantage. NO cap. Investments are mostly Funds, total >250K.

Thank you for having this information conduit - it is very helpful having the information out in the open.