Iii

planteria

just received the following from II:

"I am writing to you in respect of your transfer to us from your previous provider.

I am aware that your transfer has not been completed as quickly as either of us would want or would normally expect and for this I am very sorry.

Within the industry it can take on average 8 weeks to complete a transfer from one provider to another. However, since the beginning of 2014 the number of account transfers across the industry has increased significantly as customers are searching out the best value providers for them. You may have seen recent press comment on this matter.

The reality is that there is no regulatory requirement defining the time it takes for your existing broker to complete your transfer. We have done everything required and will continue to do everything possible to bring your transfer across to us, as you would expect. Unfortunately, the issue is with your previous provider.

We have doubled the size of our transfer team since the start of this year to deal with the increased number of accounts being opened. This team is continually chasing your existing provider regularly on your behalf. We would ask that you contact them to ensure that they have all requirements from you and that there is no reason for them to delay further.

Thank you for your help and continued patience in this matter. We believe that on completion of your transfer you will enjoy trading with us and that your customer experience will be excellent.

If your transfer has now completed and our letter has crossed over, please disregard this communication.

Should you have any other enquiries, you can continue to write to us by secure message. Our response time is usually 1 working day but in times of high volumes we may take up to 3 working days. However, we would appreciate the opportunity to answer your enquiry immediately. You may therefore wish to call us Monday to Friday, from 07:45 am until 9:00 pm on 0845 200 3637.

Yours sincerely

Douglas Boyce
Director of Share Dealing"

2shy

I received the same message from II and have prompted HL for a reason for the delay.

Freecall

naedanger wrote: »

Once the transfer is eventually completed I intend to complain formally to HL about the very long delay.

I am in much the same position, HL have let us down badly.

Unfortunately I am not sure that complaining will do any good. Even if the FOS uphold your complaint, what are the losses to be corrected?

The only solution is to vote with our feet and take our business elsewhere which of course we have already done.

(well trying to do anyway)

naedanger

Freecall wrote: »

I am in much the same position, HL have let us down badly.

Unfortunately I am not sure that complaining will do any good. Even if the FOS uphold your complaint, what are the losses to be corrected?

The only solution is to vote with our feet and take our business elsewhere which of course we have already done.

(well trying to do anyway)

I very largely agree.

I think it reasonable to claim for the admin involved in sorting this out, but accept this will be a modest amount.

However I still intend to complain so that the matter is at least recorded. I obviously don't expect much to come from one complaint.

I agree the most significant action is to take our business elsewhere.

nrsql

I too am in the middle of a H%&L to iii transfer.
iii said 6 to 8 weeks.
Must admit I thought they were just being pessimistic but 5 weeks and no movement.

A concern is that I sent the charges complaint email to H&L and they said that exit charges would be waved for the next 30 days. Now outside that so I hope they aren't going to try charging for this.

masonic

nrsql wrote: »

A concern is that I sent the charges complaint email to H&L and they said that exit charges would be waved for the next 30 days. Now outside that so I hope they aren't going to try charging for this.

Did you receive confirmation from HL that it is processing your transfer within the 30 day window? If so, you'll be fine.

nrsql

Nothing from h&l yet. Very little from iii either.

Mattygroves2

nrsql wrote: »

Nothing from h&l yet. Very little from iii either.

Have you sent HL a secure message to check they've had the transfer forms ? They responded quite quickly when I did this.

masonic

nrsql wrote: »

Nothing from h&l yet. Very little from iii either.

They may have changed their process, but HL sent me a form to sign confirming I really want to proceed with the transfer, and then a letter confirming they've received the signed form from me and that they were starting the transfer. If you haven't heard anything I'd do as Mattygroves2 suggests and contact them to make sure they received the initial transfer request from iii.

planteria

i'm prepared to stick my neck out and be the first to say that I wish i hadn't transferred my ISA, SIPP and Trading accounts from HL to II. they are a shambles, everything takes them a long time, and they are so far from 'joined up' i can't believe. one person tells you one thing, then a few weeks later another tells you the opposite.

i am waiting for all of my investments to appear on iii.co.uk, but if i knew they'd be this bad i'd have gone with Share plc or stayed with HL, at least until the dust had settled.