Transfers of S&S ISA from HL to II

xylophone

I think that in your position, I would send II another secure message on the following lines:

"Dear Sir,

On (date) I requested you to arrange a transfer of the cash isa
I currently hold with Natwest to my stocks and shares ISA account held with you.

I have made enquiries of Natwest as to why the transfer has not proceeded and have been advised that no transfer request has been received from yourselves.

If this is the case, it would explain why you "have not received a valuation from Natwest"?

Would you please confirm that you have in fact requested the transfer and advise the date on which this was done.

Would you then contact the relevant department at Natwest so that my transfer can be effected".

stringer_bell

xylophone wrote: »

I think that in your position, I would send II another secure message on the following lines:

"Dear Sir,

On (date) I requested you to arrange a transfer of the cash isa
I currently hold with Natwest to my stocks and shares ISA account held with you.

I have made enquiries of Natwest as to why the transfer has not proceeded and have been advised that no transfer request has been received from yourselves.

If this is the case, it would explain why you "have not received a valuation from Natwest"?

Would you please confirm that you have in fact requested the transfer and advise the date on which this was done.

Would you then contact the relevant department at Natwest so that my transfer can be effected".

Hello,

Yes I have done that and I received this reply

"Thank you for your message dated 24 May 2014.

I can confirm that the request for the valuation has been resent to Natwest, this was sent by our transfer department on 27 May. As of today we have yet to receive this back. I will request that this be chased up again and I apologise for the delay"

This was sent last week

xylophone

This was sent last week

Contact II again on Tuesday and if there is still no progress, initiate a formal complaint?

guitarman001

I assume you can buy Vanguard Lifestyle funds through iii?

If I initiate a transfer from HL to iii next week, but the actual transfer of cash/funds takes longer than the July deadline to receive £120+ from iii.... will I still be eligible for the switching bonus?

tushingham

My transfer is finally complete! Just over 12 weeks.
HL have closed my S&S ISA account but left open the fund and share account. Does anyone know if we should be closing this (ie ceasing all registration with HL website)?
The charges section says there is no inactivity fee for a fund and share account but there would be an account closure fee of £25. I have this waived currently but wondering if i should close down entirely or not?

What have others done?

thanks
t

xylophone

This was sent last week

And further to my post above, you will note in this article from a year ago(!) http://www.telegraph.co.uk/finance/personalfinance/investing/10176519/Investors-hit-by-transfer-delay-shambles.html

"The system blockage is also creating delays for savers who want to transfer a cash Isa to a stocks and shares Isa, thereby keeping the tax break."

And for just how long will clients/customers " have to lower their expectations of how long transfers will take........"?

Geoffo_M

Well it's 4 months and 4 days now & I've just been informed by HL that my last two funds were sent to II on the 13th and 15th May. They're still not showing in II - have informed II now of the deal reference numbers HL gave me but just waiting now for them to tell me they were never received & discover that HL have sent them to another broker. They're all as bad as each other & it all needs a good shaking up - it's got where I'm expecting things to go wrong - what does that say about Customer Service at either end of the transfer!

Reactor_2

I have been waiting for 4 months and missing about £9k of assets.

I suspect Hargreaves Lansdown have no incentive to make the process efficient, whilst Interactive Investor will only do the bare minimum, as they only get a flat fee, regardless of the value of the assets being transferred.

Unfortunately for me, it doesn't make sense for me to walk away, as Interactive Investor are the lowest cost provider for my asset size. They should have an express service because I would have probably paid. If I could, I would pay someone at Interactive Investor £100 to resolve my issues immediately and legitimately.

lazza1973

Oh I wish I had seen this forum earlier - I have found HL to be tedious BUT II are much much worse in my experience of 6 months and counting.

Do you remember those halcyon days at the beginning of the year – the changing methods of how fund supermarkets would charge? Private Investors should consider and if appropriate ‘transfer’ the dealings. Cutting a long story short , I took on the advice and explored and recognised a commonly held opinion in financial advisers that HL were expensive and Interactive investor II not being ‘percentage’ based would be significantly cheaper.Even Martin Lewis web site supported the view. Forget that ‘noise’ about the difficulties of current account or utility supply changing I have just had a nightmare and would like to warn others who might be going to embark on this exercise :

1. I was told it might ‘up to 8 weeks’, yet after 6 Months I have still one fund from 20 NOT arrived in my II account (it left my account HL some 3 months ago)

2. For over 3 months in period, I had over £120k of funds/shares (an early retirement lump sum) NOT at HL or II but somewhere invisible and not accessible to me (later discovered had arrived at II but had not been 'allocated' to me )

3. I have been told several times that my transfer was complete; the first time after only 4 of 20 had arrived.

4. I have had funds/shares’ which were NOT mine posted to my account – I assume in error

5. Names of funds have changed between export and import between platforms and no-one told me .In fact no one warned me the whole transfer it needed daily monitoring by me; perhaps I was just naive

6. I formally complained to II but they have NOT followed their complaint procedures on web site e.g. a progress report, next steps and anticipated end date, where not forthcoming. At no point have they reference back to the initial transfer request where I listed the shares/funds I suggested

7.At end May II did acknowledge the compliant , said they were acting and acknowledged my justification to refer to the Financial Ombudsman; suggesting I did not as they were close.

8.Well the FMO was useless - after 6 weeks they informed that they unlikely to appoint an adjudicator for 6 MONTHS- what use is that the private investor.

9. There are many other customer service points I could make about II from the experience but the simplest is it is NOW 6 months and I have still not finished (though only 2 weeks ago since the last time I was told I was)

10. HL also ill-performed in that some shares/funds were not transferred as soon as they should; but when I pointed this out they at least investigated, recognised, acted and offered a small compensation. As with others they waived the exit fees

Beware !!

juliamarsh

larrymccaffery wrote: »

Oh I wish I had seen this forum earlier - I have found HL to be tedious BUT II are much much worse in my experience of 6 months and counting.

larrymccaffery I can only reiterate every point you have made here, I can relate to every single one of them, and if it is any consolation I am in exactly the same boat as you in every respect! Started the process at the beginning of February and still not complete. II might be cheaper than HL but you certainly get what you pay for! Tried to do a BED & SIPP - so simple with HL, but I should have known it would not be with II. Had to do my own DIY version so sold the funds from my trading account on 16th July, and still waiting to be able to complete the purchase within my SIPP! They deducted the £144 admin fee from my SIPP contribution without any warning and without giving me the opportunity to put the money into my trading account to cover it. I lodged an official complaint and also about the fact that the transfer of my funds has been going on for 6 months and still not completed, and put £144 into my trading account to cover the fee. No resolution as yet but they have taken the £144 out of my trading account and I was told this morning that had gone to the SIPP provider and the money would be credited to my SIPP account 'within a week or so'. Meanwhile the market has moved against me but they say there is nothing they can do about that and try to tell me it is normal for BED & SIPP to take a month and that a 6 month transfer time is usual within the industry. I begged to disagree....and if I ever have to listen to that 'uplifting' music again that they foist upon you when you are on hold I think I will shoot myself!! :mad: