Transfers of S&S ISA from HL to II

Geoffo_M

Stanley_St wrote: »

As far as I can see neither HL or iii is charging me fees at the moment.

I've just been asked for II's quarterly £20 charge. I've written to HL saying I'm hoping I'm not incurring any more charges by the delay (I've already had the £275 transfer charge) & they've replied saying I shouldn't be but to let them know if it does happen

tightfisteddave

Geoffo - suggest you read some of the other threads on this forum.

There is a thread about HL exit fees which pretty much says that everyone who has made an official complaint has had the exit fees waived.

I think that it is really shoddy behaviour that they whack you with a £275 exit fee just because you didn't complain. I would def recommend checking this out and making a complaint to get them to waive this charge.

Geoffo_M

tightfisteddave wrote: »

Geoffo - suggest you read some of the other threads on this forum.

There is a thread about HL exit fees which pretty much says that everyone who has made an official complaint has had the exit fees waived.

I think that it is really shoddy behaviour that they whack you with a £275 exit fee just because you didn't complain. I would def recommend checking this out and making a complaint to get them to waive this charge.

Wel I would but have just checked their T&Cs and they clearly say £25 transfer fee in my S&S ISA - and as I am transferring 11 funds, that at £25 does come to £275. I've just sent them an email threatening to take it to the FOS but have I leg to stand on really? I was wondering if perhaps this is special circumstances in that I'm only transferring because I now know how much more expensive HL are, which is the whole point of this revised legislation isn't it - but whether that entitles me to request a refund of my £275 I'm not so sure?

PS I did look on the other thread & many are being successful like you said - not sure if theirs are S&S ISA or not though

masonic

Geoffo_M wrote: »

I've just sent them an email threatening to take it to the FOS but have I leg to stand on really?

PS I did look on the other thread & many are being successful like you said - not sure if theirs are S&S ISA or not though

Mine was just for a S&S ISA. To my knowledge, nobody has failed to get the transfer fees waived after complaining.

tightfisteddave

geoffo - please keep us updated on progress. would be good to see what their response is.

I think you've definitely got a leg to stand on. whilst you built up your holdings their new pricing wasn't in place. they've introduced some pretty uncompetitive pricing (then communicated the changes as a reduction!!) and customers who want to leave are getting stung by unreasonable exit fees.

some of the other posters on here can express it far more eloquently than me and give the legal arguments but in a nutshell I think HL are shafting their customers. I really hope it comes back to bite them when more and more people realise they are paying far higher fees than they need to.

naedanger

Geoffo_M wrote: »

Wel I would but have just checked their T&Cs and they clearly say £25 transfer fee in my S&S ISA - and as I am transferring 11 funds, that at £25 does come to £275. I've just sent them an email threatening to take it to the FOS but have I leg to stand on really? I was wondering if perhaps this is special circumstances in that I'm only transferring because I now know how much more expensive HL are, which is the whole point of this revised legislation isn't it - but whether that entitles me to request a refund of my £275 I'm not so sure?

PS I did look on the other thread & many are being successful like you said - not sure if theirs are S&S ISA or not though

Yes you have a very strong case. It is quite wrong that they should expect you to pay the normal exit charges when it is them that are no longer willing to continue the contract on the originally agreed terms. (I mean why should you pay when it is them that want to change the terms!)

I have pasted the following wording on a few threads but will repeat it again in case someone lands on this thread rather than one of the others:

(Note you must make clear you are formally complaining. If you just ask them to waive their exit fees, rather than complain formally, they are likely, based on their past practice, to refuse.) As masonic has said, as far as we are aware, everyone who has formally complained has received a letter (within about 7 days, sometimes much quicker) from HL agreeing as a "gesture of goodwill" to waive the exit fees. (Your case does not appear to be any different to those that have already been successful.)

Subject: Formal Complaint: FAO Senior Client Services Manager

I wish to complain that it is unfair introducing new/increased charges (e.g. the new probate charge and new exit charges) without giving customers an opportunity to exit without charge. I now understand that this is also against regulatory guidance e.g. from the OFT and that you have been waiving exit charges for customers who formally complained.

As a result of the increased charges I no longer want to remain with HL and I expect you to waive my exit and transfer fees (and any of your new charges in the event you do not process my transfer before they take effect), just as you have done for others.

If you refuse, and charge any fees on exit or transfer, then I intend to pursue this complaint via the Financial Ombudsman Service.

Geoffo_M

naedanger wrote: »

Yes you have a very strong case. It is quite wrong that they should expect you to pay the normal exit charges when it is them that are no longer willing to continue the contract on the originally agreed terms. (I mean why should you pay when it is them that want to change the terms!)

I have pasted the following wording on a few threads but will repeat it again in case someone lands on this thread rather than one of the others:

(Note you must make clear you are formally complaining. If you just ask them to waive their exit fees, rather than complain formally, they are likely, based on their past practice, to refuse.) As masonic has said, as far as we are aware, everyone who has formally complained has received a letter (within about 7 days, sometimes much quicker) from HL agreeing as a "gesture of goodwill" to waive the exit fees. (Your case does not appear to be any different to those that have already been successful.)

Subject: Formal Complaint: FAO Senior Client Services Manager

I wish to complain that it is unfair introducing new/increased charges (e.g. the new probate charge and new exit charges) without giving customers an opportunity to exit without charge. I now understand that this is also against regulatory guidance e.g. from the OFT and that you have been waiving exit charges for customers who formally complained.

As a result of the increased charges I no longer want to remain with HL and I expect you to waive my exit and transfer fees (and any of your new charges in the event you do not process my transfer before they take effect), just as you have done for others.

If you refuse, and charge any fees on exit or transfer, then I intend to pursue this complaint via the Financial Ombudsman Service.

Thanks, yes now reading that I do feel I have a stronger case, wish I'd waited now and used your template letter, that's very good isn't it, but this is what I've emailed them a couple of hours ago:-

"Thank you very much for your reply. I now consider that your £275 exit charges are excessive in the circumstances and you have waived them in respect of many of your other clients - in many cases even giving them special terms to tempt them to stay. It has now been recommended to me that I complain to the Financial Ombudsman but first I have been advised to write to you first lodging my complaint officially to determine your response before I embark on the next step. For your reference, you made the £275 exit charge on 6th February 2014.
I look forward to your reply"

Do you think I'll have any luck with my letter naedanger? I did it on their secure messaging service, not sure if I should have posted it instead? I'll keep you all informed of their reply especially as I may want to ask you what you think my next steps should be. Thanks for your help

naedanger

Geoffo_M wrote: »

Thanks, yes now reading that I do feel I have a stronger case, wish I'd waited now and used your template letter, that's very good isn't it, but this is what I've emailed them a couple of hours ago:-

"Thank you very much for your reply. I now consider that your £275 exit charges are excessive in the circumstances and you have waived them in respect of many of your other clients - in many cases even giving them special terms to tempt them to stay. It has now been recommended to me that I complain to the Financial Ombudsman but first I have been advised to write to you first lodging my complaint officially to determine your response before I embark on the next step. For your reference, you made the £275 exit charge on 6th February 2014.
I look forward to your reply"

Do you think I'll have any luck with my letter naedanger? I did it on their secure messaging service, not sure if I should have posted it instead? I'll keep you all informed of their reply especially as I may want to ask you what you think my next steps should be. Thanks for your help

I think your email will work provided they realise it is a formal complaint (which they have failed to do with other cases).

The most likely answer is they will waive their exit charges. In this scenario you will receive by post a letter within 7 days saying they will waive your charges.

The next most likely answer is they will send you a message saying they will not waive their charges. The message will not contain any details of their complaint process. If you get this send the message drafted above with "formal complaint" underlined and in bold. (Basically in this scenario they have wrongly not recognised your email as a complaint and it has not gone to the correct team in HL, so should be easily remedied by making clear you are formally complaining.) By the way I know you email is obviously a complaint but my first letter to HL was equally clearly a complaint but they did not treat it as such

The least likely scenario is you will get a letter saying they are not waiving their exit fees. They will say this is their final position and enclose a copy of their complaints process and your right to take your complaint to FOS. So far no-one has received this as far as I am aware. In the very unlikely event this happens post back here and you will get help drafting a detailed letter for FOS. The draft will quote relevant OFT and FSA guidance to support your case.

Geoffo_M

naedanger wrote: »

The next most likely answer is they will send you a message saying they will not waive their charges. The message will not contain any details of their complaint process. If you get this send the message drafted above with "formal complaint" underlined and in bold. (Basically in this scenario they have wrongly not recognised your email as a complaint and it has not gone to the correct team in HL, so should be easily remedied by making clear you are formally complaining.) By the way I know you email is obviously a complaint but my first letter to HL was equally clearly a complaint but they did not treat it as such

Thank you so much - if it's the middle response (shown here above) do you think it's important to write a letter rather than send an email to underline the formality of the complaint. Maybe send recorded delivery? Sorry, I might be asking this too soon & be lucky & have need to do so. Appreciate your advice thanks

Borrowedtune

Stanley_St wrote: »

Personally I am not too bothered by the delay and have been adjusting my holdings with HL in the meantime. As far as I can see neither HL or iii is charging me fees at the moment.

Is it OK to do that ? I was assuming that once the transfer process had started that switches either wouldn't be possible or would complicate/extend the transfer process.


I am 5-6 weeks into the HL to ii transfer with no visible progress so far, but meantime the Ukrainian situation has led me to think that one or two switches in my portfolio may be worthwhile.