Transfers of S&S ISA from HL to II

vectistim

mike88 wrote: »

Are those who are transferring confident that once the process is over that the platform they are transferring into won't raise their fees? Banks/Building Societies do it regularly with savings accounts and I foresee the same happening with platform charges.

Choose one with no exit fees.

masonic

Geoffo_M wrote: »

No, really good point thanks, I didn't - I've looked back and bought them both on the 4th February but the settlement date wasn't until the 10th - and my request to transfer was on the 6th - right in the middle, I just didn't realise the implications at the time. What does that mean now then, I presume it will all filter across in the end, will it just mean I'll have to wait a lot longer for those two? No chance of them just disappearing into the ether is there?

They'll turn up separately at some stage I'm sure. It might add a few more weeks onto the transfer.

mike88 wrote: »

Are those who are transferring confident that once the process is over that the platform they are transferring into won't raise their fees? Banks/Building Societies do it regularly with savings accounts and I foresee the same happening with platform charges.

This is as close to a level playing field as we are ever likely to get. My transfer is going to translate to a very significant saving indeed. It's hard to imagine my fees going up to the point I'd be in that situation again.

le_loup

I agree. My £80 will never reach the £720 that it would have cost.
.... but if it does, I can simply and quickly change again. :rotfl:


Alright,
it's true,
this is a dream,
I shall awake soon .........._party_

Freecall

In this brave new world of the consumer being king and able to move their business to the most competitive supplier at the drop of a hat, it takes 4+ months to action a transfer.

So theoretically you could start the next transfer before the first one is complete.

Let the Ombudsman sort that one out when it all goes wrong.

One day we will all look back on this stone-age process and laugh.

:rotfl:

SnowMan

Interactive Investor are waiving their exit charges for a year for customers who opened an account after 1st January 2014 (up to 10 investments)

http://www.iii.co.uk/shares/charges

Investment, ISA and SIPP account

Transfers out

£0 for up to 10 lines of stock – for customers who have been with us for less than a year*

£15 per line of stock – when an account has been open for more than a year

*We believe once you start investing with our service and with our flat free pricing you will want to stay with us. So we’re happy to waive our transfer-out charges to another broker, for up to ten lines of stock (£15 per line of stock after that), if you choose to leave us within a year of opening your account. (Please note, if you wish to convert a shareholding into a paper certificate, our normal fees for this will apply.) We’ll also waive our SIPP transfer-out fee.

This applies to all customers who opened an account on or after 1 January 2014

Additional SIPP charges

Transfer out

£0 – for customers who have been with us for less than a year*

£100 + VAT – when an account has been open for more than a year

*We believe once you start investing with our service and with our flat free pricing you will want to stay with us. So we’re happy to waive our SIPP transfer out charges if you choose to leave us within a year of opening your account.

This applies to all customers who opened an account on or after 1 January 2014

masonic

SnowMan wrote: »

Interactive Investor are waiving their exit charges for a year for customers who opened an account after 1st January 2014 (up to 10 investments)

http://www.iii.co.uk/shares/charges

I guess they must be doing well from the business they have won from HL. This is probably a pretty good indicator that they won't be increasing their fees for a while.

Geoffo_M

I've just had a response from II now saying they've tried all they can & the problem is with HL and that I should provide them with information on my 3 missing funds. This is really getting ridiculous now as it's nearly 3 months. II say that although they advise the transfer should take 6-8 weeks there is no official time limit. I can't believe that, is that true? They say they've doubled their staff dealing with transfers, but the cynic in me is now thinking that now I've contacted HL with the details of my missing 3 funds, are they going to come back & just say we sent them to II, it's all their fault?
Thing is, if I know it's going to get in my account eventually I'm not too bothered but if they both claim the other has it & it's really a clerical error at one end or the other - then I'd want the Ombudsman to get involved as soon as possible.
Anyone else still waiting?

naedanger

Geoffo_M wrote: »

I've just had a response from II now saying they've tried all they can & the problem is with HL and that I should provide them with information on my 3 missing funds. This is really getting ridiculous now as it's nearly 3 months. II say that although they advise the transfer should take 6-8 weeks there is no official time limit. I can't believe that, is that true? They say they've doubled their staff dealing with transfers, but the cynic in me is now thinking that now I've contacted HL with the details of my missing 3 funds, are they going to come back & just say we sent them to II, it's all their fault?
Thing is, if I know it's going to get in my account eventually I'm not too bothered but if they both claim the other has it & it's really a clerical error at one end or the other - then I'd want the Ombudsman to get involved as soon as possible.
Anyone else still waiting?

I am still waiting, since end Jan, start of Feb, and my holdings are straightforward, no obscure holdings.

I have been corresponding with both companies and it is clear that in my case the problem is with HL not following instructions in a reasonable period.

Geoffo_M

naedanger wrote: »

I am still waiting, since end Jan, start of Feb, and my holdings are straightforward, no obscure holdings.

I have been corresponding with both companies and it is clear that in my case the problem is with HL not following instructions in a reasonable period.

I'm sorry to hear you've been waiting longer than me but in a way it's a bit of a relief. I presume HL have reassured you that the funds will flow across in due course & that's what decided you not to make an official complaint? Maybe I should have contacted them sooner with my fears.
'Reasonable period' is a bit vague & wishy washy isn't it, it should be specific & penalties imposed where this isn't met. We've been prevented from trading during this long period & it must deter others who are considering a transfer.

naedanger

Geoffo_M wrote: »

I presume HL have reassured you that the funds will flow across in due course & that's what decided you not to make an official complaint?

No they gave no such assurance. HL have been unhelpful. However I know the problem is with them since I have written evidence they have not followed instructions.

I fully intend to formally complain once the transfer is completed. Until then it is not possible to say just how bad their service has been. However they are well aware I am unhappy with their service and have not replied to clear, specific questions.

'Reasonable period' is a bit vague & wishy washy isn't it, it should be specific & penalties imposed where this isn't met. We've been prevented from trading during this long period & it must deter others who are considering a transfer.

In my formal complaint I will compare the actual time taken to transfer with the period they quote, which from memory is about four weeks. (Obviously I will check, and source, the details before complaining.)

I am not worried the transfer will not complete but I have been inconvenienced by the long delay.