Transfers of S&S ISA from HL to II

sorcerer

I'm now into my 4th month of the transfer, after two months of asking they finally told me that one of my funds couldn't be transferred, and will have to go back to HL. I am guessing this will now take a further 4 months to sort out. I still have not received the cash sitting in the ISA, or the commission II promised. And God knows what will happen to the dividends that are supposed be paying out at the end of April.


HL closed my ISA so I now have no record of any dividends paying out to them. And no idea what will happen to my funds now going back to HL to a non existent ISA account.

SnowMan

I reported the issue of re-registration not taking place in a timely manner last year to the FCA.

The FCA actually rang me up and spoke to me, and I submitted further evidence and a link to the thread that was running on this

https://forums.moneysavingexpert.com/discussion/4492355

I think the FCA were hoping that the TEX initiative was going to speed things up, but there seems no evidence of any progress.

So worth reporting to the FCA as well as taking forward an individual complaint.

naedanger

sorcerer wrote: »

I'm now into my 4th month of the transfer, after two months of asking they finally told me that one of my funds couldn't be transferred, and will have to go back to HL. I am guessing this will now take a further 4 months to sort out. I still have not received the cash sitting in the ISA, or the commission II promised. And God knows what will happen to the dividends that are supposed be paying out at the end of April.


HL closed my ISA so I now have no record of any dividends paying out to them. And no idea what will happen to my funds now going back to HL to a non existent ISA account.

That all sounds quite bad. At least in my case my new provider seems to be reasonably efficient.

Geoffo_M

I'm sorry there are so many experiencing similar & in some cases, worse than mine. I've made the mistake of not taking a print of my funds on the date of transfer - I should have done but just didn't occur to me there would be this amount of problems. I have been into my HL account & printed off all the relevant transactions by delving through my 'transaction history' - also all the contract notes where I could. Difficult to know what I can do now, I've just sent secure messages to both HL & II so will see what their response is.

StreetFightingMan

Why are so many people trying to transfer away from HL in the first place? Simply trying to lower your fees or something else?

Thanks

naedanger

StreetFightingMan wrote: »

Why are so many people trying to transfer away from HL in the first place? Simply trying to lower your fees or something else?

Thanks

In short, yes to get lower charges.

The longer answer is that HL recently revised their charges, which resulted in a significant minority of customers being worse off, in some cases much worse off. This is what has prompted the current transfer activity.

OldDIYer

If I do a transfer again I will sell all holdings and be out of the market for (hopefully) a short period - this process is chaotic. Some holdings transferred, others not, afraid to deal in case it slows things down more!:mad:

One of my three accounts has all gone from HL, apart from the cash (but not all arrived at II) but my transaction history has disappeared from HL. I did print it off part way into the process - should have done it at the beginning.:mad:

I'll query it as it should stay until the a/c is closed. surely?

masonic

trevbrierley wrote: »

If I do a transfer again I will sell all holdings and be out of the market for (hopefully) a short period - this process is chaotic. Some holdings transferred, others not, afraid to deal in case it slows things down more!:mad:

With an in specie transfer (even a slow one), you'll end up with exactly the same number of units for all your holdings on the other side. The only downside is that you cannot sell holdings that are in the process of being transferred.

If you transfer in cash and the market rises, you will end up with fewer units when you repurchase them and may also incur trading fees. The upside is it will normally be much quicker, but there are no guarantees. Of course if you sell and transfer right before a market crash you will be quids in when the money gets to the other side.

If some of your holdings are now showing in the destination platform, there should be no issue with you trading those holdings in the destination platform, or buying new holdings in the destination platform.

wstevew

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 having exactly the same problem.

I sold up so I had 1 fund and cash.

I submitted the forms at the end of February.

The Fund has not shown on HL since the 12th April and has not turned up at II. I call HL and they say its all complete and the problem is II. I call II and they say the problem is HL.

HL assured me they had completed and notified II and they will move the cash as of today (which they send by cheque) with a hard copy of the fund registration details.

So as of today I have a fund and cash not showing on either system and II are unable to tell me when they can finish the job and say that the process has no time limits (no help at all).

Pfffft

masonic

wstevew wrote: »

HL assured me they had completed and notified II and they will move the cash as of today (which they send by cheque) with a hard copy of the fund registration details.

Based on what someone else has posted here, it looks as though HL has changed its procedures and is now removing funds much more quickly than before (presumably because they were getting complaints from people who weren't seeing anything happen for weeks on end). HL is not responsible for performing the re-registration of the funds, it is only responsible for making the request the relevant unit trust managers. It should wait for confirmation from the unit trust manager that the transfer is complete before removing a fund, but perhaps it isn't doing so any more.