Transfers of S&S ISA from HL to II

wstevew

The fund stopped showing at 6 weeks and now the cash has gone at week 9. Neither are on II system.

And I had to pay for them to move the fund.

Geoffo_M

Just had a reply from II, they say that where funds have disappeared from showing on HL and are not yet showing on II, these will have gone from HL to the relevant fund managers to be re-registered before being sent on to II. I've just replied asking who specifically is responsible for chasing up the fund managers, cos that clearly isn't being done. No-one seems to want to be taking responsibility for this fiasco - the irony isn't lost that this whole new process is designed to make fees & charges more transparent but the transfer process itself couldn't be less transparent!

wstevew

I had that response from II. And they said that HL had not notified them it is complete.

I called HL and asked where in the process the transfer is and they went away for around 5 mins and came back and said it is complete and the registration has been completed and they have notified II of the completion. They claim the only reason it would not be on the II system is that II have not put it on.

naedanger

wstevew wrote: »

I had that response from II. And they said that HL had not notified them it is complete.

I called HL and asked where in the process the transfer is and they went away for around 5 mins and came back and said it is complete and the registration has been completed and they have notified II of the completion. They claim the only reason it would not be on the II system is that II have not put it on.

I would ask HL for evidence the registration has been completed e.g. a copy of the confirmation they received. Unless they supply this then I would hold them liable. It will be impossible for II to prove they have not received your fund whereas it should be possible for HL to prove they have transferred it. (HL gave me a very similar story and it turned out my fund holding was still with HL.)

If you still have a copy of the letter from HL acknowledging your original transfer request then see what it says. Mine says "We [HL] shall chase the transfer to ensure that this is as short a time as possible and will write to you again when it is complete." If you have received a similar letter then I would be asking HL for evidence they had chased the transfer process. Also if they have not written to you to say the process is completed then I would be asking why not.

In an earlier post you said "And I had to pay for them to move the fund." Why do you not demand they refund this payment?

Geoffo_M

wstevew wrote: »

I had that response from II. And they said that HL had not notified them it is complete.

I called HL and asked where in the process the transfer is and they went away for around 5 mins and came back and said it is complete and the registration has been completed and they have notified II of the completion. They claim the only reason it would not be on the II system is that II have not put it on.

Oh dear, that's exactly what I was afraid of - they're both blaming the other, no-one taking responsibility, surely the regulator or ombudsman or someone should be more involved & making sure they're both doing their jobs properly? Scary stuff this - is it possible for funds to disappear into thin air - our funds must surely be still held with the main fund managers shouldn't they

wstevew

I do hope so.

They kept saying its not lost, just in progress when I spoke to II.

HL told me yesterday they were issuing a cheque for the cash and a hardcopy confirming the fund transfer is registered with II as they seem to have not acted on the electronic confirmation. So cheque sent today and should be with II within a few days. I will call at the end of the week to be fobbed off again.

Geoffo_M

Interesting article - looks like many waiting for 4 to 5 months
http://www.investorschronicle.co.uk/2014/04/14/your-money/investors-switching-brokers-face-wait-of-up-to-five-months-gm7ejw9yfKm9gJElHgkj5I/article.html

And another here, all very relevant, emphasises the importance of talking to the broker you're transferring from as that's usually where the hold up is
http://www.investorschronicle.co.uk/2014/04/29/your-money/savings/five-month-wait-to-transfer-brokers-your-questions-answered-gouL14tSK6z98Fbt90dyCL/article.html

wstevew

naedanger wrote: »

I would ask HL for evidence the registration has been completed e.g. a copy of the confirmation they received. Unless they supply this then I would hold them liable. It will be impossible for II to prove they have not received your fund whereas it should be possible for HL to prove they have transferred it. (HL gave me a very similar story and it turned out my fund holding was still with HL.)

If you still have a copy of the letter from HL acknowledging your original transfer request then see what it says. Mine says "We [HL] shall chase the transfer to ensure that this is as short a time as possible and will write to you again when it is complete." If you have received a similar letter then I would be asking HL for evidence they had chased the transfer process. Also if they have not written to you to say the process is completed then I would be asking why not.

In an earlier post you said "And I had to pay for them to move the fund." Why do you not demand they refund this payment?

Some good ideas there thanks.

I used there message facility to complain about their changes to the charges and got nowhere.

They just kept saying they don't apply until later in the year and I am free to leave under the existing T&Cs

naedanger

wstevew wrote: »

Some good ideas there thanks.

I used there message facility to complain about their changes to the charges and got nowhere.

They just kept saying they don't apply until later in the year and I am free to leave under the existing T&Cs

I don't think you can force them to lower their ongoing charges. If you stay you are deemed to have accepted them. However they should refund your exit costs if you choose to leave. (Their normal exit charges should be waived because it is they rather than you who are unwilling to continue the contract on the originally agreed terms.)

As far as I am aware everyone who has complained formally has had their transfer fees waived or refunded. The following is suggested text for a secure message or email or letter. They usually take just over a week or so to agree to refund their exit charges, "as a gesture of goodwill". (It would probably help if you specify the amounts you wish refunded. Include any dealing costs if you sold shares or funds solely as part of the process of leaving HL.)


Subject: Formal Complaint: FAO Senior Client Services Manager

I wish to formally complain that it was 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 was also against regulatory guidance e.g. from the OFT and that you have been waiving exit charges for those customers who formally complained.

As the reason I am leaving Hargreaves Lansdown is a direct result of your unilateral increase in charges I expect you to refund my exit and transfer fees, just as you have done for others.

If you refuse, and do not refund my transfer fees, then I intend to pursue this complaint via the Financial Ombudsman Service.

Yours ...

wstevew

I sent something similar, but forgot to mention "formal complaint" and "FCA", must be the magic words.


I think I may re-try after my fund and cash turns up at the intended destination.