Hl & II loyalty bonus.

[Deleted User]

Hi,

I know there are various threads on the transfer, and I have posted in some of them, but I wanted to raise a separate issue regarding loyalty bonus and fund rebates.

Over 5 months now since transfer initiated, only the cash balance to transfer now, and I have the no exit fees deal.

During the transfer process I have lost out on loyalty bonus (HL) and fund rebate (II) for 3 or 4 months.

II say they did not hold the funds, so cannot rebate, I'm wondering if HL have withheld the loyalty bonus to compensate for loss of exit fees.

My last full bonus was 26/4/14, which is paid a month in arrears.

I have contacted HL and await a response.

Has anyone else had this issue?

Just another wee snippet, after various complaints to II about the length of time it was taking, and numerous mistakes, II offered me £100 commission credit, which I declined, as I am not a regular share trader, mostly funds, and anyway they give a quarterly credit, they have now offered me £50 cash.

Thanks.

Financial_Saddler

I'm now 6 months down the line, and am still waiting for cash and 3 funds to show in Aye Aye ( only cash is left showing in HL ).
Currently, I have seen not a penny in fund rebate from Aye Aye, nor any tax rebates on various qualifying funds. 6 unclean funds were transferred in, none of which has yet been converted to clean.
My HL account is showing various loyalty bonuses paid between April and August, plus appropriate tax rebates and cash payments thrugh to 31st July. Needless to say, HL have still been collecting management charges through to August ( at 0.25% ).

masonic

The last loyalty bonus payment I received was from February (paid 29/03/2014) and my funds were registered to II between 24-25th March. So I got a loyalty bonus from HL for each complete month they held the funds, but not for the final part-month.

I received a quarterly rebate from II in July (presumably April-June), which seemed to be approximately what I would expect (I made some rather substantial changes to my holdings over that period, so it would be pretty difficult to work out accurately).

Stanley_St

Financial_Saddler wrote: »

HL have still been collecting management charges through to August ( at 0.25% ).

If you jumped ship from HL on account of the new fee structure, they shouldn't be imposing charges during the transfer. Like you, I am some six months into a transfer to ii (nearly there now), and have not been charged by either during this period.

coyrls

I was told that the rebates are done quarterly, so I guess the next payment is October (for July - Sept).

masonic

Stanley_St wrote: »

If you jumped ship from HL on account of the new fee structure, they shouldn't be imposing charges during the transfer. Like you, I am some six months into a transfer to ii (nearly there now), and have not been charged by either during this period.

That depends on your individual negotiations with each organisation. For example, I did not get HL to agree a reduced platform fee, but I did get them to waive the platform fee if I started my transfer within a month of their offer letter. I didn't get II to waive their platform fee prior to my transfer completing, so I paid it from the outset (but made use of the free trading credit).

masonic

coyrls wrote: »

I was told that the rebates are done quarterly, so I guess the next payment is October (for July - Sept).

Well the rebate should be payable from II from the date the holdings are received, as indicated in the Trading History, but it sounds like the OP is expecting at least some further loyalty bonus from HL (the last bonus received would have been the March payment). If there was any rebate payable by II from April -June, then the OP should have received it at the beginning of July.

Financial_Saddler

Stanley_St wrote: »

If you jumped ship from HL on account of the new fee structure, they shouldn't be imposing charges during the transfer. Like you, I am some six months into a transfer to ii (nearly there now), and have not been charged by either during this period.

I have lodged a formal complaint with HL regarding the stupendously inept transfer process and have been told that a full response will be made "once the transfer has completed". I did also highlight the absurdity of fees being charged to the account during this process - it means that they have little incentive to act efficiently.
Update - my HL SIPP account is now empty, 27 weeks after my transfer request was initiated!

Imnoexpert_2

Thanks for this thread.

I have been so absorbed by pressing to get the funds transferred that the 'minor' issues of loyalty fees, quarterly charges, and even dividend payments have been pushed to the back of the queue.

I objected to II quarterly charges on account of the poor service but they refused to refund. I got £100 trading credit because of delays to tf but didn't push for cash.

I am promised a call from 'a manager' by II so will add some of the points in the postings to my list of questions. Mind you they were supposed to call yesterday!

I have had no fund rebates from II (tf initiated in March). No funds have converted to clean.

DiamondLil

Although my transfer in to II is still not complete, I did receive a "quarterly fund rebate" on 5th. July.

[Deleted User]

Hi,

thanks for the replies.

Looking at my II trading history seems they have had some of my funds since mid April, though no rebate given in July.