HL / III transfers - Both telling me different tales

diveleader

I have just spent the best part of 2 hours grappling with Hargreaves and III on the transfer of my (and my wife's) SIPPS / ISA's and Trading accounts.

These transfers were instigated back in February.

I am still left with a SIPP with H&L and my wife still has all three still with H&L

Despite numerous calls to III over the last few months, H&L state that they haven't received a transfer out request for our SIPPs and III state they have sent 13 chase letters to H&L.

What takes the biscuit is that H&L are now charging us both for the SIPPS and 'fully intend to continue to charge, including closure fees'

-despite me sending secure messages back in March that I was transferring and not accepting their new terms and conditions.


- and confirming on the 26th March that they had received applications from III.

Status of closure of account and transfer to Interactive investor 26 Mar 2014
Dear Mr Smith
Thank you for our email.
We received your applications from Interactive Investor on 8 March. We have recently sent Stock Transfer Forms for any unit trusts held in
your accounts to the individual fund managers and are now awaiting confirmation of the transfer form them, upon receipt of we will remove
these units form your account.
We are currently awaiting confirmation form Interactive Investor on the dates we both agree to enter any equities you hold into the
appropriate settlement systems, again once confirmed we will remove the units form your account.
I trust that this clarifies the situation, however should you have any further queries please contact our Helpdesk via reply email or by calling
0117 900 9000.

In the above comment, H&L suggested that the confirmation was regarding the ISA and trading account transfers, despite their reply being from a secure message from me confirming that I had instigated transfer of all of my accounts and would be closing the account once the transfer had been completed.

I have formally complained to both parties but I wonder how this will be sorted out?

They just seem to be blaming each other. But I have now control on the transfer process and feel aggrieved.

Angry and frustrated with the whole thing.

coyrls

If you made agreements with HL on the 'phone and they are now denying that those agreements have been made, you can ask them to review the recordings of the call. In my experience this works.

Nocto

Check out the thread “Iii” - many others are experiencing similar problems…

JenniferK

You will soon learn that transferring to Interactive Investor was a mistake. Biggest laugh I had in ages was the report in yesterdays Daly Telegraph when III claimed that the average one month transferred would now take about 6 days.

planteria

Nocto wrote: »

Check out the thread “Iii” - many others are experiencing similar problems…

yes, i am experiencing similar problems....but as far as i am aware, HL are Not going to be charging me...

https://forums.moneysavingexpert.com/discussion/4904374

Nixter

Dive leader,
Do you want to know what the worst part of this is? As soon as you've started using Iii's platform you will realise how incredibly incompetent they are and that you regularly have to chase them for missing dividends and other errors.

They are not fit for purpose and I can't wait until I've completed my transfer out from them.

JenniferK

Nixter wrote: »

Dive leader,

They are not fit for purpose and I can't wait until I've completed my transfer out from them.

Likewise. My transfer out is now actioned.

xylophone

I have just spent the best part of 2 hours grappling with Hargreaves and III on the transfer of my (and my wife's) SIPPS / ISA's and Trading accounts.

This is truly appalling - really beyond a joke.

Clearly you will await the results of the formal complaints and if necessary escalate to the Ombudsman.

And see http://www.fca.org.uk/firms/being-regulated/meeting-your-obligations/fair-treatment-of-customers

You might wish to write to the Telegraph? https://forums.moneysavingexpert.com/discussion/4904374 post 528

Michael_Nottingham

Worth emailing Thisismoney.co.uk (the Daily / Sunday Mail Finance site) as they had an article on some of the issues written in the last week. They seem to be interested.

diveleader

Many thanks to you all for your input and replies.


iii have acknowledged my compliant but not my wife's.
H&L have acknowledged both complaints and put the blame on iii.


iii have sent me a secure message stating that the transfer application has stalled due to transfer forms being misplaced. However, they have not suggested any further actions to reinstate the process!


I had already filled in the H&L transfer forms in the meantime and have sent them a curt response to this affect.


The saga continues.

kangoora

What amazes me in this electronic age is how much is still based on paper transactions.

I had a corporate nominee account with shares in it - to transfer the shares to my investment account I had to fill in a paper form and post it to Equiniti.

I then wanted to do a share transfer to my wife, again, I needed to fill in a paper form and post it.

Don't even get me started on the fact that I sell shares and the money is available immediately for me to re-invest - however, to transfer it to my bank account I need to wait 3 business days even though my account shows that money sat there, supposedly, in cash.

Then to add salt into the wound it takes 3 business days for the money paid in by electronic transfer to make it's crawling journey, electron by electron, to be credited to my account so I can actually spend it.

It used to take 3 days for a cheque to be credited to my account - why does it take 3 days for a electronic transfer - do they write a cheque and send it to wherever they used to send them to?

Someone, somewhere, is making a pile of money by these 3 days interest permanently in the system multiplied by millions of transactions - it really ticks me off.

I do realise some banks now do instant payments, very impressed by Santander account I recently opened.