Read this if you've closed a Hargreaves Lansdown account

SH7990

If you've closed down or transferred away from a Hargreaves Lansdown Vantage account at any time, I suggest you log back into the account to check if there's still any money there.

I transferred away from H-L last summer, but I've discovered that they didn't do as instructed to transfer all of the cash on the account over to my new platform. THIS HAS HAPPENED THREE TIMES in the last 9 months! Twice it has been because they have added loyalty bonuses to my account after the account has been closed.

Just in case anyone is in the same situation as me, you may find that you have some money sitting there which you didn't know about. If this is the case, please post a reply on this forum.

colsten

I experienced similar when transferring an ISA out of HL. Dividends were paid into HL after all my funds had been transferred to Halifax. It took several complaints to both, Halifax and HL before they shifted that additional money too. Seems the transfer procedures are very wanting.

ffacoffipawb

colsten wrote: »

I experienced similar when transferring an ISA out of HL. Dividends were paid into HL after all my funds had been transferred to Halifax. It took several complaints to both, Halifax and HL before they shifted that additional money too. Seems the transfer procedures are very wanting.

When I transferred my SIPP to Youinvest all dividends paid post transfer were forwarded within 6 weeks.


I still have an ISA with HL.

le_loup

Yes, H-L left some dividend cash in my account until I pointed it out to them. Their systems seems unable to cope with additional monies after a transfer out.

dunstonh

It is normal for dividends to turn up after the sale and withdrawal. Most platforms will not close an account until at least 6 months after withdrawal to allow for such transactions to be processed.

colsten

dunstonh wrote: »

It is normal for dividends to turn up after the sale and withdrawal. Most platforms will not close an account until at least 6 months after withdrawal to allow for such transactions to be processed.

There is a huge gap in the transfer process as people are not even being made aware (certainly not by HL) that their dividend payments will not be automatically transferred

dunstonh

colsten wrote: »

There is a huge gap in the transfer process as people are not even being made aware (certainly not by HL) that their dividend payments will not be automatically transferred

Part of the problem I suspect is that the DIY side has never had much in the way of scrutiny from the regulator. It also grew out of the advice side where the adviser had the disclosure requirements. There is a review from the FCA starting later this year into DIY providers (what they disclose, do they cross the advice line, do they let consumers do high risk transactions without checks etc). I suspect you will see much improvement from that. However, whether people actually read disclosures is a different matter.

Some platforms will wait and transfer the residue automatically. Some will will wait until told to transfer the residue. Some will cash in the residue and send the proceeds back to the account holder.

IronWolf

le_loup wrote: »

Yes, H-L left some dividend cash in my account until I pointed it out to them. Their systems seems unable to cope with additional monies after a transfer out.

I doubt they're unable to cope, more that they'd rather not bother as most people wont realise they never received a dividend they were due

SH7990

I suspected that I might not be alone on this.

After the first time it happened I actually sent H-L a specific instruction to transfer all future cash in the account to my new provider, but that clearly had no effect.

It's a shame because up until the time that H-L introduced their high charges relative to some other providers I was very happy with their service.