Hargreaves Lansdown transfer obstructions

reeac

slinga wrote: »

Just wondering if I'd would have to go through this AML stuff if I just decided to cash up and transfer that cash to my bank??

Similarly on death does that AML reqirement still happen?

Last week we closed a joint HL account which originally had held shares prior to separating them into individual ownership and thence into ISAs leaving behind some residual cash. All done very easily by phone once we had nominated a bank account for the cash to go to.

Chordeiles

masonic wrote: »

You wouldn't have been out of the market for over 200 days if you transferred as cash.

The confidence with which you make that assertion still hasn't convinced me. Please understand that with well over half a million invested in a rising market, it's a risk I wasn't prepared to take !

If I ever do a cash transfer from HL to Alliance Trust (and as I said above, I might now) I'll report back here (if this thread is still alive).

dunstonh

Certainly all within the last 50 days, which would have left me out of the market for over 200 days using the "faster" cash transfer method.

With cash transfers you are out of the market for 2-3 days typically with perhaps a week being the longest.

I must say that I transferred a S&S ISA from Fidelity to iWeb in-specie and it was remarkably easy and quick in a matter of a couple of weeks. Both Fidelity and iWeb were very efficient in the electronic process so why do other platforms have such major issues.

It is rarely the platform that is the issue. it is the fund house.

masonic

Chordeiles wrote: »

The confidence with which you make that assertion still hasn't convinced me. Please understand that with well over half a million invested in a rising market, it's a risk I wasn't prepared to take !

If I ever do a cash transfer from HL to Alliance Trust (and as I said above, I might now) I'll report back here (if this thread is still alive).

It's up to you what you do. I'm just saying having done both stock and cash transfers I'd rather be out of the market for a week or two than in limbo for 4-8 months.

If you were out of the market for 200 days in a cash transfer you'd be entitled to compensation for any loss you suffered as a result. There are cases upheld by the Financial Ombudsman Services where people have been able to claim for the loss they suffered when an ISA transfer has been unduly delayed.

bearshare

Over the years, I have done HL to iWeb, Standard Life to HL, Fideility to iWeb and Fidelity to Youinvest.

Hi to iWeb took by far the longest, and iWeb kept me updated (generally, still waiting for HL) throughout.

Chordeiles

Come to think of it, I've done in-specie transfers before, Comdirect (or were they Squaregain by then ?) to Fidelity, and Fidelity to HL would be the most recent, and times 2 because my wifes's accounts moved the same way at the same times. I doubt if I can find records to show how long they took but I don't recall them being long drawn-out affairs !

dunstonh

but I don't recall them being long drawn-out affairs !

It very much depends on the fund house/administrator for the investment.

It is not usually the platform that is the issue.