Baillie Gifford closing direct accounts

[Deleted User]

david78 wrote: »

Was anyone else expecting their account to transfer to HL on 1st June only to find it has not happened?

Yes. This looks like an admin mess. I posted my mum's consent form to the transfer to HL (as instructed in the info pack in April) on 23 April. The week before last I got another letter from BG saying that she hadn't replied to the original communication and inviting her to sign (another) consent form to HL. She did this, I posted it last weekend. Presumably she has missed the 1st June transfer date due to the original form being lost/not actioned. Not impressed.

DavidT67

JP Morgan Asset Management are doing something similar.

Unit Trusts / OEICs are going to Hargreaves Lansdown
Investment Trusts are going to The Share Centre

Transfers due to happen in September

Seems like the asset management groups no longer want the administrative and compliance overhead of dealing with retail investors.

david78

I have just been on the phone to BG and HL separately.


It looks like BG failed to cancel some direct debits for regular savers properly so that payments have been taken for investment in June.
This means the transfer won't happen until mid-July. They will also take a further payment at the start of July and invest that prior to the transfer.


HL have also confirmed my account is not on their list of transfers going through today.

firestone

sounds like it may not have gone to plan for some people - but they have said if you hold Scottish American IT as One of your holdings that it would not go through to mid July (and that regular payments would still be taken till then)

david78

firestone wrote: »

sounds like it may not have gone to plan for some people - but they have said if you hold Scottish American IT as One of your holdings that it would not go through to mid July (and that regular payments would still be taken till then)

No I don't hold SAINTS. Baillie Gifford have just made a mistake.

The terms and conditions were very clear: provided the forms were returned early enough, the transfer should have happened on June 1st and people would be able to deal from June 3rd (today). But there has been no transfer.

Reaper

Well my Baillie Gifford account says I have no investments with them any more, but no contact from HL yet. Hard to trade when I don't even know my account number.

Vortigern

david78 wrote: »

It looks like BG failed to cancel some direct debits for regular savers properly so that payments have been taken for investment in June.
This means the transfer won't happen until mid-July. They will also take a further payment at the start of July and invest that prior to the transfer.

I cancelled the DD myself, rather than leaving BG to cancel it on a date of their choosing.

Reaper wrote: »

Well my Baillie Gifford account says I have no investments with them any more, but no contact from HL yet. Hard to trade when I don't even know my account number.

HL sent me a letter confirming receipt of transfer instruction and quoting my (existing) HL client number. I hold SCAM so nothing has transferred yet and I can't see a Fund & Share account when I log in to HL.

I'm slightly confused by HL's account closure fee. HL's letter says exit charges will be refunded for three months; BG's FAQ said HL fees would be refunded till 31 Aug 2022. Both refer to refunds - not to waiving of fees; so who gives the refund? Will HL raise and the refund the fees, or will we have to claim a refund from BG?

david78

Vortigern wrote: »

I'm slightly confused by HL's account closure fee. HL's letter says exit charges will be refunded for three months; BG's FAQ said HL fees would be refunded till 31 Aug 2022. Both refer to refunds - not to waiving of fees; so who gives the refund? Will HL raise and the refund the fees, or will we have to claim a refund from BG?

I questioned this with HL. They said the letter was incorrect. All fees will be collected and then refunded automatically (by HL) for a minimum of three years (not months). There are no annual fees in the fund and share account, only dealing charges on shares/investment trusts. Any charges for buying/selling BG investment trusts will be refunded.

Additionally, buying and selling charges will also be refunded for BG investment trusts held in the stocks and shares ISA, irrespective of whether the ISA was transferred from BG Savings Ltd.

It isn't clear how exit fee refunds will work though: if you buy other non-BG trusts/funds will there be an exit fee?

Jox

I transferred from Baillie Gifford (Scottish Mortgage Investment Trust) to HL. My direct debit has been cancelled by BG and when I logged into HL website (initially they had my date of birth wrong so I had to call them) I was able to make a payment (Top Up) instead of setting up a direct debit. Next to the "Top Up" button is a "Deal" button. I'm not sure if I'm supposed to do something with that!

Also, not sure if I've done the right thing by transferring to HL but maybe I'll close the account within the 3 years to avoid their high charges.

ColdIron

Top up allows you to add money to your account from your bank. Deal allows you to buy or sell investments within your account