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Don't use Hargreaves Lansdown

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  • Yes but 61-63 or whatever is a short bridge.

    Responsible advice should be predicated on the whole term of the client's life.

    My particular critical yields were -10.6
    Or +1.6 if I took a lump sum

    How would you recommend on that SonOf ?
  • ggmf
    ggmf Posts: 816 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    Sorry, I've read through, and tried to keep up, but the question "has H&L's invoice been paid" does not seem to have been answered (unless I have missed it), so did you settle the H&L invoice?
    2 Separate arrays, 7 x JASolar 380w panels (2.66kWp) south facing, 4 x JASolar 380w panels (1.52kWp) east facing, 11 x Tigo optimizers & cloud, Growatt SPH5000, Growatt 6.5kWh Hybrid battery (Go-live 01/12/21) - Additional reporting via Solar Assistant.
  • Yes I have paid the bill to HL
  • https://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=219877

    This is the link to the financial ombudsman's decision.

    Please don't throw away your money using Hargreaves Lansdown if you are considering transferring a DB pension because:
    a) their fees are big and
    b) structured in such a way that it is safer for their advisers to recommend against transfer and
    c) you will find them disobliging if you do insist on a transfer
  • Prism
    Prism Posts: 3,847 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Although its not the result you wanted good for you for posting the results here on the thread so we could see how this panned out. Others would have slipped away quietly. I hope it works out for you in the end.
  • Pollycat
    Pollycat Posts: 35,770 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Savvy Shopper!
    https://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=219877

    This is the link to the financial ombudsman's decision.

    Please don't throw away your money using Hargreaves Lansdown if you are considering transferring a DB pension because:
    a) their fees are big and
    b) structured in such a way that it is safer for their advisers to recommend against transfer and
    c) you will find them disobliging if you do insist on a transfer
    So the ombudsman disagreed with you.
  • SonOf
    SonOf Posts: 2,631 Forumite
    1,000 Posts Fourth Anniversary
    From the FOS comments..
    Mr W was unhappy about this decision and he contacted other SIPP providers to see who
    would accept the CETV from his OPS. He felt that Hargreaves Lansdown should have done
    more to help identify SIPP providers who would accept the transfer despite a negative
    recommendation.

    HL are restricted FAs. Not IFAs. They retail their own product. It is not within the remit of their business to recommend other providers.

    As that issue is the crux of the complaint, then it was always destined to fail as you cannot expect FAs to act as IFAs.
  • I found an alternative provider and completed the transfer form.
    The crux of the complaint is that HL would not sign a declaration on the transfer application form to confirm that they had provided financial advice.
    Anyone seriously considering transferring a DB pension needs to be aware of this potential trap before choosing Hargreaves Lansdown.
  • SonOf
    SonOf Posts: 2,631 Forumite
    1,000 Posts Fourth Anniversary
    The crux of the complaint is that HL would not sign a declaration on the transfer application form to confirm that they had provided financial advice.

    That isn't what the FOS outcome is saying.

    It is because you wanted them to do something that they are not able to do. HL also said they would sign the form once you have found a provider that will accept the transfer and paid their fee.
    Anyone seriously considering transferring a DB pension needs to be aware of this potential trap before choosing Hargreaves Lansdown.

    This is not an HL issue. Going by the FOS response, HL were willing to sign the declaration once you found your chosen pension provider.
  • cloud_dog
    cloud_dog Posts: 6,322 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I found an alternative provider and completed the transfer form.
    The crux of the complaint is that HL would not sign a declaration on the transfer application form to confirm that they had provided financial advice.
    Anyone seriously considering transferring a DB pension needs to be aware of this potential trap before choosing Hargreaves Lansdown.
    I'm loathed to continue this but.... You failed to pay the invoice, as per the agreement and therefore it wasn't unreasonable for HL to with hold it. HL then provided you with the report before you actually paid the invoice, as described by the ombudsman:
    Hargreaves Lansdown had provided the Advice Declaration on 13 April 2018 even though the fee had not been settled

    Unfortunately, it all comes back to you not quite understanding the scope and limitations of what you had engaged HL to undertake. It is a complicated process and something a novice is likely to not quite contemplate the implications of certain aspects (I include myself in this).
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
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