Transfer from HL - an unacceptable delay?

triplea35

I have a SIPP with HL and decided to transfer it to another provider. As I could not, and did not want to anyway, transfer in specie I sold all holdings before asking my new provider to instigate a transfer. This was in mid February. I have not heard anything from HL yet, and as it is nearly a month for a simple cash transfer messaged them to ask for an explanation for the delay.
I received a response from HL today (Sunday) apologising but stating they are currently only looking at electronic cash transfer requests made in the 2nd week of January and in specie requests late February.   When they do look at mine if straightforward cash transfer payment will be made within a few days.
So that is at least a months worth of transfer applications before they even look at mine, and I have already been out of the market for more than a month. Fortunately being out of market has been in my favour up to now but will that continue - who knows. 
Bit of a rant really, but just wondered what others thoughts on this. Are SIPPs so complicated in this age that such delays are acceptable? 

Joey_Soap

That's simply what HL do. They are losing your 0.45% fees so they will do everything they can to slow the process down. What can you do? Nothing. It's just what HL do.

Croeso69

Joey_Soap said:

That's simply what HL do. They are losing your 0.45% fees so they will do everything they can to slow the process down. What can you do? Nothing. It's just what HL do.

He has sold all his holdings so HL are no longer earning anything.

Thrugelmir

triplea35 said:

Bit of a rant really, but just wondered what others thoughts on this. Are SIPPs so complicated in this age that such delays are acceptable? 

Covid has added complications. That's life. When many people are WFH. Recruitment, productivity and training is somewhat problematic. Though no one considers these factors. The world is a lot more complex than  few button pushes on an app. 

Albermarle

It does seem a very long time though for a cash transfer, even with Covid excuse.
Especially as HL promote themselves as the creme de la creme to justify their high fees .

Croeso69

Albermarle said:

It does seem a very long time though for a cash transfer, even with Covid excuse.
Especially as HL promote themselves as the creme de la creme to justify their high fees .

A cash transfer from Aviva to Hargreaves Lansdown now takes a month. The delay is Aviva's as the transaction datestamp (appearing after 4 weeks) on the Aviva membersite is backdated to within a day or two of instigating the partial transfer with Hargreaves Lansdown.

EDIT: Only took two weeks during Lockdown #1.

I have just instigated another partial transfer yesterday. I will report when it completes.

redmalc

I had a similar issue with transferring a substantial amount of money from HL to Old Mutual in the end I had to raise a complaint and only then was it dealt with but it was in the region of seven weeks before the transfer was completed

Thrugelmir

Albermarle said:

It does seem a very long time though for a cash transfer, even with Covid excuse.

How do you clear a back log other than systematically catch up ( i.e. in date order) ?  You cannot create more hours in the working day. 

redlightbulb

I have recently completed a SIPP transfer in specie.  H&L to Vanguard.  It took about 5 weeks.
Submitted the request end of Jan.  What H&L seemed to do was wait until the monthly fees were due and then transfer the day after!

dunstonh

re SIPPs so complicated in this age that such delays are acceptable? 

Nothing to do with it being a SIPP.  its to do with staffing levels and volume of work.  HL have never been the quickest in my experience.  Std Life and Aviva tend to be (usually the same week on many of their plans).   Covid has delayed things a little but 3 months is not usual platform levels.

SouthCoastBoy

To me this length of time is unacceptable, covid or no covid, the only caveat I would say is if they stated the transfer would take x weeks due to current business constraints, then fair enough. For a guide A J Bell, Transfer to us | AJ Bell Youinvest, state a straight forward cash transfer IN should take 2 to 4 weeks.
Are SIPP transfers regulated by the FCA? If not, why not? IMO there should be agreed SLAs and compensation when these are not met. Currently what incentive do H&L have of completing the transfer quickly?