Hargreaves Lansdown Commission on ISA transfer

Iain_For

I recently initiated the transfer of an ISA from HL to Vanguard. All was going smoothly until the contract notes came in for the sale of 3 ETFs (non-Vanguard products so not transferrable). Instead of the expected £11.95 each, commission was listed as £50 on two of the ETFs and £20 on the 3rd. As yet HL have not got back to me to explain, but I was wondering whether this matched with anyone else's experience? 

Iain

ColdIron

HL charge for telephone dealing. 1% (max £50, min £20). Could it be this?

masonic

Seems a bit naughty, given you could have placed the same deals online for the lower price.

george4064

When you request a transfer and HL have to sell the investments in order to carry out your transfer instruction a dealing charge is applied to any listed securities (shares, ITs, ETFs etc) of 1%, min £20 and max £50 per trade.

Read here: https://www.hl.co.uk/investment-services/transferring-your-existing-investments/transfer-to-another-provider

• What happens when I sell my investments and transfer as cash?

  Selling shares – Your shares will be sold as soon as possible, and standard dealing rates will apply. This is a charge of 1% of the value of the trade (minimum charge £20, maximum charge £50). For overseas investments standard foreign exchange charges will apply. 

  If you’d prefer to sell your investments yourself before transferring, you can do this online at a cheaper rate for shares, investment trusts, gilts/bonds and ETFs. 

  After your investments are sold, the money needs to settle before it can be transferred. This usually takes 2 days from the day of trade. 

  Selling funds – Your fund units will be sold as soon as possible and without charge. Fund sales usually take about 4 days after trading to settle. Once settled, the uninvested cash can be transferred to your new provider. 

  Uninvested cash – Any money from investment sales, plus any other uninvested cash, will be transferred to your new provider by faster payment or CHAPS depending on the value. There is no charge for this.

Iain_For

george4064 said:

When you request a transfer and HL have to sell the investments in order to carry out your transfer instruction a dealing charge is applied to any listed securities (shares, ITs, ETFs etc) of 1%, min £20 and max £50 per trade.

Read here: https://www.hl.co.uk/investment-services/transferring-your-existing-investments/transfer-to-another-provider

• What happens when I sell my investments and transfer as cash?

  Selling shares – Your shares will be sold as soon as possible, and standard dealing rates will apply. This is a charge of 1% of the value of the trade (minimum charge £20, maximum charge £50). For overseas investments standard foreign exchange charges will apply. 

  If you’d prefer to sell your investments yourself before transferring, you can do this online at a cheaper rate for shares, investment trusts, gilts/bonds and ETFs. 

  After your investments are sold, the money needs to settle before it can be transferred. This usually takes 2 days from the day of trade. 

  Selling funds – Your fund units will be sold as soon as possible and without charge. Fund sales usually take about 4 days after trading to settle. Once settled, the uninvested cash can be transferred to your new provider. 

  Uninvested cash – Any money from investment sales, plus any other uninvested cash, will be transferred to your new provider by faster payment or CHAPS depending on the value. There is no charge for this.

Thanks, I'll chalk that one up to experience. Should have sold them myself!