Vanguard won't release my money.

travelodger

In 2021 I invested £45,000 in a Vanguard SIPP.

In July 2023 I asked them to transfer it to my HL SIPP. I did the required paperwork for both sides and waited. 

Since then, I have had ten messages from HL saying that Vanguard still has not done the transfer. There is nothing HL can do. I have messaged and phoned Vanguard about ten times now, asking them to do the transfer. All I have had from Vanguard for the past four months is promises to make sure this is done without further delay, then it's not done. In their last message they said my request had been "escalated" for immediate action. That was a month ago, and they still have not done it.

I am at my wits' end now. Nothing like this has ever happened to me before, and I have no idea what to do.

gritpype

Make a formal complaint in by letter or email to Vanguard, if you haven't done so already, and one asap to the Financial Ombudsman (online - but keep print out of what write). Also contact  'You and Yours' on BBC Radio 4 they may help liaise/speed things up.

Scrounger

You're not alone.  Terrible experience my SIPP transfer to HL (one of my drawdown accounts still missing - apparently 'lost' during the transfer!)

You need to raise a complaint:  http://www.vanguardinvestor.co.uk/complaint-procedures

Even then they will continue to be difficult IME.  You have my sympathy.


Scrounger

Rich1976

Sounds very familiar. We had similar issues transferring out of Vanguard back to HL.
I really do not understand the appeal of Vanguard, their customer service and admin processes leave a lot to be desired.
keep pressing them and chasing them and eventually they will listen, but just make sure they close your account down following the transfer if that is what you want. They left mine open and kept sending zero balance statements every quarter or whatever it was until I finally got them to ensure it was properly closed after they admitted they hadn’t done it properly .

travelodger

gritpype said:

Make a formal complaint in by letter or email to Vanguard, if you haven't done so already, and one asap to the Financial Ombudsman (online - but keep print out of what write). Also contact  'You and Yours' on BBC Radio 4 they may help liaise/speed things up.

I've just wasted 15 minutes on their website typing "complain" and complaint" and "complaints" into the search box under "help" only to get no hits. Finally found a page about complaints, and it tells me that to complain I must send them an internal message. But that is what I have been doing for the past 4 months! Grrr!

ColdIron

gritpype said:

Make a formal complaint in by letter or email to Vanguard, if you haven't done so already, and one asap to the Financial Ombudsman

The FoS won't entertain a complaint until you have exhausted Vanguard's complaints process (or 8 weeks) which the OP hasn't started

https://www.financial-ombudsman.org.uk/consumers/how-to-complain

travelodger

Very disappointed to hear that others have had the same problem. Feeling anxious now that I won't get my money back.

I have begun the formal complaints procedure with Vanguard.

xylophone

Feeling anxious now that I won't get my money back.

I really don't think that you need to worry on that score.

dunstonh

Very disappointed to hear that others have had the same problem. Feeling anxious now that I won't get my money back.

You have every right to be frustrated but there is no point taking it to silly levels by saying you don't feel you will get your money back.     

Poor service is not the same as running off with your money.

wmb194

My longest transfer time was about five months so you haven't matched that yet. I just had to keep bugging them but apparently the issue wasn't with the brokers but with the fund manger (Liontrust) not re-registering my OEICs. I seem to recall other threads where people complained that Vanguard can be slow to do this as well.

Scrounger

travelodger said:

Very disappointed to hear that others have had the same problem. Feeling anxious now that I won't get my money back.

I have begun the formal complaints procedure with Vanguard.

I understand how you are feeling and fully justified IMO.

I'm still missing one small drawdown account and Vanguard are being evasive.  Sadly it looks increasingly likely I'll have to refer that to FOS.

In the meantime I might start calling for daily updates (0800 587 0460).


Scrounger