Vanguard won't release my money.

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.
«13

Comments

  • 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
    Scrounger Posts: 1,004
    Name Dropper First Post First Anniversary
    Forumite
    edited 13 November 2023 at 6:10PM
    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
    Rich1976 Posts: 483
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    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 .
  • 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
    ColdIron Posts: 8,651
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    edited 13 November 2023 at 6:24PM
    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
  • 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
    xylophone Posts: 43,817
    Name Dropper First Anniversary First Post
    Forumite
    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
    dunstonh Posts: 115,636
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    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.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • wmb194
    wmb194 Posts: 3,102
    First Post First Anniversary Name Dropper Photogenic
    Forumite
    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
    Scrounger Posts: 1,004
    Name Dropper First Post First Anniversary
    Forumite
    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
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.4K Life & Family
  • 246.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards