Hargreaves Lansdown Acceptable Use Policy

ic451uk

Please may I ask for opinions regarding Hargreaves Lansdown new Acceptable Use Policy (bottom right of https://www.hl.co.uk/terms-and-conditions).  I think clause 3.1 (especially 3.1.1 & 3.1.3) appear to define 'Acceptable Use' as "anything HL considers acceptable", which I find to be extremely unhelpful.  Surely they can do better than this?

masonic

ic451uk said:

Please may I ask for opinions regarding Hargreaves Lansdown new Acceptable Use Policy (bottom right of https://www.hl.co.uk/terms-and-conditions).  I think clause 3.1 (especially 3.1.1 & 3.1.3) appear to define 'Acceptable Use' as "anything HL considers acceptable", which I find to be extremely unhelpful.  Surely they can do better than this?

Either party can generally end the relationship without having to specify a reason (the firm having to do so with notice). The placing of restrictions on a customer's use of the account is more of a thorny issue, and would be something you could ultimately challenge, using the FOS if necessary, if you think a reasonable person would not concur with HL's view. I doubt that in practice anyone would cross this line unknowingly. Such actions triggering a restriction are likely to be extreme.

Potentially this would give clients who took up a recent cashback incentive an 'out', without their cash being clawed back within the minimum period, although I don't think there have been any recent incentives, so only those whose transfers took a very long time would be in this boat.

GeoffTF

I do not believe it will affect me. The only thing that I can think of is that HL does not like people trading open ended funds daily. That is not something that a sensible person would be doing anyway.

granta

GeoffTF said:

I do not believe it will affect me. The only thing that I can think of is that HL does not like people trading open ended funds daily. That is not something that a sensible person would be doing anyway.

Just curious, why would HL not like someone trading OEICs daily [agree, this would not sensible investing strategy, but why would they mind?].

When I got the email, I wondered also if they disliked people who repeatedly make use of their cashback offers and then transfer out once the minimum period has passed. 

GeoffTF

granta said:

GeoffTF said:

I do not believe it will affect me. The only thing that I can think of is that HL does not like people trading open ended funds daily. That is not something that a sensible person would be doing anyway.

Just curious, why would HL not like someone trading OEICs daily [agree, this would not sensible investing strategy, but why would they mind?].

When I got the email, I wondered also if they disliked people who repeatedly make use of their cashback offers and then transfer out once the minimum period has passed. 

HL does not charge for trading OEICs, but it costs them money. I do not expect that they like people who call customer services excessively either. They probably do not allow repeated use of their cashback offers anyway.

granta

GeoffTF said:

granta said:

GeoffTF said:

I do not believe it will affect me. The only thing that I can think of is that HL does not like people trading open ended funds daily. That is not something that a sensible person would be doing anyway.

Just curious, why would HL not like someone trading OEICs daily [agree, this would not sensible investing strategy, but why would they mind?].

When I got the email, I wondered also if they disliked people who repeatedly make use of their cashback offers and then transfer out once the minimum period has passed. 

HL does not charge for trading OEICs, but it costs them money. I do not expect that they like people who call customer services excessively either. They probably do not allow repeated use of their cashback offers anyway.

I haven't seen any specific terms around repeated use of cashback offers, they even sent me a cashback promotion that was for existing customers [and I have taken advantage of several promotions over the years].
But perhaps they will monitor this more closely in future

artyboy

GeoffTF said:

granta said:

GeoffTF said:

I do not believe it will affect me. The only thing that I can think of is that HL does not like people trading open ended funds daily. That is not something that a sensible person would be doing anyway.

Just curious, why would HL not like someone trading OEICs daily [agree, this would not sensible investing strategy, but why would they mind?].

When I got the email, I wondered also if they disliked people who repeatedly make use of their cashback offers and then transfer out once the minimum period has passed. 

HL does not charge for trading OEICs, but it costs them money. I do not expect that they like people who call customer services excessively either. They probably do not allow repeated use of their cashback offers anyway.

I've certainly made repeated use of their cashback offers, in fact I think they have been the single most lucrative provider for me. And with my level of churn, that's saying something.

Mind you, I've hardly got anything with them at the moment and am on the verge of transferring out the remnants of an ISA, so will pay special attention to any future offers that they run...

Albermarle

GeoffTF said:

I do not believe it will affect me. The only thing that I can think of is that HL does not like people trading open ended funds daily. That is not something that a sensible person would be doing anyway.

Especially if it was only small amounts.

Albermarle

artyboy said:

GeoffTF said:

granta said:

GeoffTF said:

I do not believe it will affect me. The only thing that I can think of is that HL does not like people trading open ended funds daily. That is not something that a sensible person would be doing anyway.

Just curious, why would HL not like someone trading OEICs daily [agree, this would not sensible investing strategy, but why would they mind?].

When I got the email, I wondered also if they disliked people who repeatedly make use of their cashback offers and then transfer out once the minimum period has passed. 

HL does not charge for trading OEICs, but it costs them money. I do not expect that they like people who call customer services excessively either. They probably do not allow repeated use of their cashback offers anyway.

I've certainly made repeated use of their cashback offers, in fact I think they have been the single most lucrative provider for me. And with my level of churn, that's saying something.

Mind you, I've hardly got anything with them at the moment and am on the verge of transferring out the remnants of an ISA, so will pay special attention to any future offers that they run...

Since they are under new management, the last cashback offer was relatively poor, and there was one that seemed to be only targeted at certain customers.
I transferred an ISA to them from Fidelity for a £1000 cash back and then around 15 months later transferred it back to Fidelity for a £1000 ( having originally got a £500 cashback from transferring into Fidelity) .
HL contacted me and asked me to tick a box on a list of reasons  as to why I transferred out, so I ticked the one that said 'cashback offer from another provider. Maybe I will be blacklisted now. 

Newbie_John

If they wrote "people doing x, people doing y, people doing z" then many others would start doing similar things - right now they're unaware, and they will get rid of the offenders quietly.

There is something that costs them more - a bit like customers refunding cloths at online retailers too often.

Although there's some bits about "scripts injection" etc. so maybe some bot, AI, fake accounts?

Who knows..