New HL fee structure from 01/03/26

Doshwaster

https://forums.moneysavingexpert.com/discussion/comment/81887323#Comment_81887323

I actually really like the HL website and app. I recently moved my ISA from HL to II - I also need to move my SIPP but thought it would be safer to do one at a time and find the II one much harder to use. Some of that may be down to being familiar with HL but I can learn to live with a slightly worse experience for significantly lower fees.

poseidon1

Just initiated transfer of all stocks and shares isa investments from HL to ii.

ii have warned '..… We're currently experiencing a higher number of transfers, so it may take a little, longer than usual to process your transfer '

Does not appear to bode well for HL's retention numbers.

InvesterJones

Perhaps, though maybe getting rid of clients who weren't making them enough money (like myself) is a good thing in their owners' eyes.

DT2001

https://forums.moneysavingexpert.com/discussion/comment/81890645#Comment_81890645

My S&S ISA transfer from HL to Fidelity completed in a week. Transfer in specie - all ITs or ETFs. Small amount of cash from dividend was last to be transferred.

RL11

HL "lost" my transfer out! I had initially transferred just one stock in specie as a trial of the process. That went fine so I started a new transfer for the whole account. It didn't complete in the previous timescale, so yesterday I chased up and was told that they could see my transfer completed on the 12th. I said I had started a new one on the 12th too. This morning I can see my stocks are flagged to be transferred out.

I've also got a fund that I'm selling from my SIPP that is still "Pending" 48 hours later.

I'm wondering if the shear volume of activity, that the new fee structures have caused, have put too much strain on the HL systems

LHW99

https://forums.moneysavingexpert.com/discussion/comment/81892095#Comment_81892095

I know nothing about the current problem, but when I moved from HL when RDR came in, there were a lot of moves triggered, and it took over 3 months for my Sipp to move and nearly 6 months for the OH's

InvesterJones

My gilts transfer also took a week, very impressed. And I can confirm documents are still available at HL under portfolio history, and all contract notes etc. still available in transaction history.

Rollinghome

Anyone know how platform fees are charged on accounts transferred away from HL? Do they charge to the beginning or the end of the month of transfer, or proportionately to the day? And how is the charging point determined, when the transfer is initiated, when completed, or something else? TIA.

InvesterJones

It'll be the equivalent of proportional to the day (e.g. the average amount in the fund over the month). Not quite sure what you mean by charging point - as long as there are funds you'll be charged, so when the funds go to 0 they will no long contribute to charges.

See below for the correct answer!

masonic

https://forums.moneysavingexpert.com/discussion/comment/81893486#Comment_81893486

No that's not correct. Here's what the T&Cs say:

This means that if you had £250k in a S&S ISA that was entirely cash from 1st Feb to 26th Feb and on 27th Feb a deal purchasing £250k was executed, you'd be charged a little over £93 for Feb (debited at the beginning of Mar, under the existing 0.45% fee arrangement). The same as if you'd held the fund for the whole month.

This is why income held in the income account and reinvested part way through the month is problematic, because even though it was held in a non-interest bearing account for part of the month, you'd also be paying a fee on that cash for that same part of the month.

Whereas if you were transferring out, if you held £250k of that same fund between 1st Feb to 26th Feb and it was removed from your account on 27th Feb, you'd not pay any platform fee for Feb.

Effectively this means that investors have until the end of March to get out if they don't want to incur fees at the new rate.