Transfering Share dealing Account from H/L to Scottish Widows

sharepicker

I opened a Scots Widows share dealing account and initiated a transfer of my shares held in Hargreaves Lansdown to them on 9th Feb. I haven't heard anything from either so far…anyone have any experience of idea how long this is likely to take?

wmb194

https://forums.moneysavingexpert.com/discussion/6655891/transfering-share-dealing-account-from-h-l-to-scottish-widows

What are you transferring? These days shares and bonds held in Crest can be very quick - a week or two if that - but in my experience the problem is OEICs/unit trusts: the fund managers have to get involved as well and some can be very slow, taking months. In my experience Liontrust in particular is abysmally slow.

Including a transfer for me, at the moment another issue is that HL will be very busy…

sharepicker

Just shares held in Crest. I expected some sort of notification that things were in progress.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81890044#Comment_81890044

In my experience Scottish Widows, formerly iWeb, doesn't communicate much. IIRC it'll send you a letter in the post to say it's initiated the transfer but for me was a couple of weeks after I'd requested it.

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/81890245#Comment_81890245

I got a text the same day saying they'd initiated transfer, but they said next communication would be a letter once complete, so I don't expect to hear more for a while.

ask66

@sharepicker I'm doing the same as you - transfer initiated 10th Feb, just 11 shareholdings. Yesterday I checked my HL account and all the shareholdings had disappeared. Today I checked my new SW account and one of the shareholdings has appeared there. Hopefully the other ten will follow shortly! I had a conversation with HL via secure messaging and have chosen to leave my Fund & Share Account open with a minimum £50 cash balance. That way, all the historic info on my shareholdings will remain available to me. I'll probably close the HL account when I'm sure I've made a note of all the info I might need in the future.

sharepicker

Just checked H/L account and all shares have disappeared……went to my Scottish Widows account and the're all transfered. No txt email or anything but of course there may be a letter in the post (2 deliveries a week if we lucky nowadays). Anyway free of H/L charges for now until Scots widows follow suit in the future!

ask66

https://forums.moneysavingexpert.com/discussion/comment/81891438#Comment_81891438

Just checked my Scottish Widows account and the remaining 10 shareholdings are now in there. So that's 10 days in total from when I made the request - quite happy with that, considering all the new business they must be getting!

DRS1

May I ask what acquisition cost is showing for the transferred shares? Is it zero or the acquisition cost you had at HL?

Rollinghome

https://forums.moneysavingexpert.com/discussion/comment/81892868#Comment_81892868

When I transferred from Fidelity to Iweb, a long time ago, all transferred-in investments showed cost based on the price at the transfer, so as zero gain. But I believe they will change that to the original cost if requested. I've never tried to do that and keep my own records.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81892907#Comment_81892907

When I did a transfer to Iweb back in 2014 the acquisition cost showed as zero. It was an ISA so it didn't really matter. I was hoping they might have improved since then.