Transfer from HL to II

Somebody

https://forums.moneysavingexpert.com/discussion/comment/81940182#Comment_81940182

If there is conversion of share class to be done II will ask you to agree to the conversion before they proceed to receive the new share class. That was how it was when I transferred 2 years ago.

Xenon

https://forums.moneysavingexpert.com/discussion/comment/81941388#Comment_81941388

Yes same with me - should have made that point.

ii will give you that choice before they do anything.

bownyboy

I did a HL to II in-specie transfer for SIPP, ISA and GIA last month and it took 7 working days.

SouthCoastBoy

https://forums.moneysavingexpert.com/discussion/comment/81941388#Comment_81941388

Just got an email back from ii, there are 3 funds that are not supported in ii (2 have a different share class) I was giving the option of not transferring them or move them as cash, no mention of moving to a new share class.

I have gone back asking if there is a 3rd option, me moving the funds to a share class that is supported.

SouthCoastBoy

I have had confirmation of the 3rd option, however they couldn't confirm how long I would be out of the market, so I have gone for a partial transfer, not ideal.

I will eventually convert the residual H&L SIPP to fund share classes that are supported, and then transfer over, no particular rush for me.

My assets in the h&l sipp are now restricted to selling to cash only.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81944888#Comment_81944888

With a conversion, you won't be out of the market at all. Providers must offer this or they are breaching FCA rules. I suggest you raise a formal complaint. As it is the ceding platform's responsibility (i.e. HL), they should waive any platform fees arising from these holdings if they are unable to comply with their regulatory obligations. This way you don't lose out.

See https://handbook.fca.org.uk/handbook/cobs6/cobs6s21

SouthCoastBoy

https://forums.moneysavingexpert.com/discussion/comment/81944893#Comment_81944893

I most probably won't raise a complaint, however I was hoping for confirmation that I wouldn't be out of the market at all, however the conversation was with ii as opposed to hl, so maybe I should have asked hl. Perhapd I asked the wrong question to the wrong person.

It would have been nice to have had a definitive statement that I would not be out of the market, if that was going to be the case.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81945062#Comment_81945062

II is responsible for handling the transfer, so should have been able to deal with this on your behalf. Approaching II was entirely reasonable. But I got the impression your "third way" was you offering to dispose of one class and use the cash proceeds to invest in the other yourself. That would involve time out of the market and not a conversion (where the fund manager does it as a reorganisation of capital). So it could be that II misunderstood.

The FCA puts specific responsibility on the ceding provider to make the arrangements with the fund house, which makes sense, since HL needs to arrange the transfer of ownership from its nominee to that of II. But I've seen it work the other way around too.

This is exactly the situation the FCA has regulated against. A barrier has been put up, hindering your ability to shop around for a better deal, and each party can point the finger elsewhere, was it not for the regulations that make HL liable in this case. But all parties should be working together to achieve the best outcome for you.

Incidentally, I don't think it will be possible to convert to a different class at HL without it being part of a transfer out. They don't tend to support investors holding standard class where they've negotiated volume pricing for a discounted class.

SouthCoastBoy

No it won't be possible to convert to a different class I will move the remaining assets to a different fund that is supported by ii before I transfer them. This is all practice until I move the bigger pension which is with twt where most probably the classes will once again be different

brewerdave

I've got caught out on transferring my ISA partially from HL to iI.

3 of the funds looked to be available in an identical form with iI HOWEVER weren't because the HL versions were alternative versions (incentives given to HL) whereas iI only offer "the cleanest classes" - only found out when I drilled down to ISIN numbers ,that aren't actually shown upfront on HL site.