Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ZingPowZing
    • By ZingPowZing 3rd Aug 19, 4:58 PM
    • 146Posts
    • 46Thanks
    ZingPowZing
    Don't use Hargreaves Lansdown
    • #1
    • 3rd Aug 19, 4:58 PM
    Don't use Hargreaves Lansdown 3rd Aug 19 at 4:58 PM
    I want to share my experience so that others make a better choice than I did.

    My case has just run its course with the Financial Ombudsman, and she found in their favour. So I'm liable to pay Hargreaves' industry-leading fees. When I do, the FO will publish their final decision and I'll post a link so that others, especially those looking into transferring a defined benefits pension, avoid Hargreves Lansdown at all costs.

    Anyone thinking of transferring out of a DB pension is obliged to buy financial advice. I chose Hargreaves Lansdown. They advised me to do nothing, I insisted on transferring and that's where it became difficult. Hargreaves Lansdown have a fee structure whereby they collect whether or not they make a positive recommendation. Moreover, an insistent client has to find an alternative provider.

    Which I did, but then Hargreaves Lansdown wouldn't sign the other's application form, effectively thwarting the process until the deadline ran out.

    Long story short, I had to start the process anew. Eventually I gained complete control of my pension and I am very content in this regard for the rest of my days except for Hargreaves Lansdown's part in the process.

    Of course Hargreaves Lansdown are at the conservative end of an industry already paranoid about potential future claims and liabilities. I shouldn't have used them. Hypocritically, they still accept DB transfers at one remove. My heartfelt advice to the layman unlikely to be dying soon but considering a DB pension transfer is:

    Please don't use HARGREAVES LANSDOWN.
Page 8
    • ZingPowZing
    • By ZingPowZing 20th Sep 19, 9:59 PM
    • 146 Posts
    • 46 Thanks
    ZingPowZing
    "Loads do. e.g. I will charge you for doing that bit of the work but you will need someone else to the other bit of the job."

    But then to deny involvement in the first bit?
    Maybe in Wyoming.

    "I wonder if the other provider that wanted their form completed was because they required it to go through the agency of an intermediary?"

    No.

    "Alternatively, it could be that the receiving scheme are the cause of the problem by insisting on their form being completed and not accepting third party forms."

    Again, no. I volunteered to visit their office so that their tame adviser could complete the form by declaring that he had provided me with financial advice.
    The receiving scheme were as surprised as me that Hargreaves Lansdown went "no comment."
    • bowlhead99
    • By bowlhead99 20th Sep 19, 10:27 PM
    • 9,377 Posts
    • 17,040 Thanks
    bowlhead99
    But then to deny involvement in the first bit?
    Originally posted by ZingPowZing
    It sounds like they didn't 'deny involvement' if they provided a 'Declaration of Advice'.

    What they didn't want to do was have you over at their office making their adviser sign other people's forms to help you complete a transfer which they recommended you didn't do.

    They confirmed they provided the advice and gave you a written declaration that they had. Another company you wanted to work with had some extra hoops for them to jump through, and HL didn't want to play that game. It doesn't seem like it's any more HL's fault for not wanting to participate, than it is the pension firm's fault for refusing to accept HL's written declaration.

    I just don't see how you are able to rationalize in your own head your repeated statement that HL 'deny involvement', with the fact that they literally gave you a report and a declaration that they had performed the work and which they were happy for you to provide to anyone who asked whether they had performed the work.
    • ZingPowZing
    • By ZingPowZing 20th Sep 19, 10:32 PM
    • 146 Posts
    • 46 Thanks
    ZingPowZing
    Because every firm I approached advised me that I could not transfer without the signature of a financial adviser on their application form.

    Catch22 for HL clients.
    • SonOf
    • By SonOf 23rd Sep 19, 9:09 AM
    • 1,517 Posts
    • 1,798 Thanks
    SonOf
    Because every firm I approached advised me that I could not transfer without the signature of a financial adviser on their application form.

    Catch22 for HL clients.
    Originally posted by ZingPowZing
    If you use providers that retail via intermediaries then they will insist on an intermediary submitting their application. That then puts a liability on that adviser firm. As I mentioned previously, some of those you listed only transact via intermediaries.
    • ZingPowZing
    • By ZingPowZing 23rd Sep 19, 2:07 PM
    • 146 Posts
    • 46 Thanks
    ZingPowZing
    You are welcome to recommend any providers that will accept an accept an insistent client after Hargreaves Lansdown have provided a negative recommendation and decline to attest to the fact on the provider's application form.
    • xylophone
    • By xylophone 23rd Sep 19, 4:38 PM
    • 31,391 Posts
    • 19,463 Thanks
    xylophone
    Hargreaves Lansdown have provided a negative recommendation and decline to attest to the fact on the provider's application form.
    They wouldn't have had to attest to the fact that they "went negative"?
    Surely what was required was to attest to the fact that they had the necessary permissions/qualifications to advise on a DB transfer and had provided the required advice?

    What they refused to do was confirm the above using the new pension provider's own form?

    It seems to me that what has usefully come out of this thread (for future would be DB transfer candidates) is post 133.
    • ZingPowZing
    • By ZingPowZing 23rd Sep 19, 7:03 PM
    • 146 Posts
    • 46 Thanks
    ZingPowZing
    They wouldn't have had to attest to the fact that they "went negative"?
    Surely what was required was to attest to the fact that they had the necessary permissions/qualifications to advise on a DB transfer and had provided the required advice?

    What they refused to do was confirm the above using the new pension provider's own form?

    It seems to me that what has usefully come out of this thread (for future would be DB transfer candidates) is post 133.
    Originally posted by xylophone
    The important bit is that HL refuse to acknowledge that they provide - very expensive - financial advice on another provider's form.

    What that means is that a an insistent client is up s**t creek without a paddle, if they choose Hargreaves Lansdown.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,047Posts Today

6,048Users online

Martin's Twitter