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    • nrsql
    • By nrsql 10th Apr 18, 5:55 PM
    • 1,799Posts
    • 608Thanks
    HL losing the plot?
    • #1
    • 10th Apr 18, 5:55 PM
    HL losing the plot? 10th Apr 18 at 5:55 PM
    First time I've had an issue with h-l.
    Was moving a sipp into my drawdown account and had to talk to their expert to go through a few questions.
    Not a problem and most were mundane - pretty useless - and I'd done this before so nothing much had changed.

    Do you understand about .....
    Well how would you know if you don't understand it - but I guess they are industry standard nonsense tick box questions.
    Also a number were about transferring from other types of pension which made them difficult to answer with a yes or no and should have been filtered out.

    The problem came with the question something like.
    Do you understand that you will be limited to a maximum of 4000 a year contributions to your SIPP.
    Pardon? I got him to repeat and he said the same thing.

    No, that's only if you take benefits.
    Yes, moving into drawdown triggers it
    No it doesn't.
    That's what it says here
    Well it's wrong. It's only if you take income out other than the tax free amount.
    Went on a couple more times before he realised I wasn't going to believe him
    I'll just check (think he wanted to get someone else to talk to me)
    Sorry about that, you're right.
    Are you going to get your document updated
    There's no need it's correct.

    That's a paraphrase of the conversation.

    I obviously got someone who hadn't done this before. Had I relied on them for advice I probably would have left it.
    Wonder if they are having to put untrained staff on phones and just let them read from a script.

    It was the main reason for dealing with h-l but if you can't rely on them to know what they are doing ....

    Oh and
    Do you understand that this could affect your benefits or ...
    ??? No idea about that. He was happy to go with an "I'm not interested".
Page 1
    • dunstonh
    • By dunstonh 10th Apr 18, 6:35 PM
    • 95,374 Posts
    • 63,006 Thanks
    • #2
    • 10th Apr 18, 6:35 PM
    • #2
    • 10th Apr 18, 6:35 PM
    Wonder if they are having to put untrained staff on phones and just let them read from a script.
    They will be trained.... to read the script. You are not going to find a qualified adviser going through the script. They couldnt afford to do that and defeats the purpose of the lines of defence.

    Its not good but its not much different to insurance companies and their call centre staff and that is effectively what HL have become now. Your cheapest staff answer the phones. Given them a day of training. Listen in on some of their calls and then get them to learn what they are doing on the job. Its the way of the world nowadays. Gone are the days when you mirrored someone for 2 weeks, they would then observe you for two weeks and you would sit tests or go to college to learn more about what you were doing.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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