Grrr - HL Moan

[Mr Pointy]

I posted in another thread about the time taken for Hargraves Lansdown to transfer a SIPP elsewhere:

Helicopter123 said:

JulianPH said:

Mr Pointy said:

Well I'm currently trying to move a SIPP out of Hargreaves Lansdown & they are predicting it will take 5 weeks between the request & the funds arriving at the new provider. That's for a very simple transfer (no Woodford involvment) requiring just the sale of two popular funds & the transfer. I'm surprised it's that slow & on that basis a more complicated transfer could well take longer.

Hi mate, that does not sound right to me and I think you are being fobbed off. HL, just like every provider or size, is part of the industry standard Origo Options digital transfer portal between such providers:

https://www.origo.com/services/OrigoTransferServic...

Over a month is entirely down to them, we do it within 48 hours (as do many others). They just want to collect another month's worth of fees.

This needs chasing.

I was just thinking the same thing re Origo Options.

That said, I've always found HL very slow when transferring assets out, and would suspect that a back-log of requests have built up post the Woodford situation.

At the weekend I checked & the funds had been sold so there was just a lump of cash in the SIPP. I thought I'd check on progress so I logged on today to see that the SIPP account has been completely deleted so I've got no idea of what the final transfer value was or any charges levied. Fortunately I'd downloaded the contract notes at the weekend but there's just no information left at all. I'd have expected to see the account transactions left visible for reference but there's nothing. Hopefully the details will appear in the Summer report.

End of moan. Marks: 4/10 for lackof swear words.

[JulianPH]

Strangely enough we have experienced exactly the same thing. HL responded (after much pushing) yesterday saying they "aimed" to send a CHAPS payment today.

It has not been received and we will chase again in the morning.

I hope this helps.

[anonymous-user]

Mr Pointy said:

At the weekend I checked & the funds had been sold so there was just a lump of cash in the SIPP. I thought I'd check on progress so I logged on today to see that the SIPP account has been completely deleted so I've got no idea of what the final transfer value was or any charges levied. Fortunately I'd downloaded the contract notes at the weekend but there's just no information left at all. I'd have expected to see the account transactions left visible for reference but there's nothing. Hopefully the details will appear in the Summer report.

End of moan. Marks: 4/10 for lackof swear words.

I think you're being a little harsh. At the weekend there was a lump of cash in the SIPP...that's your final transfer value no? They also email you a contract note for every fund sold.

Have you checked under 'Portfolio History' to see if the SIPP is showing there? If so, you'll get the info you need.

[NorthDave]

It all went very smoothly and happened within a number of days when I swapped my SIPP to a different provider. Same thing for the ISA.

[BlackG7R]

Unfortunately I have to invest with HL, because that is where my companies contributions go.

But I don't like their charges one bit, and they've just charged me £50 just to transfer an ISA out. Absolute robbers !!

As soon as Vanguard get a SIPP up and running, I will be lobbying my company to move over to them.

[CoolHands]

If one has, for example, a vanguard SIPP with HL, is it ever at any risk if HL went under for whatever reason?

[JulianPH]

CoolHands said:

If one has, for example, a vanguard SIPP with HL, is it ever at any risk if HL went under for whatever reason?

No.

With all investment companies (though not necessarily insurance companies) your money is completely ring fenced from their own.

It is very different to banks where your cash sits on their balance sheet.

[Mr Pointy]

Badda said:

I think you're being a little harsh. At the weekend there was a lump of cash in the SIPP...that's your final transfer value no? They also email you a contract note for every fund sold.

Have you checked under 'Portfolio History' to see if the SIPP is showing there? If so, you'll get the info you need.

No, the sum of the contract notes is not the amount transferred as there are sums of money in the associated capital cash & income cash accounts plus there are charges that are levied. All that detail has gone because the whole SIPP account is deleted - it doesn't appear at all on the Portfolio Overview, just the ISA & Fund & Share accounts remain.

In my mind the Portfolio History should show everything until the entire account is cancelled - which I'm now likely to do as although I was going to retain the ISA with HL to get my Lindsell Train fix I think this is the push to move it somewhere cheaper.

Note they don't email you the contract notes either, just an email to say the notes are available but if you haven't downloaded them as soon as you get that email they get deleted when the SIPP account is removed.

Fortunately the receiving organisation have been prompt in telling me how much was received, but that's not the point. It's HLs attitude to deleting the records that I'm not happy with.

[JulianPH]

Hargreaves customers face longest wait for pension switches

Hargreaves Lansdown customers are facing average transfer times of 30.5 days, according to figures from fintech company Origo

Hargreaves Lansdown customers face the longest waits for pension switching among all pension providers, according to fintech company Origo, which last week crowned the provider the slowest for processing pension switching requests.


https://citywire.co.uk/new-model-adviser/news/harg...