HL to compensate customer after three-week portfolio transfer takes seven months

Invested in Woodford funds

Hargreaves Lansdown (HL) has been asked to compensate a customer after a portfolio transfer that should have taken three to four weeks to complete took seven months.

In February 2018 Mr R, as he was referred to by the Financial Ombudsman Service (FOS), tried to transfer his ISA and non-ISA funds, along with some cash holdings, to Hargreaves Lansdown Asset Management. A succession of delays followed from Mr R's initial transfer application, which meant the transfer was concluded on 3 September 2018. Mr R felt he lost out financially thanks to the delays. During the seven-month process, some funds were encashed and the transfer of ISA and non-ISA cash concluded in May 2018. The remainder of the portfolio was transferred in specie. Mr R's portfoli...