Hargreaves Lansdown has been criticised for taking almost five months to transfer a portfolio to another platform and refusing to compensate the client’s adviser for hours spent trying to resolve the case.
North Irish advisory firm Jigsaw Financial took on a client who had previously used Hargreaves Lansdown’s direct to consumer platform on 5 February 2013 and asked Hargreaves to move an Isa and unit trust to Axa Elevate.
But due to processing delays and Hargreaves entering the wrong account details multiple times, the transaction of about £150,000 was not completed until 26 June that year, Jigsaw director Paul Adair says.
Hargreaves declined to comment because Adair intends to take the case to the small claims court.
Adair says despite admitting the fault and compensating the client with £150, Hargreaves refused “point blank” to pay Jigsaw’s invoice of £260 for the time spent trying dealing with the problem.
He claims Hargreaves told him to bill the client for the time, and the client could then take it up with Hargreaves.
Adair admits the claim is small, but says he is making the stand on “principle”.
“I’m just a small fish in a pretty large pond, but it breaks my balls that they can just walk over us.
“When I’m acting on behalf of a client I’m due a duty of care as well, the same as any other customer.”