Legal & General Closure

Money, investing, mutuals etc
Sarah
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Legal & General Closure

Post by Sarah » Tue Jul 13 2021 11:21am

Only just found out about this upon receiving their final notice, as I don't often read their correspondence...

Legal & General are closing their personal investing business in the second half of 2021. They're making arrangements to transfer portfolios to Fidelity.

Customers have a choice to go ahead with the transfer to Fidelity, sell investments and withdraw as cash, or nominate another provider.

More details here:
https://www.legalandgeneral.com/investm ... announces/

planteria
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Re: Legal & General Closure

Post by planteria » Tue Jul 13 2021 6:43pm

i don't have anything with them, but i hadn't heard that mentioned..
seems a shame to lose the management of a load of investments from the UK to the US.
what shall you do?
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kevinchess1
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Re: Legal & General Closure

Post by kevinchess1 » Tue Jul 13 2021 10:33pm

I do
Might wait until Topcoat or Quiditchco have one of their ISA offers on
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Sarah
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Re: Legal & General Closure

Post by Sarah » Tue Jul 13 2021 11:31pm

My letter today requires a response by 23 July. Having now looked briefly at the previous one, that required a response by 15 June. I don't know what, if anything, changed in the meantime.

I'll most likely give consent for transfer of my L&G investments to Fidelity. It would be convenient and perhaps also reduce service fees if they could deliver them into existing my Fidelity account, which is a possibility mentioned briefly in the information booklet (section C1.12) although it says very little about how that'll be accomplished.
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