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Legal & General Closure
Posted: Tue Jul 13 2021 11:21am
by Sarah
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/
Re: Legal & General Closure
Posted: Tue Jul 13 2021 6:43pm
by planteria
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?
Re: Legal & General Closure
Posted: Tue Jul 13 2021 10:33pm
by kevinchess1
I do
Might wait until Topcoat or Quiditchco have one of their ISA offers on
Re: Legal & General Closure
Posted: Tue Jul 13 2021 11:31pm
by Sarah
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.
Re: Legal & General Closure
Posted: Thu Oct 07 2021 9:43am
by Sarah
I never got around to signing and returning the consent form, however it hasn't made any difference as L&G wrote to me again recently saying they were transferring my investments anyway. Yesterday, I heard from Fidelity that they had now done so.
Thankfully, they'd identified my existing account and transferred into that, without any input from me, so I don't need to put up with two separate profiles or try to get them merged.
Re: Legal & General Closure
Posted: Thu Oct 07 2021 11:28am
by blythburgh
Sarah wrote: ↑Thu Oct 07 2021 9:43am
I never got around to signing and returning the consent form, however it hasn't made any difference as L&G wrote to me again recently saying they were transferring my investments anyway. Yesterday, I heard from Fidelity that they had now done so.
Thankfully, they'd identified my existing account and transferred into that, without any input from me, so I don't need to put up with two separate profiles or try to get them merged.
Nice to hear sometimes companies get things right first time