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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Politically incorrect since 69

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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Sarah
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Re: Legal & General Closure

Post by Sarah » 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.
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blythburgh
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Re: Legal & General Closure

Post by blythburgh » Thu Oct 07 2021 11:28am

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
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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