Legal & General Closure

[Sarah]

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, to sell investments and withdraw as cash, or nominate another provider.

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

[planteria]

what shall you do Sarah?

[Sarah]

I'll most likely go ahead with the transfer. Too bad that I didn't already take up a previous Fidelity offer to receive a bonus for transferring investments to them... not sure I was previously aware that what I have at L&G was compatible without selling, but seems that it is!

[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.

[planteria]

that's handy then, simplified your finances.
did you bag a windfall way back Sarah?

[Sarah]

I didn't, sadly. Not done any carpetbagging, so never received any conversion windfall.

I got a vote when Halifax converted IIRC, but no payout!

[planteria]

if you were eligible to vote then you should have been eligible for compensation for your loss of voting rights, fmu

[Sarah]

Yeah, I would've thought so too. I did wonder if my memory is cheating, hence the IIRC. I definitely remember receiving numerous mailings about the conversion and not being eligible for a payout. The only Halifax account that I held at the time was a corporate Sharesave contract, so its terms and operation were quite unusual. Maybe they didn't allow me to vote but kept asking if I held other accounts that were eligible, or something like that... it's likely too long ago now to check, as I probably didn't retain all the documentation.