Legal & General Closure

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Sarah
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Legal & General Closure

Postby Sarah » Tue Jul 13, 2021 11:23 am

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
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Re: Legal & General Closure

Postby planteria » Tue Jul 13, 2021 8:33 pm

what shall you do Sarah?

Sarah
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Re: Legal & General Closure

Postby Sarah » Wed Jul 14, 2021 10:16 am

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
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Re: Legal & General Closure

Postby Sarah » Thu Oct 07, 2021 9:59 am

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
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Re: Legal & General Closure

Postby planteria » Tue Oct 12, 2021 12:21 pm

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

Sarah
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Re: Legal & General Closure

Postby Sarah » Tue Oct 12, 2021 12:37 pm

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! :roll:

planteria
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Re: Legal & General Closure

Postby planteria » Sun Oct 17, 2021 11:16 am

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

Sarah
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Re: Legal & General Closure

Postby Sarah » Sun Oct 17, 2021 11:44 am

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.


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