Fidelity Transfer from L&G

PennyForThem_2

I am having real problems with getting Fidelity to transfer my former Legal & General structured product Stocks and Shares ISA to a nominated Fidelity S&S ISA.

So far 12 weeks and at least 2 aborted attempts on Fidelity's part.

I am really at wit's end to know what to do - I have filled in Fidelity forms including authority form. I have phoned both companys .

The reason I knew there was a problem was L&G asking me what to do with money.

Because it is an ISA I feel 'not in control'. I am reliant on Fidelity to initiate the transfer. I have complained to Fidelity.

I started this transfer on 10th June with a fully explanatory letter and forms filled out.

What would you do?

newfoundglory

if the existing ISA units/funds with L&G cannot be re-registered on the Fidelity platform (because they are not available on the platform), they must be sold and the cash transferred to Fidelity so that the funds can be re-invested as per your instructions.

What actions have you taken so far? Have you been able to ascertain where the issue lies in this transfer?

dunstonh

Because it is an ISA I feel 'not in control'.

ISA status has no impact.

I am reliant on Fidelity to initiate the transfer. I have complained to Fidelity.

You are also reliant on L&G sending fidelity the cash (if cash transfer) or re-registering the units (if re-registration). Although many L&G classes are not able to be re-registered.

What would you do?

What transfer method have you asked Fidelity to use?

SnowMan

PennyForThem wrote: »

I am having real problems with getting Fidelity to transfer my former Legal & General structured product Stocks and Shares ISA to a nominated Fidelity S&S ISA.

Fidelity Fundsnetwork don't seem to be complying with the requirement for re-registration to be done in a timely manner. From experience I can only describe their re-registration processes as archaic and shambolic.

When I helped my mum re-register her investments to Fidelity Fundsnetwork it took a ridiculously long time, see this thread about re-registation delays, you will see Fidelity's name crop up a lot. There have been lots of other articles in the financial press with investors having trouble with Fidelity and re-registration.

One of my mum's re-registations was of a directly held Legal and General UK index trust fund investment. That was the quicker of the two.

In the end my mum complained to Fidelity Fundsnetwork about the ridiculously slow and inefficient re-registration of her other investment. They eventually wrote back and accepted that they hadn't re-registered in a timely manner and offered a small goodwill payment.

In relation to the Legal and General re-registration there was a distribution that happened while the re-registration was being processed (she was in income rather than accumulation units with automatic reinvestment into new units). Those units weren't re-registered over with the main investment, which seems silly to me. I am now helping my mum with getting these re-registered over as well.

I also had major problems re-registering my ISA away from Fidelity Fundsnetwork. That took many months and a lot of chasing on my part.

It is possible that the investment you are trying to re-register isn't available through Fidelity Fundsnetwork, so re-registration may not be possible. It may also be that the terms of the structured product (lack of exit routes mid 'term', are you mid 'term' or at the end of the product life?) mean that transfer isn't possible either, as this involves the provider/platform selling the investment and transferring the cash proceeds. But if that is the case you would have expected Fidelity to have identified that early on and informed you. We need more info from you here to know what you are trying to do, re-register or transfer as cash, during the 'term' of the product or at the end?

I would put in a complaint to Fidelity Fundsnetwork if I were you and threaten the Financial Ombudsman. However from experience don't expect that to speed things up at all, but at least in 8 weeks time you can complain to the Financial Ombudsman.

brian_1945

We have just been through the same process reregistering from L&G to Fidelity, started mid May, completed 1 Oct. In July, when we saw errors occurring, we initiated a formal complaint. After 4 weeks delay (maximum allowed) we were contacted and given a direct phone number and name of someone in customer services who oversaw the process from then on. The contact phone number was always successful and problems dealt with the same day.

Keep detailed records and track items as they move from L&G to Fidelity. Things sometimes took 4 weeks between leaving and arriving. The two firms don't organise things in the same way so there is a bit of work to do to reconcile the accounts. Once you have a direct contact at Fidelity, phone them whenever things aren't clear because they can get it wrong.

Making a formal complaint seems to be the key thing. Ask for compensation for your trouble and think high!

Fidelity have since made a lot of contact explaining the problems they have had and trying to be reassuring for the future. I'm fairly convinced.

Jevvers

Thank you for posting, I was preparing to move from L&G to Fidelity but this makes me rethink. Is the lower TER worth the hassle?!