Legal and General SAR question

macadamia_2

Hello folks
Can you please tell me if I send an SAR to the Legal and General office where the accounts and investments were made or to the head office?

dunstonh

Can you please tell me if I send an SAR to the Legal and General office where the accounts and investments were made or to the head office?

It depends on which L&G company you are looking at and what it is in relation to. However, a safe address to use would be the complaints team. They will forward it on to wherever it is needed.

macadamia_2

Thank you dunstonh. It is in relation to investments/savings made with one branch. It appears they have sold my 76 year old mother a life insurance policy or similar and I need to know how and why they came to this decision with my mum.

dunstonh

It is in relation to investments/savings made with one branch.

L&G havent had branches for many many years. Is this an L&G product sold via a bank (e..g Northern Rock or Nationwide)? if so, the advice documentation will usually be with the seller. Not the insurer.

It appears they have sold my 76 year old mother a life insurance policy or similar

Regular premium or single premium? (if single premium, then that is not uncommon given the life assurance tax wrapper benefits - although ISA should typically be used first - caveats do apply though).

and I need to know how and why they came to this decision with my mum.

Give us an indication of the product and amount and we can give you an idea of the pros and cons whilst you wait to get the information.

macadamia_2

Dunstonh - I don't know much about it. It's for my mum and all the paperwork is with her solicitor. I think she took the investments out when there was a branch in town although she might also have made some via The Clydesdale Bank (is that possible) I know she was sweet talked by an advisor there and he made her a cup of tea so she thought he was wonderful and probably did whatever the advisor suggested.
The solicitor send a letter to mum saying that a large part of her investment portfolio is held within the L & G investment portfolio service. Part of this portfolio is life insurance so not all readily available if it was to be realised. Does this make any sense? Is there something that mum should be worried about?
I imagine you are going to advise us to speak with the solicitor however he is extremely non communicative and is an old family friend so mum doesn't want to rock the boat <<very frustrating>>

dunstonh

I think she took the investments out when there was a branch in town although she might also have made some via The Clydesdale Bank (is that possible)

Most of the branches for insurers closed in the 90s. Their distribution channels did include some banks. They use Friends Life now but that may have been different in the past.

The solicitor send a letter to mum saying that a large part of her investment portfolio is held within the L & G investment portfolio service.

An L&G portfolio bond is product. it isnt as grand as it sounds.

Part of this portfolio is life insurance so not all readily available if it was to be realised.

Investment bonds fall under the life assurance tax wrapper. The element of life assurance is typically tiny. Just enough for it to quality for life assurance tax status. Typical figures are 101% of the value in the event of death.

Investment bonds were very popular with higher rate taxpayers or those with larger amounts to invest (no CGT on investment bonds for example). Retired people used them a lot as they are exempt from any means tested benefits including long term care.

Is there something that mum should be worried about?

Nothing you have said is indicating any issues.

I imagine you are going to advise us to speak with the solicitor

No. I would suggest a local IFA. A solicitor wouldn't know the product or tax rules about it. Indeed, I had a solicitor once try and put in a mis-sale against me on one of these types of products. The complaint didnt happen but the client showed me the letter the solicitor had written to him trying to get him to put in a complaint. it was full of errors and accusations. none of which were correct. The solicitor was charging a percentage of the estate and thought that the bond would be part of it. However, how I wrote it meant it was not part of the estate. The solicitor lost over £5000 in fees that he thought he was going to get. The letter he wrote to the beneficiary indicated that he didnt have a clue about the product. Investment products are not within the remit of most solicitors. Some have knowledge going back 20 years when they used to do it but things are very different today. Most realise that and wont give advice but some still think they know it.

macadamia_2

Thank you very much for all the advice dunstohn, much appreciated. I will be trying to persuade my mum to use an IFA - I tried before the solicitor "took charge" but with the way he has acted (not acted) over the past years I now have more fodder - and even my mother is very frustrated with him.

macadamia_2

PS I'm printing this off to show my mother