Can anyone shed light on Bellpenny?

pete_who

I am also disappointed with Bellpenny as I had a review with my IFA who has been taken over by Bellpenny and they want 3% to switch my investments into their choice of investments on a different platform. Given I paid initially for the financial advice from my IFA of 2% I think this disgraceful and certainly won't be paying it or using them. I am also very confused about who ultimately owns Bellpenny!

Moose1960

pete_who wrote: »

I am also very confused about who ultimately owns Bellpenny!

Website confirms that Bellpenny is the trading name of Capital Professional Limited.


Capital Professional's latest available accounts at Companies House state:


"The immediate holding Company is OCM Luxembourg EPF 111 Tie Holdings S.a.r.l. a Company incorporated in Luxembourg. The ultimate holding and Controlling Company is Oaktree Capital Management, LP, a company incorporated in the United States with registered address: 333 South Grand Ave., 28th Floor, Los Angeles, CA 90071."


Most definitely not American (not that there's anything wrong with being American - they're just not!).


A consolidator, apparently, buying up UK IFAs (again, according to the 2013 accounts). Then what? Who knows.


Personally, if I wasn't self-managing I'd prefer to use Joe Bloggs IFA up the road but it unfortunately it seems that ever more onerous regulation is forcing small practitioners to sell up.

fraine4

Just had my talk with Bellpenny and thanks to this forum I was fore armed. Bellpenny man decided to leave the conversation in a hurry and this is why. For a start Bellpenny have no historical data from my previous IFA or access to my platform and I think this is due to Data Protection Act. It is my data not theirs. Shame he did not say this up front.

Of course he did not admit to having to move to another platform if I signed a contract, so there was no admission to up front charges. And so it went on. So, how good are Bellman? My man was good on selling the company but when pushed - where do you get your fund information from and for how long, there was little reply.

I have Investors Chronicle magazine each week and over the last few weeks they have been running "Best IFA's" giving costs and products. I am now going to go and read all about them before making my mind up on who will manage me. As a last resont i will just keep my funds on the platform where they are now and manage them myself. Good hunting.