Mis-sold Isa?

arrowhire

I had Halifax free shares and in 1997 they were valued at 13k. Out of the blue I got a letter saying they were transferred to a PEP whatever that is. Then BoS was bought by Lloyds. The value then dropped to 290.
Question is why were my shares turned into a pep and should I have done something about it?.
I had and still have no idea what this pep was. Have I been mis-sold and do I have a claim against Halifax/BoS/Lloyds?

Linton

A PEP was an early form of ISA. It had nothing to do with Halifax Bank of Scotland going bust and being saved by Lloyds in 2008. That is why your shares dropped in value, you were lucky they didnt drop to zero. The PEP merely saved you some tax (possibly).

eskbanker

A PEP was a precursor to ISAs: https://en.wikipedia.org/wiki/Personal_Equity_Plan

Transferring shares into a tax-free shelter would actually have worked in your favour, since if you'd held the shares outside of this then you'd be in a worse position today (or at least no better), so even if you were mis-sold it wouldn't have been to your disadvantage, i.e. the share price would still have fallen either way and the value of your investment reduced accordingly....

dunstonh

Question is why were my shares turned into a pep and should I have done something about it?.

I did hundreds of these back it the days of demutualisations and privatisations. You had a window to place the shares into a PEP and avoid tax.

By putting the shares into the PEP you did do something. Something that was common sense and right to do.

ave I been mis-sold and do I have a claim against Halifax/BoS/Lloyds?

What is it with compensation chasing going out of control nowadays!

No you havent.

jimjames

Quite an exceptional proposition to be miss-sold something you got free!

SavingSteve

I hate people looking for someone to blame all the time. Grow up.