Scottish Widows ISA

Gareth2020

Scottish Widows

• Has anyone any experience in using this provider as an ISA?
• Has anyone any thoughts/views on their environmental fund?

SonOf

Most here would not use a tied in-house option.  Instead they would look at whole of market options.
When it comes to socially responsible/ethical funds, it really depends on your requirements/ethics.  Everyone has their own views and will filter what they are willing to include or not and then look at the available funds.

Gareth2020

SonOf said:

Most here would not use a tied in-house option.  Instead they would look at whole of market options.
When it comes to socially responsible/ethical funds, it really depends on your requirements/ethics.  Everyone has their own views and will filter what they are willing to include or not and then look at the available funds.

tied in house option? Quite new to this area so not fully caught up with the lingo : )

SonOf

Gareth2020 said:

SonOf said:

Most here would not use a tied in-house option.  Instead they would look at whole of market options.
When it comes to socially responsible/ethical funds, it really depends on your requirements/ethics.  Everyone has their own views and will filter what they are willing to include or not and then look at the available funds.

tied in house option? Quite new to this area so not fully caught up with the lingo : )

Tied refers to a provider only offering their own-in house fund options (i.e. own brand) or those that are tied to their service.  SW historically only offered SW investment funds.   Tied options tend to be poor quality or limited in what they offer.  Its a bit like going into a supermarket only to find they offer own brand foods only and not all the brands.    Whole of market investment platforms offer all the funds available on the open market.  So, you can mix and match fund houses in a single place.  They tend to be better value than the tied options as well.

Anj333

Gareth2020 said:

Scottish Widows

• Has anyone any experience in using this provider as an ISA?
• Has anyone any thoughts/views on their environmental fund?

Yes, We have just had an issue with my late fathers ISA. He passed away 24th December 2019 and Scottish Widows were duly notified of his passing on Jan 10th 2020. All other investment firms freeze the clients assets so we assumed that Scottish Widows would too.  It took the bereavement department over 3 and half months to finally agree to release his funds. We thought that we would get the amount as per his last statement which was issued 2 weeks after he passed away. This was not the case, they sold the ISA when they felt like it and now we are over £5,000 out of pocket. Their telephone lines are now closed and I have submitted an online form. We are extremely unhappy and annoyed and are waiting for a reply.

Albermarle

tied in house option? Quite new to this area so not fully caught up with the lingo : )

Historically people would look to recognised household names for their investments ( like Scottish Widows, Legal & General etc ) , often recommended by their bank  and many investments are still sold like this .

In recent years though independent online investment platforms have grown in popularity .

So for example you can open a S&S ISA with Legal & General. You can only invest in a limited range of L&G funds ( about 30 I think) Each fund has one annual charge and that's it. You can add money, with draw money and switch money between funds for no charge . So it is simple.

Alternatively you could go to an investment platform ( Like Hargreaves Landsdown ; Fidelity; AJ Bell: Interactive Investor etc ) 

Here there is a platform fee charge and then a separate charge for the investments you put you money in . You will have a choice of 3000 + funds + other types of investments , like Investments trusts, ETF;s, individual company shares . You can also keep your money in cash ( for later investment for example ) Depending on what investments you have , it could cost more or less in charges than the traditional route. A bit more complicated , although their websites tend to be somewhat slicker than the traditional providers. 

dunstonh

e passed away 24th December 2019 and Scottish Widows were duly notified of his passing on Jan 10th 2020. All other investment firms freeze the clients assets so we assumed that Scottish Widows would too.  It took the bereavement department over 3 and half months to finally agree to release his funds. 

Was probate required?

. We thought that we would get the amount as per his last statement which was issued 2 weeks after he passed away. This was not the case, they sold the ISA when they felt like it and now we are over £5,000 out of pocket.

I'm afraid that is not quite right.   The investments remain invested until the executor tells them what to do.   The investments can be sold or switched by the executor if they wish.  So, the decision to remain invested lies with the executor.  Not the provider.   Only once the executor has given the required instructions, will the provider then carry those out.  

We are extremely unhappy and annoyed and are waiting for a reply.

This is a discussion you need to be having with the executor.  Not the provider.  The provider just acts on instructions and waits for the executor to sort things out.