II confirm takeover of EQi

OldManLogan

Just had the email below from EQi confirming the takeover by II, interesting that the LISA's are not being transferred over, very vague on what happens next with them, its the only account I hold with them. Think I'll probably transfer to AJ Bell soon.

"This morning the Equiniti Group announced that it has reached an agreement to transfer some of its EQi business to the investment platform interactive investor.

EQi customers with dealing accounts, ISAs and SIPPs will move to the interactive investor platform in the summer; we will write to you in the coming weeks with more details on dates and what this means for you. In the meantime, it’s business as usual at EQi and you do not need to take any action.

What about my Lifetime ISA?

As interactive investor does not offer a Lifetime ISA, it will not be moved to interactive investor along with your other account(s).

At a future point, it may well be the case that an agreement is reached to move EQi LISAs to another provider, although no plans have been confirmed as yet. What happens now? EQi will continue to offer the high-level of customer service that you have come to expect and we are focused on ensuring a smooth transfer of your account and a successful future for you with interactive investor. We understand you will have questions, particularly around your LISA and we are working hard with interactive investor on a comprehensive set of FAQs which will be available soon. Until then, at this early stage neither we, nor our colleagues at our Customer Experience Centre are able to provide any further details. We will be in touch shortly."

Thrugelmir

Share LISA's are are unlikely to be economically viable and probably held in low numbers. 

moneysavinghero

Not another takeover by II. Looks like II will be increasing their monthly fee again to pay for this.

ivormonee

moneysavinghero said:

 Looks like II will be increasing their monthly fee again to pay for this.

They might eventually become nearly as expensive as Hargreaves Lansdown.

coyrls

moneysavinghero said:

Not another takeover by II. Looks like II will be increasing their monthly fee again to pay for this.

Their last change was a reduction for me (removal of SIPP drawdown fee).

Thrugelmir

moneysavinghero said:

Not another takeover by II. Looks like II will be increasing their monthly fee again to pay for this.

Volume should reduce costs. Consolidation is inevitable given the growth of free trading apps. 

ivormonee

There's still lots of platforms to choose from and, for customers who particularly like EQi, there's Sharedeal Active which shares a lot of similarities.

OldManLogan

I was expecting this once the potential takeover was announced in Jan but thought my LISA would be transferred over, only reason I chose EQi for my LISA was their slightly lower account fees and fund buying fees compared to AJ Bell. I planned to move to AJ Bell if I was put on II's flat platform fee but this leaves the account in limbo a bit, I'm assuming my fees remain the same for now and my LISA remains with EQi but no way to know until they release this FAQ with more information

Alexland

I can't see II wanting to help competitors like HL or AJ Bell gain additional customers or assets under management. HL probably doesn't want the LISA customers anyway as they have already stopped accepting inbound LISA transfers. My guess is that II might have to dump the Share Centre and EQi LISA customers on someone like Onefamily, Nutmeg or Moneybox which would mean selling down their existing investments and putting the money into their standard funds.

csgohan4

Perhaps time to switch once I've bought my funds next Month it seems. 

ivormonee

csgohan4 said:

Perhaps time to switch once I've bought my funds next Month it seems. 

Could be a wise move.