L and G to Fidelity

43722

Bom dia.
I have a (small) regular savings account with L and G.  L and G are planning to sell this particular slice of their business to Fidelity.  L and G have sent me a doorstop of a booklet explaining my options; (move to Fidelity/close my account). I have no brain for money management. I just wondered if there was a good reason for moving to Fidelity or closing my account and starting elsewhere, according to someone who may know more than me.
Obrigado

Albermarle

I have a (small) regular savings account with L and G

When you say 'savings account ' I assume you mean an investment account ?

Just let it move to Fidelity and see how you get on. Should be fine and better on line access .

43722

Thank You
Yes, Investment Account - I know my limits in this area lol. The advice you gave is just the concise guidance I am looking for. 

AndrewDaly

I moved to fidelity in December, and have been trying to get money out of my ISA to buy a flat, you would think it was the person on the end of the phones own personal cash.  I've had all the excuses - my systems crashed, I will call you back (never do) and the old chestnut - let me put you on hold - 10 minutes later the call cuts out.  Luckily I have recorded all their lies and will be informing the Financial Ombudsman, unfortunately it looks like my house purchase will fall through because of FIDELITY and I will personally be out of pocket for Conveyancing, Survey and alternative accomodation.  Hopefully the Ombudsman has a bit of lead in their pencil and can give Fidelity a good boot

Billycock

AndrewDaly said:

I moved to fidelity in December, and have been trying to get money out of my ISA to buy a flat, you would think it was the person on the end of the phones own personal cash.  I've had all the excuses - my systems crashed, I will call you back (never do) and the old chestnut - let me put you on hold - 10 minutes later the call cuts out.  Luckily I have recorded all their lies and will be informing the Financial Ombudsman, unfortunately it looks like my house purchase will fall through because of FIDELITY and I will personally be out of pocket for Conveyancing, Survey and alternative accomodation.  Hopefully the Ombudsman has a bit of lead in their pencil and can give Fidelity a good boot

Are you talking about December 2021? If so then only a very short time ago. 

dunstonh

Luckily I have recorded all their lies and will be informing the Financial Ombudsman,

Do you have evidence they were telling lies?    It is very rare for a staff member to lie.  To make errors certainly or to jump to incorrect conclusions.  But telling lies is not commonplace.

unfortunately it looks like my house purchase will fall through because of FIDELITY and I will personally be out of pocket for Conveyancing, Survey and alternative accomodation.  Hopefully the Ombudsman has a bit of lead in their pencil and can give Fidelity a good boot

The FOS is not a consumer champion.  They are the independent arbiter of complaints who can only step in once you have gone through the complaints process with Fidelity.  They can take no action until your complaint with Fidelity has been deadlocked.

As you are buying a flat that is completing this month, you would have expected you to instruct a withdrawal about 2-3 years ago.   So, you cannot really blame Fidelity or L&G in this scenario.       

The sale of funds and settlement takes up to 3 working days and another 3-4 working days on top to hit your bank.  So, basically around a week and half without bank holidays or more like 2 weeks with the number of bank holidays we have had.   As yesterday was only the first working day of 2022, it doesn't seem that long to give them if the instruction only happened in the last few weeks.

Albermarle

Seems a bit strange to make the effort to move a S&S ISA in December and then straight away try to withdraw it .
Especially as it sounds like a large critical amount of money .

eskbanker

Albermarle said:

Seems a bit strange to make the effort to move a S&S ISA in December and then straight away try to withdraw it .
Especially as it sounds like a large critical amount of money .

He/she presumably wouldn't have made any effort as such, but would have been moved as a matter of course (unless they chose the wrong thread to hijack):

https://www.legalandgeneral.com/existing-customers/investment-support/lg-announces/

Albermarle

eskbanker said:

Albermarle said:

Seems a bit strange to make the effort to move a S&S ISA in December and then straight away try to withdraw it .
Especially as it sounds like a large critical amount of money .

He/she presumably wouldn't have made any effort as such, but would have been moved as a matter of course (unless they chose the wrong thread to hijack):

https://www.legalandgeneral.com/existing-customers/investment-support/lg-announces/

OK fair point . I was under the impression from other threads that all the  transfers had already occurred earlier in the year. 

Frank241

Hi. I'm new here so I apologise if I'm going over old ground. I was transferred to Fidelity from L&G last December. I have a stocks and shares ISA, which at that point was worth £8,163.25. Since then, it has steadily gone down, and is now worth £7,723.88. While I understand there are market fluctuations and shares can go up or down in value, a £425 loss for someone like me is a catastrophe really, and seems an incredibly high loss based on my past experience with ISAs, having had many for most of my adult life. I've never encountered such a steady haemorrhage from an ISA before. Every time I check the balance, it has gone down. While with L&G, despite flatlining at times it never made a loss as far as I can remember. I have contacted Fidelity for advice, but they refuse to give any, as is their policy apparently, and they simply cite market fluctuation as the cause.

Can anyone offer me some advice as to whether this is normal/acceptable, and whether I should cut my losses and close this ISA and move on? Many thanks.

MX5huggy

What is the ISA actually invested in? That is the name of the fund. 

If a 5% loss in value over short term is “catastrophic” then Stocks and Share ISA is not for you. What are your long term aims for this saving?