Iweb & LF INVESTMENT FUND LF EQUITY INCOME C GBP ACC. Can I get my money out?

bigfer

Some years ago I invested in one of the ill fated Woodford ISA accounts. Since then I have received several tranches of payments. I recently checked my IWeb account and it is showing a valuation of £52 in LF Investment Fund LF Equity Income C GBP ACC. I contacted IWeb to see if I could remove this sum but found their representative difficult to follow. I believe that this fund is now closed and I will be unable to withdraw the balance from it. Would I be correct in this assumption and can just draw a line under the whole sorry situation?

Hope I am not going over old ground here, but if i can't get the cash, why do IWeb still show the account? TIA

 

ColdIron

bigfer said:

I believe that this fund is now closed and I will be unable to withdraw the balance from it.

It's been closed for a number of years now, you can't just withdraw the balance but will need to wait until Link return some or all of what's left

can just draw a line under the whole sorry situation?

Not yet, there will still be a 6th (or more) return of capital for the residual value

why do IWeb still show the account?

Because it still has a value

Thankfully IWeb do not charge an annual fee

dunstonh

The fund is closed and being wound down.  It has a high level of illiquid assets (which is why there were warnings about investing in it in the first place).    Winding down funds with illiquid assets can take decades.

bigfer

Many thanks for the replies. 
That was not the gist of what I was told from IWeb, so glad I posted here. I'll leave it be and play the long game!

Beachhunter

I am in a similar situation. I want to sell all my shares and close my account with a well known  investment platform. However, they will not allow me to close the account  because of the LF Equity Holding (worth the vast sum of £12). Although the LF Equity shares are effectively worthless and nothing can be done with them they still plan to charge me a fee of £90 pa for the privilege of holding them on my behalf. It seems there is no way to 'dump' the shares and, as stated above, resolving Woodford's mismanagement could take decades. Does anyone have any idea how to get round this as the fee is exorbitant in relation to the value of the holding?

jimjames

Can you donate to charity? Not sure if there is a way to do so if on a platform

Beachhunter

I asked that but apparently not. I have written to Link Solutions who promise to 'treat their customers fairly' but am not optimistic.....

granta

Am in similar position with a tiny holding but have other holdings on the platform.
I was wondering whether it could be transferred out to another provider. I will phone some new providers but wanted to see if anyone has been able to transfer out an frozen fund before?

Beachhunter

Granta - I do have other holdings on the platform, but only a small value as I sold the rest of the shares before I knew about this issue.  I will  be interested to see the answers to your enquiries.

ColdIron

granta said:

I was wondering whether it could be transferred out to another provider.

I have no idea if this is possible but it's worth pursuing, it is after all just a re-registration and not a sale

Good luck

masonic

granta said:

Am in similar position with a tiny holding but have other holdings on the platform.
I was wondering whether it could be transferred out to another provider. I will phone some new providers but wanted to see if anyone has been able to transfer out an frozen fund before?

It is probably possible, at least in theory. I suspect in practice there would be a reluctance from other providers to take on any more of this holding and the issues surrounding it.