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

jimjames

Given the difficulties you're facing disposing of it and the length of time that it's taking I wonder if contacting one of the newspaper financial columns might be worth a try. Seems like the type of story that they might be interested in.

george4064

Beachhunter said:

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

Bear in mind that you aren’t a customer of Link Solutions as they have an agreement with Woodford and therefore no direct agreement with underlying investors such as yourself. Saying that, I believe part of their mandate is to protect and act in investors’ interest, but ultimately their connection is with Woodford.

Beachhunter

Thanks for the suggestions I fear this is a lost cause . It seems that all this now rests with Northern Trust rather than Link Solutions. Who knew??  Thanks for the suggestion to use newspaper financial columns  if all else fails. Woodford seems to have got out of this very well compared to his small investors. £90 pa for nothing is an easy earner for the investment platform.

masonic

Beachhunter said:

Thanks for the suggestions I fear this is a lost cause . It seems that all this now rests with Northern Trust rather than Link Solutions. Who knew??  Thanks for the suggestion to use newspaper financial columns  if all else fails. Woodford seems to have got out of this very well compared to his small investors. £90 pa for nothing is an easy earner for the investment platform.

Why would you be paying iWeb a £90 pa fee? Have you invested via 2 x SIPPs and transferred out all of your other holdings? There is no custody fee for unwrapped or ISA holdings. The platform fee for the SIPP is a tiered flat fee, so if you had any other holdings then it would make no difference whether the Woodford fund was there or not; if the Woodford fund tips you over the £50k threshold that raises the fee from £22.50 to £45 pa, then that's unfortunate, but would equate to £45 pa for nothing.

Perhaps you could negotiate that the holding is regarded as zero value for the purposes of calculating the platform fee? Though there will no doubt be a cost in administering a difficult holding like Woodford, which is likely to involve more manual work by human beings than other holdings, where most processes are automated.

Beachhunter

Masonic - thanks for your input. My holding is with Fidelity, not Iweb.  Fidelity are putting up their fees to £90 p.a.  It seems I shall have to transfer out to another provider (which Fidelity do for free) which has lower charges and will also transfer out at no cost.

granta

In case helpful to anyone else - I spoke with iweb and they confirmed they WON'T accept this fund as a transfer in

granta

Does anyone know if it's possible to do a reverse of a Bed and ISA?
Transferring out from my ISA into a GIA....that would save me having to pay an annual charge just to mandatorily hold a miniscule amount of this fund in the ISA. Not hopeful that any other provider will accept this fund and if it takes years to wind it down, that could turn to be a hefty fee

eskbanker

granta said:

Does anyone know if it's possible to do a reverse of a Bed and ISA?
Transferring out from my ISA into a GIA....that would save me having to pay an annual charge just to mandatorily hold a miniscule amount of this fund in the ISA. Not hopeful that any other provider will accept this fund and if it takes years to wind it down, that could turn to be a hefty fee

Bed & ISA is just a sale and repurchase anyway (rather than an internal 'transfer' as such), so even if there was a reverse equivalent, it would still entail selling, and presumably if you could do that then you wouldn't want to buy it again!

granta

eskbanker said:

granta said:

Does anyone know if it's possible to do a reverse of a Bed and ISA?
Transferring out from my ISA into a GIA....that would save me having to pay an annual charge just to mandatorily hold a miniscule amount of this fund in the ISA. Not hopeful that any other provider will accept this fund and if it takes years to wind it down, that could turn to be a hefty fee

Bed & ISA is just a sale and repurchase anyway (rather than an internal 'transfer' as such), so even if there was a reverse equivalent, it would still entail selling, and presumably if you could do that then you wouldn't want to buy it again!

Yeah, makes sense when you put it like that! 

flopsy1973

I also have tiny amount of it with Fidelity and had opened a account with iweb to transfer my  small holdings there. The above post regarding iweb not accepting it though leaves me not knowing what to do with it now. If I just leave that with fidelity even though it's closed will they still charge the 90 pound a year. What have other people done ?