If you have any questions other than the proposed transfer, please contact customer service as usual (see contact details in your previous correspondence or contact us here. If your investments have not been transferred to Fidelity, we will contact you again in the coming months to inform you of any service restrictions or if we need to make material changes to your terms and conditions. We will also confirm your options in the future. At the time, LGIM said the transaction offered clients the “best of Fidelity`s large-scale administration” in addition to “LGIM`s chosen investment expertise,” while Fidelity promised that clients transferred to its platform would pay the same salary or less than LGIM. These assets are held in “legacy” ISAs, junior ISAs and general investment accounts, which are invested in legal and general funds and in which clients remain invested at the time of change. RSO assets are not included in the transaction. The transfer of all Fidelity shares held by our affected clients was completed on December 4, 2021. If you invested with Legal & General before this date, you may be affected by this transfer. Important: If you reside in a country other than one of the countries listed above, we may not write to you about the transfer of investments to Fidelity. Please contact us to find out if you are one of these customers. Certainly, there will be no change to the fees you pay now that your products are managed by Fidelity. The Fidelity International spokesperson said: “Most LGIM clients who switch to Fidelity Personal Investing pay the same or less from the day they join us. In addition, the small balance does not pay more than what they paid to LGIM for at least 12 months from the date they switched to Fidelity.
The transaction includes £5.8 billion of assets under management held in Individual Savings Accounts (ISAS), junior ISAs and general investment products invested in Legal & General Investment Management (LGIM) funds. These assets are held in “legacy” ISAs, junior ISAs and general investment accounts that are invested in legal and general funds and in which clients remain invested at the time of change. Sipp assets are not included in the transaction. In my opinion, L&G didn`t want to carry the burden of the administrator, so he handed it over to Fidelity, which has the know-how/ability to take over. He transferred the management of the personal investment business to Fidelity — the part that you and I would probably deal with if we had personal investments like ISAs, investment accounts and fixed income — but the annuities remain as is, they are not deferred. “If you had a legal and general offer from ISA and did not respond to our communications regarding the transfer to Fidelity, the transfer was transferred to Fidelity, unless you specifically contact us to decline the transfer. This was explained in the communications we sent to you and, in particular, in the last information package we sent you, which included details on Fidelity`s transfer date and expectations after the transfer. Fidelity said Legal & General`s clients will benefit from access to all the features of its investment and retirement platform, which includes a range of more than 3,000 funds, stocks, mutual funds and exchange-traded funds. The online consent portal is now closed and clients can no longer consent to the transfer. However, Fidelity said clients would pay “as much or less” than in their direct agreement with LGIM and would also have access to 3,000 funds, stocks, mutual funds and exchange-traded funds that can be held in an ISA, self-invested personal annuities (SIPPS) or an investment account.
Please note that this helpline is reserved for questions regarding the proposed transfer to Fidelity. Fidelity announced last October that it had bought LGIM`s personal investment arm, which includes nearly 300,000 clients and £5.8 billion in assets under management, to become part of its own personal investment platform D2C. Fidelity said Legal & General`s clients would not pay more in total fees than they currently do. Legal and general clients currently do not pay explicit platform fees, but fees that cover both platform administration and investment management. Elizabeth Bickham of L&G adds: “If the reader wants more information in addition to these mailings and details to customers, we ask them to contact customer service or the Fidelity team to discuss their questions and additional questions – they should be in a much better position than we are to make sure your reader gets the details. necessary to support its decision-making. or that the reader turn to a financial advisor to meet their individual advice needs and requirements. We have written to our clients at Flexible Mortgage ISA (FMISA). The information package for FISIM clients can be found under “Important Documents”. At the time, it seemed surprising for L&G to sell its ISA business to a competitor, but L&G`s Elizabeth Bickham explains: “At the time we were asked, we agreed that this particular register was no longer seen as a long-term strategic adjustment for LGIM. We felt Fidelity, combined with LGIM`s ongoing wealth management, offered the scale and expertise to offer clients an attractive proposition that met their investment needs.
We recognize that this is a highly competitive product market and that LGIM would be better able to focus on its other lines of business, including our retail brokerage business and retirement planning. At the time, LGIM said the deal offered clients the “best of Fidelity`s large-scale administration” in addition to “the LGIM investment expertise they have chosen,” while Fidelity promised that clients transferred to its platform would pay the same salary or less than LGIM. L&G said retail investors, shareholders and employees would be treated equally after the transaction. As for the monetary incentive to shift more investments to the platform, it might be worth it, at least in the short term. Take a look at their hosting costs of your investments and compare them to what you pay elsewhere. If the numbers make sense, that might be a good reason to pay more attention. “With a change of ownership for Fidelity, we expect all clients to be treated equally. Legal & General has transferred the management of its personal investment activities to Fidelity (Financial Administration Services Limited). If you invested in Legal & General before December 4, 2021, you may be affected by this transfer. “Fund groups are clearly thinking about whether they want to engage directly with end investors and come to different conclusions,” he said.
“In recent years, a number of groups have transferred their direct client bases to third-party platforms, but conversely, there is also evidence that some providers want a vertically integrated approach, with Schroders and M&G developing wealth management departments. From the date of transfer, Fidelity will manage your investments, including the cash available to you. You will no longer be able to view the details of your investments on Legal & General`s “My Account” online portal. However, you can sign up to use Fidelity`s online self-serve services once your investments have been transferred. See PART C1.11 of the brochure for important information. If you held a legal and general ISA investment and did not respond to our communications regarding the transfer to Fidelity, the transfer was transferred to Fidelity unless you specifically contact us to refuse the transfer. This was explained in the communications we sent to you and, in particular, in the last information package we sent you, which included details on Fidelity`s transfer date and expectations after the transfer. The transaction, which is expected to close over the next 12 months, will move nearly 300,000 clients with £5.8 billion of assets under management to the Fidelity platform. This is not financial or investment advice.
Remember to do your own research and speak to a professional advisor before parting with the money. Flexible mortgage example ISA investor consent letter David Braithwaite says the change means nothing to account holders unless they want to. “You can continue in the same fund as before,” he says, “but if you don`t regularly look at your funds and actively manage them (most people don`t), sending you explanations shouldn`t cause you any problems other than a name and stationery change,” he says. That said, it`s a good time to review your funds with that in mind, as Fidelity has a wider fund selection than you were at L&G, so it may be time to review your funds and make changes, as you now have a wider fund selection than before. What I can`t say is if the costs change, but Fidelity is known in this area for having low-cost investments, so I wouldn`t panic. Depending on the type of investment you held, we could have transferred it to Fidelity even if you did not respond to our communications.
