Woodford investors blocked from switching from Hargreaves Lansdown

first_imgWilson said investors were unable to transfer ownership as a change in share class would be required. However, he said the change is a “simple record keeping matter”.  Richard Wilson, chief executive of rival fund supermarket Interactive Investor, said investors had “both hands tied” after Link Fund Solutions, the authorised fund manager, blocked customers transferring from Hargreaves Lansdown to another platform.  Woodford customers are also unable to withdraw their savings while the Equity Income fund remains indefinitely suspended.  Jessica Clark whatsapp Read more: Fresh trouble for Neil Woodford as Benevolent AI valuation drops Hargreaves Lansdown declined to comment. City A.M. has contacted Link Fund Solutions for comment. Hargreaves Lansdown customers have £1.6bn tied up in the Woodford Equity Income fund. Tags: Hargreaves Lansdown Neil Woodford The investment platform has come under fire for including Neil Woodford’s fund on a “best buy” list despite recognising issues with its level of illiquid assets.center_img whatsapp Woodford investors blocked from switching from Hargreaves Lansdown by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionPsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand SolarMisterStoryWoman files for divorce after seeing this photoMisterStoryDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily Funny Share Customers that invested in Neil Woodford’s suspended flagship fund through Hargreaves Lansdown have been blocked from switching investment platforms, according to evidence submitted to the Treasury Committee’s inquiry into the scandal. Read more: Neil Woodford cuts staff numbers as fund suspension continues “Link’s decision appears to have no sound rationale or practical operational basis and given the number of consumers holding the fund this has a detrimental effect on choice and competition,” said Wilson in a letter to Nicky Morgan MP, who chairs the Treasury Select Committee. He added: “Currently, investors who hold LF Woodford Equity Income fund have both hands tied behind their back – they can neither exit the fund, nor transfer their assets to platforms which might better suit their needs. At what is already a difficult time for these investors, we think this is unacceptable.”  Tuesday 9 July 2019 3:44 pmlast_img

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