The pains of Woodford go on. More than two years after the suspension of fund manager Neil Woodford’s Equity Income Fund, some retail investors have found that their much-devalued holdings are blocking access to other parts of their portfolios.
It is all in the small print. After the freezing of the Woodford fund in June 2019, some wealth advisory clients wanted to switch investment firms, often in anger at the way the Woodford EIF investments had turned out.
But they soon found it wasn’t that easy. A few firms prevented the sale and transfer of some client portfolios, often worth hundreds of thousands of pounds — if they included as little as a few hundred pounds worth of Woodford stock.
They have done so specifically for investments held in individual savings accounts (Isas), where the contracts are different from those covering other kinds of account. Under these contracts they have been allowed to block the liquidation of a whole portfolio if any part of it is illiquid, as has been the case with the frozen EIF stock.
The investors can instead transfer the portfolio as shares. But this isn’t always convenient: for example, when they want to move holdings to a firm that will receive cash.
Thousands out of the 300,000-plus investors who had money in the frozen fund are potentially affected, though many of these people have not tested their arrangements by trying to switch their portfolios.
Quilter, is one firm with restrictive rules, as one FT reader, semi-retired at the age of 78, found out. He first tried in January last year to transfer the cash value of his and his wife’s stocks and shares Isa portfolios worth £640,000.
Quilter initially refused because their investments included £656 in the Woodford Equity Income Fund — around 0.1 per cent of their portfolios.
They had fallen foul of their contract terms, which state that Old Mutual Wealth, which was taken over by Quilter after they opened their accounts, does not allow “partial transfers” in cash for its Isas.
Quilter would allow the clients to transfer their holdings as shares. But the couple want to transfer their Isas to Netwealth, another wealth manager, which requires cash investments.
Government rules for Isas, the established tax-free accounts, state that money invested during the current tax year must be transferred in full. However, “for money you invested in previous years, you can choose to transfer all or part of your savings”.
Investors are therefore allowed to make partial transfers. But the regulations do not compel managers and platforms to complete such transfers.
The Quilter couple took their case to the Financial Ombudsman Service (FOS) as recommended by Quilter. They failed. The FOS said: “Our service can’t compel a business to change their commercial practice.” It said only the regulator, the Financial Conduct Authority, could act.
Quilter refused to budge for months but eventually relented. It initially told its clients: “We have no control over a fund manager’s choice to suspend a fund and therefore cannot be held responsible for this preventing you from transferring your accounts.”
But after FT Money called, the firm said: “While we are not in control of third-party fund suspensions, we apologise to these customers given this process will have been stressful for them. We have offered the customers a goodwill solution that will enable them to complete their transfers and bring this matter to a close.”
A goodwill solution is nice, but not as good as a rule change. A rival wealth manager says the transfer problem is shared by other investors. “The Woodford fund was in most people’s portfolios,” he said. “In theory, if only one penny was left in Woodford, no transfer could take place under the platform rules.”
Fidelity International is another firm which normally bans partial transfers out. But it’s making an exception in the case of the Woodford fund — now often called the LF Equity Income Fund, as it is managed by the Link Group.
Fidelity says: “Our general policy does not enable for partial transfers out, however we have allowances in place for scenarios such as fund suspensions as in the case of LF Equity Income Fund) so we can support affected customers’ best interests.”
The transfer problem is shrinking because the Woodford fund is being liquidated and the stranded investors’ holdings are falling. The final payments should take place next year. But that’s no consolation for the often older investors who want to rearrange their portfolios now. The FCA could perhaps help things along with a warning nudge to the advisers.
Lindsay Cook is co-author of “Money Fight Club: Saving Money One Punch at a Time”, published by Harriman House. If you have a problem for the Money Mentor, email money.mentor@ft.com
order levofloxacin 250mg generic levofloxacin 250mg cheap
order deltasone cialis overnight shipping viagra pill
buy accutane online order generic stromectol buy ivermectin 12 mg for humans
order metoprolol 100mg without prescription metoprolol 100mg oral levitra 20mg us
order tadalafil 40mg how much is cialis order generic viagra 50mg
order sildenafil pill cost sildenafil 100mg oral tadalafil 10mg
buy naprosyn online order naproxen 500mg without prescription buy lansoprazole 15mg sale
order clarithromycin 500mg online biaxin 500mg tablet antivert buy online
order generic albuterol 100 mcg protonix tablet order ciprofloxacin 500mg online cheap
buy spiriva 9 mcg online cheap buy terazosin 5mg generic cost terazosin
actos price viagra next day delivery order sildenafil 50mg online cheap
purchase singulair generic generic singulair 10mg viagra 50 mg
cialis brand Canadian pharmacy cialis slots online
buy cialis 10mg sale Real cialis order cialis 5mg online
pala casino online free online slots quick hits free online slots
price of ivermectin liquid dapsone 100 mg without prescription buy dapsone 100mg online
casino money online casino real money no deposit online blackjack with friends
slot games online free canadian pharmacy legitimate mba essay service
altace canada etoricoxib 120mg drug order arcoxia online
Your writing is perfect and complete. slotsite However, I think it will be more wonderful if your post includes additional topics that I am thinking of. I have a lot of posts on my site similar to your topic. Would you like to visit once?
purchase essay online buy azulfidine 500 mg pills buy azulfidine without prescription
doxycycline order online order doxycycline generic purchase cleocin generic
buy generic asacol 400mg purchase irbesartan online cheap avapro usa
purchase olmesartan for sale buy depakote 500mg for sale buy depakote 250mg generic
acetazolamide cost acetazolamide drug imuran over the counter
buy lanoxin 250 mg telmisartan 20mg brand molnupiravir 200 mg sale
temovate online buy cordarone 100mg canada order amiodarone 200mg without prescription
buy amoxil 250mg generic amoxicillin price ivermectin india
buy alendronate 70mg for sale order furadantin without prescription purchase motrin generic
buy priligy 60mg without prescription buy avanafil 100mg sale motilium oral
nortriptyline order order nortriptyline 25mg pills purchase paroxetine generic
indocin 50mg capsule tamsulosin oral order cenforce sale
order pepcid 20mg pills pepcid 20mg brand brand remeron
oral doxycycline 200mg buy generic doxycycline medrol 8 mg oral
order requip 1mg online buy requip online cheap buy trandate pills
buy tadalafil 10mg pills buy generic tadalafil oral amoxicillin 500mg
generic tricor 200mg tricor 160mg ca sildenafil canada
esomeprazole for sale online nexium 20mg price furosemide sale
tadalafil 20mg sale Best prices on cialis order viagra 50mg pill
minocin for sale online buy minocin 100mg capsules terazosin pills
cialis 5mg brand ed pills cheap erectile dysfunction medicines
glycomet generic order calan without prescription buy nolvadex generic
provigil 100mg oral order phenergan sale phenergan for sale
buy clomiphene sale prednisolone 5mg ca oral prednisolone 10mg
prednisone online order purchase amoxil buy amoxil 500mg pill
purchase accutane online buy prednisone 40mg buy ampicillin
sildenafil 100mg price lyrica 75mg uk generic propecia 1mg
ivermectin price purchase stromectol for sale prednisone ca
buy ondansetron 4mg sale generic ondansetron brand sulfamethoxazole
buy isotretinoin 40mg for sale isotretinoin 20mg cheap purchase azithromycin without prescription
ventolin 4mg for sale buy augmentin 375mg sale order augmentin 375mg online cheap
prednisolone pills neurontin tablet buy lasix for sale
provigil 200mg price buy metoprolol 100mg order metoprolol online
avodart brand brand orlistat 120mg purchase orlistat generic
buy doxycycline 100mg pills cheap monodox zovirax 800mg sale
azathioprine price naproxen pills order naprosyn online
buy inderal 10mg generic order inderal sale coreg uk
ditropan medication buy oxcarbazepine 300mg online cheap oxcarbazepine price
cefdinir 300mg usa cefdinir 300 mg uk pantoprazole 40mg pills
zocor medication sildenafil 100mg pills for men sildenafil tablets
order dapsone for sale cheap tenormin order tenormin online
alfuzosin cheap desyrel 100mg ca diltiazem cost
order viagra sale sildenafil without a doctor’s prescription order tadalafil without prescription
phenergan for sale generic phenergan purchase cialis without prescription
purchase zetia pill buy zetia generic methotrexate 10mg for sale
levofloxacin 500mg pill ursodiol sale zyban 150 mg pill
warfarin online buy coumadin 5mg oral zyloprim 300mg usa
cetirizine order buy cetirizine generic order sertraline 50mg online cheap
cenforce for sale metformin 1000mg cheap generic glucophage 500mg
buy lexapro no prescription order generic revia buy naltrexone 50mg for sale
buy atorvastatin 40mg online cheap lipitor order online sildenafil uk
letrozole 2.5mg pill order femara sale order sildenafil 50mg sale
cialis pill cialis medication where to buy otc ed pills
order cialis for sale buy now cialis cheap erectile dysfunction pills
ivermectin 0.5% purchase stromectol sale order generic absorica
buy cheap generic modafinil deltasone 20mg over the counter prednisone 40mg uk
buy amoxil 1000mg for sale prednisolone 5mg usa prednisolone 40mg cheap
purchase absorica sale oral zithromax buy generic azithromycin
order neurontin for sale buy neurontin without prescription doxycycline 200mg without prescription
prednisolone 20mg over the counter order prednisolone 5mg pills lasix 100mg ca
antihistamine drugs list order albuterol 2mg generic cheap levothroid pill
serophene over the counter plaquenil for sale online plaquenil drug
monodox online order vibra-tabs usa buy augmentin 625mg pills
order generic tenormin purchase tenormin pill buy cheap femara
synthroid 75mcg pill buy synthroid 100mcg online cheap purchase levitra without prescription
metformin cheap atorvastatin 80mg drug cheap amlodipine 5mg
praziquantel 600 mg drug hydrochlorothiazide 25 mg canada buy periactin pills
cheap lisinopril zestril 5mg canada lopressor 100mg oral
generic pregabalin pregabalin without prescription buy dapoxetine 60mg sale
methotrexate 2.5mg for sale order reglan pill order reglan 10mg for sale
xenical pills buy acyclovir 400mg pills order allopurinol pills
order cozaar 50mg for sale esomeprazole 20mg drug purchase topiramate pill
order rosuvastatin 20mg without prescription buy domperidone generic buy cheap generic domperidone
purchase imitrex pill buy levofloxacin 250mg generic avodart ca
order sumycin 500mg generic buy tetracycline 250mg pill baclofen 10mg canada
toradol pills buy toradol pills buy generic inderal online
zantac online order order ranitidine online buy celecoxib online
purchase plavix generic brand ketoconazole 200 mg order generic ketoconazole 200 mg
tamsulosin 0.4mg cost buy tamsulosin 0.2mg spironolactone cheap
buy betamethasone 20 gm without prescription anafranil 25mg canada buy itraconazole 100 mg pill
order progesterone 200mg online cheap purchase progesterone generic order zyprexa pill
starlix oral purchase candesartan generic buy atacand for sale
order nebivolol 20mg clozapine 50mg us purchase clozapine online cheap
purchase zocor valacyclovir canada order viagra generic
buy tegretol 400mg online cheap order ciprofloxacin 500mg sale oral lincomycin 500 mg
oral cialis 40mg Approved sildenafil sildenafil sale
buy duricef generic where to buy cefadroxil without a prescription proscar 1mg cost
buy generic fluconazole online ampicillin 500mg ca ciprofloxacin without prescription
estradiol 1mg pill buy prazosin no prescription minipress 2mg tablet
buy metronidazole 400mg for sale buy septra for sale buy generic keflex over the counter
order vermox pills buy generic vermox buy generic tadalis over the counter
order cleocin 300mg online cleocin 150mg drug sildenafil 100mg for sale
buy indomethacin 75mg pills terbinafine cheap buy suprax generic
buy generic careprost for sale buy trazodone generic buy generic desyrel 50mg
trimox generic buy generic anastrozole 1 mg clarithromycin 500mg us
purchase catapres without prescription catapres order online tiotropium bromide 9 mcg cheap
sildenafil 100mg uk sildalis for sale online sildenafil pills 150mg
brand minocycline 100mg order generic pioglitazone 30mg buy actos cheap
purchase accutane without prescription zithromax pills buy zithromax tablets
arava 10mg tablet purchase arava for sale sulfasalazine 500mg tablet
azipro price azithromycin cost order neurontin 600mg without prescription
cialis 10mg for sale cheap cialis 20mg cialis order
where can i buy lasix oral doxycycline 200mg albuterol 2mg generic
vardenafil 10mg uk plaquenil 200mg brand hydroxychloroquine over the counter
levitra 20mg drug generic vardenafil 10mg plaquenil 200mg for sale
order olmesartan 20mg generic order calan generic order depakote 250mg generic
order carvedilol 25mg pills oral chloroquine aralen sale
diamox 250 mg cheap order diamox 250 mg order imuran 50mg online cheap
Keep this going please, great job!
Feel free to surf to my website : free mp3 download
digoxin 250mg usa order molnupiravir for sale purchase molnunat generic
order naproxen online cheap naprosyn buy generic prevacid over the counter
buy olumiant generic glycomet 1000mg canada atorvastatin sale
If you want to grow your know-how only keep visiting this\r\nwebsite and be updated with the most up-to-date gossip posted here.\r\n\r\nFeel free to surf to my webpage: youtube to mp3
where to buy albuterol without a prescription phenazopyridine generic buy pyridium 200 mg online cheap
cheap montelukast 10mg order singulair 5mg generic buy generic avlosulfon for sale
norvasc canada buy amlodipine without a prescription omeprazole pill
buy adalat pills order adalat buy cheap fexofenadine
buy metoprolol 50mg pill metoprolol 100mg drug buy cheap generic methylprednisolone
buy priligy pill dapoxetine drug buy xenical 120mg sale
buy triamcinolone pills for sale buy aristocort online buy claritin no prescription
buy diltiazem medication buy zyloprim 300mg order allopurinol 100mg generic
buy ampicillin 500mg for sale metronidazole 200mg sale order flagyl without prescription
crestor for sale online buy rosuvastatin online order domperidone 10mg generic
tetracycline 500mg pill ozobax online buy order lioresal
buy septra online cheap order keflex 500mg for sale buy clindamycin for sale
erythromycin 500mg usa erythromycin ca order nolvadex 20mg generic
order plavix 75mg for sale plavix 75mg cost generic coumadin
buy rhinocort cheap order cefuroxime 250mg online order bimatoprost online
order metoclopramide 20mg online cheap order generic metoclopramide nexium oral
generic robaxin 500mg trazodone over the counter order sildenafil pills
order generic topamax 200mg buy sumatriptan 25mg sale buy levaquin tablets
order aurogra 50mg generic sildenafil 50mg order estrace 1mg generic
purchase avodart online cheap avodart 0.5mg drug where can i buy mobic
buy cheap generic celebrex flomax pills buy generic zofran online
order spironolactone 100mg online order aldactone 100mg pill purchase valacyclovir sale
retin cream without prescription cheap tadalis 10mg avanafil 200mg pill
order proscar 1mg pill sildenafil 100mg cheap buy viagra 100mg for sale
order tadacip 10mg pills generic diclofenac 100mg order indocin 50mg sale
buy cialis 20mg online cialis 20mg usa purchase viagra pill
buy lamisil online suprax order online buy amoxicillin 250mg without prescription
buy tadalafil for sale female cialis tadalafil medication for ed dysfunction
cost arimidex 1 mg purchase clarithromycin generic order catapres 0.1 mg
depakote 500mg over the counter acetazolamide tablet imdur online
non prescription ed drugs sildenafil overnight delivery sildenafil 50mg
order molnupiravir sale movfor ca buy omnicef sale
erectile dysfunction medicines buy cialis 5mg pill cheap tadalafil 5mg
prevacid sale order albuterol 100mcg sale buy pantoprazole 20mg sale
pyridium over the counter buy symmetrel for sale buy generic amantadine over the counter
pills for ed cialis 20 mg pfizer cialis
buy generic avlosulfon order generic aceon aceon 8mg without prescription
allegra over the counter buy ramipril 5mg online amaryl cost
buy generic terazosin buy leflunomide without a prescription cialis tablets
etoricoxib 60mg cheap order azelastine order astelin 10 ml sprayers
buy cordarone 100mg for sale purchase coreg without prescription dilantin 100mg sale
buy avapro for sale avapro 300mg tablet buy generic buspar
order ditropan 2.5mg without prescription endep 50mg drug order generic fosamax
albendazole 400mg canada order aripiprazole sale buy cheap provera
praziquantel 600mg sale microzide usa buy cyproheptadine sale
buy nitrofurantoin 100 mg furadantin medication buy nortriptyline 25mg online cheap
order fluvoxamine 50mg without prescription buy duloxetine generic order duloxetine 40mg pills
buy paracetamol paypal buy generic famotidine 40mg order pepcid 20mg for sale
glipizide oral betnovate 20 gm cheap cheap betamethasone
anafranil 25mg generic buy generic itraconazole over the counter oral prometrium 200mg
order tacrolimus 5mg generic purchase remeron without prescription requip 1mg generic
buy tinidazole 500mg order nebivolol 20mg without prescription nebivolol 20mg without prescription
oral rocaltrol order fenofibrate online buy tricor 160mg pills
order diovan 80mg pill purchase diovan generic ipratropium 100mcg canada
purchase oxcarbazepine pills order alfuzosin 10 mg without prescription buy urso 300mg sale
decadron 0,5 mg usa zyvox order online starlix cost
purchase bupropion pills bupropion buy online buy strattera 10mg
seroquel price buy sertraline 50mg pill order escitalopram generic
ciprofloxacin cost buy cefadroxil 500mg sale oral cefadroxil 250mg
sarafem 20mg cheap sarafem us letrozole 2.5mg generic
lamivudine over the counter epivir online order buy quinapril paypal
order generic bisoprolol buy terramycin 250mg order oxytetracycline 250mg for sale
order frumil 5 mg without prescription frumil 5mg oral acivir ca
buy generic cefpodoxime over the counter order flixotide for sale flixotide tubes
valaciclovir 500mg tablet buy floxin no prescription buy ofloxacin 200mg online
levetiracetam 500mg sale order cotrimoxazole 960mg pill sildenafil drug
ketotifen 1 mg pill purchase sinequan generic purchase tofranil for sale
buy minoxidil cheap buy erection pills pills for ed
buy acarbose 50mg without prescription acarbose without prescription buy fulvicin generic
buy aspirin cheap zovirax ca imiquimod uk
buy dipyridamole 25mg generic order gemfibrozil 300 mg pravachol 10mg canada
order melatonin 3mg norethindrone brand buy generic danazol 100 mg
buy etodolac 600mg for sale buy cilostazol 100 mg generic order pletal
buy prasugrel tablets buy prasugrel 10mg without prescription tolterodine 1mg tablet
order ferrous 100mg online sotalol 40mg for sale sotalol 40mg pills
buy mestinon 60 mg pills mestinon 60mg usa maxalt 5mg usa
buy enalapril 10mg sale buy duphalac online cheap buy lactulose sale
order zovirax online cheap buy xalatan eye drop rivastigmine 3mg brand
betahistine 16mg usa haldol order buy generic benemid online
prilosec 20mg tablet order prilosec 20mg pills lopressor cost
order premarin 0.625mg sale buy dostinex generic order viagra 50mg
order generic cialis us cialis viagra 25mg
cenforce 100mg drug buy naprosyn 250mg generic aralen cheap
omnicef cost order generic glucophage 500mg prevacid 30mg cost
buy provigil generic brand provigil 100mg order deltasone 5mg online
order lipitor 80mg for sale lipitor 40mg cheap norvasc 10mg without prescription
order azipro 250mg sale azithromycin 500mg ca gabapentin 800mg for sale
online casino real money us order furosemide 40mg for sale buy generic furosemide 100mg
buy pantoprazole 40mg sale order zestril 5mg pills buy phenazopyridine generic