Legal & General Investment Management Opiniões 5

In early 2022 Legal & General made some changes to how they handle dividend reinvestments. On February 2022 I sent a secure message to Legal & General asking for clarification and to adjust my ISA portfolio. I needed a response from Legal & General away.

Two weeks went by.. I heard nothing from Legal & General. I sent reminders to Legal & General. Still I got no response from Legal & General. It was like they were not even getting my messages.

Around the time I tried to get into my LGIM Worksave pension. I asked to take out some money.. Legal & General ignored me. I made a complaint to Legal & General. They finally got back to me.. Said they could not give me my pension money for another 9 months. They said they were too busy.

I tried calling Legal & General. Nobody answered. The time something like this happened with a financial company they went out of business. So I started to get really worried. I needed some money to live on. I started taking out my ISA savings. £62,000. At a time which meant I lost a lot of money. I just wanted to get something out before everything fell apart.

Then 5 months later Legal & General sent me a message asking: "Do you still want a response to your question?" What kind of question is that? I waited 20 weeks for a response from Legal & General.. Then they said it was because of a technical error.

Legal & General has caused me a lot of stress cost me money and messed up two years of my plans. Legal & General has been very careless, not competent and not working properly. So why should I trust Legal & General with my pension or savings?

Update: It took Legal & General two weeks just to say they got my complaint. I have not heard anything since then. I guess they are too busy.

If Legal & General has ignored you taken a time to give you your money or cost you money: You should talk to Poma Advisory. They help people who have been hurt by companies like Legal & General that do not take care of their investors.
The main point is: Do not trust Legal & General with your future. They will not be there, for you when you need them most.

Great people and company values. Excellent in stewardship with corporate investments and important player in the UK. This is the only part that is not under the disorganised and chaotic investment function & leadership. Today and for years, the same leadership live and prosper in the firm. This has made it more difficult for the business to move forward. It didn't help that the CIO had an open and long-standing spat with the CEO. It was embarrassing to hear the main investment head talking poorly and openly about the board members for years. I checked out. But perhaps the new CEO could make it up for the past grim years

This company owns Exebridges Retail Park in Exeter. It has started using a Private parking company (Horizon) to fine shoppers £60/£100 for not using the new parking machines.

This site was free for years up to 3 hours and the new signs not obvious. There are no big signs to alert customers and the store cashier did not ask if you needed a parking voucher either.

Whilst parking measures may be necessary, the level of fine is just robbery. No wonder shops and city centres are going under, just because of greed.

Copy of complaint sent to L&G follows:
Dear Sir or Madam,

In late 2020 you made unannounced & puzzling changes to how you handle dividend payments. So, on 1st Dec 2020, I posted a secure message on your website asking some questions about these changes and to make changes to my investments to compensate. I was worried by these unexplained changes and required a prompt response.

One week later nothing had happened, not a dicky-bird. So I sent you a couple of reminders, hoping to provoke a response. Again, nothing. Zilch.

At the same time I had a similar experience when dealing with the Worksave pension I hold with Legal & General. Again, my messages were ignored. After making a formal complaint L&G Worksave responded slowly, but refused any pension withdrawal until the following financial year at the earliest. L&G were far too busy to process my request this year.

I tried telephoning you but never got a response. That’s even more worrying. The last time something like this happened to me was when an investment company went bust. By now I’m looking for reasons not to panic but can’t find one!

So, by February all I knew was that there was something strange happening at L&G with my ISA savings and that (as far as I was concerned) you had disappeared off the face of the earth. And no pension withdrawals.

I need money to live on but I’d been refused access to my pension and there was a worrying & growing question mark over my ISA savings. With visions of the sky falling in on my head, I decided to rescue whatever I could from a sinking ship. I started cashing in my life-long ISA savings.

Then about a week ago you sent me a secure message asking me if I wanted a response to my message. What kind of stupid question is that? So far you’ve kept me waiting 16 weeks for a proper response. All you’ve offered is some silly reference to a “technical error”.

You’ve now cost me both grief & money and ruined my financial planning for 2020/21 and 2021/22 financial years. Hence I feel L&G have been grossly negligent, incompetent & dysfunctional.
Please explain to me why you are a fit and proper company to look after my pension and my savings. Why should I trust you?
--o-0-o--
Update: took L&G a week just to acknowledge my complaint about how slow they are. But nothing since. Far too busy, perhaps?