Nationwide Equity ISA now held with Legal and General. Is it safe?

Question

IIRC Nationwide used to have their Stocks and Shares ISA with "Nationwide Unit Trust Managers Ltd" but they seem to have "moved" these (including existing ISAs) to Legal and General. I'm struggling to understand the implications of this.

Anyone have any comments on the security of L&G as opposed to Nationwide? And for the FSCS guarantee should one look under L&G or under Nationwide? Or should one look for another entry which is a joint venture of Nationwide and L&G? You can tell I'm confused, eh.

James

BobC · Accepted Answer

Can't answer I'm afraid, but I'm in the same position. I have quite a few different bonds, ISAs etc with Nationwide and they've all been moved to L&G. Can't get any explanation from Nationwide other than "don't worry. It doesn't affect anything". Not very convincing.

BobC

Tiddy Ogg · Answer

I'm no expert, but if these are Nationwide products, the fund manager can appoint whoever he likes to run it for him, And NW have employed L & G to do that. I'm sure it's like buying anything else: you're contract is with NW, the retailer, and any claims should be met by them.

James Harris · Answer

Are you saying the Financial Services Compensation Scheme would see this as funds with Nationwide not L&G? James

Tiddy Ogg · Answer

You gave it to NW to do with as they saw fit. That is all that matters imho. And they are the only ones you need worry about. If they've put it all on a 100-1 Grand National horse, that's their problem, not yours.

Nationwide Equity ISA now held with Legal and General. Is it safe?

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