Investors who keep Neil Woodford’s iced Equity Income finance on the Hargreaves Lansdown platform can now switch it to a rival broker if they need, following a noticeable change of position by talk about registrar Link. Woodford is currently overhauling his fund, and shedding liquid assets, in an activity initially intended to last 28 days, but that is currently thought likely to take until Christmas.

Frustrated Woodford investors have attempted to leave Hargreaves, which backed the supervisor before day withdrawals from his account were suspended. But until now these were prevented for a technical reason relating to the workings of ‘share classes’. Richard Wilson, of investment platform Interactive Investor, said this week that individuals had contacted his firm to the state they were struggling to switch their accounts from Hargreaves.

This is down to ‘reveal classes’, which will vary variations of the same finance simply. We explain how they work and how to decode the abbreviations tagged onto fund names here. Please, help me decode gibberish account names! Why did customers have trouble transferring Woodford account away from Hargreaves? Hargreaves customers hold a special ‘A share class’ version of the Woodford fund, since it negotiated a particular cut-rate deal along with his fund-management firm. The ‘Z’ version of Woodford’s account is cheaper than the ‘ C share course’ version offered by rival fund agents.

However, since it is exclusive to Hargreaves it might not be kept on those other systems and needed to be changed into ‘C’ when people moved out. Share registrar Link, which deals with and reports such transactions, now says that although conversions cannot happen – because the share dealing is banned while Woodford’s account is suspended – Z-share course holdings can be shifted to other agents’ platforms.

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Link’s full statement is below. In practical terms, this change allows investors to leave Hargreaves if they want now. Undertaking conversions between share classes is normal practice, when customers switch in or out of Hargreaves or between other platforms where necessary, and would usually pose no issue. But because dealings in Woodford’s fund are currently frozen, Link is not allowing conversions between your Z and C share classes. What fees do Woodford investors face? The charge for traders in Hargreaves’ Z version of Woodford’s account is 0.65 %, and in the C version it’s 0.75 %.

Woodford is still taking £100,a day in general management fees from investors while he revamps his account 000. Because share class conversions can’t take place, investors who leave Hargreaves for another broker will stay on the old cheaper Z rate now. However, they shall lose the further 0.15 % discount or ‘rebate’ which it offers customers.

Hargreaves in addition has waived its normal 0.45 per cent platform charge on holdings in Woodford’s finance, which theoretically actually helps it is one of the cheapest places to presently hold it. Link Fund Solutions said: ‘Our frustrating priority is to protect and provide for the needs of traders. Financial Conduct Authority regulations stipulate that no dealing is allowed during the suspension, which places significant road blocks to enabling a person to move in one investment platform to another where it would mean a change of share class. Link Fund Solutions got already enabling investors to transfer between platforms when no such change in share class is necessary.

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