Can somebody set up their own DIY equity ISA?

Primrose

This may seem a very silly question but is it possible to set up a DIY equity ISA where you choose & buy your shares yourself and put them in an ISA without going through any stockbroker like Barclays, Hargreaves Lansdown, etc? Is it possible to create your own ISA wrapper or is this something that needs HMRC approval?

It occurred to me, from reading another thread where somebody commented about "cutting out the middle man" that this might be an option if you knew exactly what shares you wanted to buy, and where to buy them.

jimjames

Primrose wrote: »

This may seem a very silly question but is it possible to set up a DIY equity ISA where you choose & buy your shares yourself and put them in an ISA without going through any stockbroker like Barclays, Hargreaves Lansdown, etc? Is it possible to create your own ISA wrapper or is this something that needs HMRC approval?

It occurred to me, from reading another thread where somebody commented about "cutting out the middle man" that this might be an option if you knew exactly what shares you wanted to buy, and where to buy them.

You'd still need to use a stockbroker to buy the shares in the first place though. As far as I am aware you need to be registered with HMRC and presumably FSA to run an ISA product.

There seems very little point trying to do so yourself when HL or others do such low rates for managing them for you.