Low cost Stocks & Shares (Investment) ISAs: The Best Currently Available List!

SnowMan

I was speaking to Fidelity today and it appears that Fidelity Funds Network have suddenly stopped investors on their platform transferring out or re-registering PART of their ISA portfolio. So it's all or nothing, move it all out or none of it. They have brought this change in recently without informing investors like myself who are affected.

So someone with a large ISA portfolio with Fidelity Funds Network who wants to transfer a small part of it into an investment that is not available through Fidelity (such as Vanguard funds) can't do that and has to move their whole portfolio away from Fidelity instead.

Fidelity told me that they believe it will also affect Cavendish clients who have an ISA portfolio (as Cavendish use the Fidelity Funds Network platform) and will also affect those invested in ISAs directly held with Fidelity (rather than through Fidelity Funds Network).

I've had a large holding with Fidelity for the past 10 years and have been very happy with the service, and it will be a real shame if through this move they force me to move all my funds away.

A completely retrograde move in my opinion

koru

koru wrote: »

I wonder if there is a similar explanation for why ATS only rebates 0.5% on many funds, even though it claims to rebate all trail and platform commission? That is, perhaps their platform is also just a rebranded version of another platform, which keeps some of the platform commission? Therefore, ATS are only rebating the commission that they receive, as opposed to the total commission paid by the fund?

Apparently, this is not the explanation for the low ATS rebates. Rather, it is just that ATS hasn't bothered to negotiate platform commission from some fund providers. http://www.candidmoney.com/articles/204/updated-isa-discount-broker-comparison

Linton

SnowMan wrote: »

I was speaking to Fidelity today and it appears that Fidelity Funds Network have suddenly stopped investors on their platform transferring out or re-registering PART of their ISA portfolio. So it's all or nothing, move it all out or none of it. They have brought this change in recently without informing investors like myself who are affected.

So someone with a large ISA portfolio with Fidelity Funds Network who wants to transfer a small part of it into an investment that is not available through Fidelity (such as Vanguard funds) can't do that and has to move their whole portfolio away from Fidelity instead.

Fidelity told me that they believe it will also affect Cavendish clients who have an ISA portfolio (as Cavendish use the Fidelity Funds Network platform) and will also affect those invested in ISAs directly held with Fidelity (rather than through Fidelity Funds Network).

I've had a large holding with Fidelity for the past 10 years and have been very happy with the service, and it will be a real shame if through this move they force me to move all my funds away.

A completely retrograde move in my opinion

Are you sure this is as stark as you suggest? The reason I ask is that Fidelity, unlike most online brokers, retain each year's ISA as a separate account. So it may make sense to only allow the move of entire individual year accounts but that would be different to only allowing the move of the entire portfolio of multiple year's contributions.

westy22

The reason I ask is that Fidelity, unlike most online brokers, retain each year's ISA as a separate account.

They did up to about 4 weeks ago. Their platform upgrade has now amalgamated all my separate ISA years into one overall 'pot'. I believe it was to enable the revised payment of Cavendish rebate commission which is now being reinvested into funds rather than paid out as cash. I don't know whether this affected all customers or just Cavendish ones.

SnowMan

Linton wrote: »

Are you sure this is as stark as you suggest?

As sure as I can be, it's the whole ISA portfolio or nothing, they were pretty clear about it when I rang up. I've got a complaint registered so will get formal confirmation at some point.

An FT adviser article here seems to say the same thing.

Linton

westy22 wrote: »

They did up to about 4 weeks ago. Their platform upgrade has now amalgamated all my separate ISA years into one overall 'pot'. I believe it was to enable the revised payment of Cavendish rebate commission which is now being reinvested into funds rather than paid out as cash. I don't know whether this affected all customers or just Cavendish ones.

Just checked my Fidelity account - under the Accounts option each year is listed separately. You can operate the entire portfolio as a single entity from the "Holdings" page, but that has always been possible. Though when you did that partial sales of funds held from over multiple years required that you specified how much was sold from each year. I am not going to sell something just to check whether this is still the case!

I cant see any obvious changes from how things have always looked.

SnowMan

westy22 wrote: »

They did up to about 4 weeks ago. Their platform upgrade has now amalgamated all my separate ISA years into one overall 'pot'. I believe it was to enable the revised payment of Cavendish rebate commission which is now being reinvested into funds rather than paid out as cash. I don't know whether this affected all customers or just Cavendish ones.

My fund results from 4 separate transfers into the account one from March 2006, and three separate transfers in 2011, but no new subscriptions at all in any tax year.

These are shown on the Fidelity on-line log in as 3 accounts called ISA2005, transferred ISA and ISA1998. However the amounts allocated to those 3 accounts seems to be completely arbitrary, for example the ISA2005 amount is about one tenth of the fund that resulted from the transfer in March 2006. They do correctly total to the right total fund

I can't remember what it looked like before the upgrade but I am sure it wasn't a mess like this.

westy22

I suspect that Cavendish subscribers are seeing a slightly different platform interface than you are if you are a direct member of FundsNetwork. I can certainly only see a combined ISA holding which is described as an 'ISA Fee Account'.

We also do not seem to get to see 'profit/loss' on our holdings as there is no record kept of the buying cost (unless you add up all the different contract notes manually).

SnowMan

westy22 wrote: »

I suspect that Cavendish subscribers are seeing a slightly different platform interface than you are if you are a direct member of FundsNetwork. I can certainly only see a combined ISA holding which is described as an 'ISA Fee Account'.

We also do not seem get to see 'profit/loss' on our holdings as there is no record kept of the buying cost (unless you add up all the different contract notes manually).

I am Fidelity Funds Network (not via Cavendish).

There is profit and loss shown for each of the 3 accounts I mentioned earlier however the breakdown is complete garbage. However the total profit and loss adding these 3 garbage figures is the correct total profit and loss.

The overall annualised return figure is now garbage, previously it agreed my own calculated figure exactly which is interesting as that only appeared after the upgrade if I remember correctly.

copper.cow

firstly, thanks a lot Special_Saver2 for your efforts in maintaining and updating this thread.

just spoke to iWeb in relation to its self select ISA. was told

1. dividend reinvestment commission = 2% of the transaction value. but capped at £5.

2. No charge for closing this account.

i stand corrected.