Fidelity FundsNetwork Platform Charge

Cavendish

Hello Westy22
Thank you for messaging and we apologise for the mixed messages - we were not aware that the charge would be posted on client accounts at this stage.
I reiterate that Cavendish will opt ALL clients out of the fee without charge.
We are currently discussing how to opt back in those clients that wish to do so, as this process will take about 10 minutes per account.
Once we have made this decision we will communicate it to our clients via email and/or post.

For any other client specific queries please email us at [EMAIL="admin@cavendishonline.co.uk"]admin@cavendishonline.co.uk[/EMAIL]

Regards
Cavendish

jem16

westy22 wrote: »

Cavendish Online - when I look at my account at Fidelity it tells me that Cavendish opted me in to the new charge structure wef 25 July!

It seems like the fault lies with Fidelity rtaher than Cavendish, although to be honest that doesn't surprise me with Fidelity.

I have been opted in as from 25th July too and it was neither my adviser nor me who did so.

csj_2

I received an email from Cavendish today advising me of this new Fidelity Platform Charge of £45 per year and this was the first I had heard of it, possibly because I have significantly more than £50000 in FundsNetwork and was being able to switch holdings for free.

I've been happy to have received about £1000 per year from Cavendish as a refund of their trail commission and so I suppose the £45 annual charge will not be much of a burden and the ability of being able to have Fidelity pay this directly to my bank account, rather than waiting for the cheque from Cavendish, is another bonus

However, it seems that other investors writing in this thread (e.g. Westy22) are able to log in to their Fundsnetwork account and can see whether or not Cavendish have 'opted-in' their account to the new Fidelity Platform. Could someone please tell me where on the Fundsnetwork page you can see this information. I am unable to see this information anywhere in my details and am wondering whether this is another case of Fidelity's poor account administration - they recently had to change both my own and my wife's account details when we were unable to deal on our accounts - this took about 4 months for them to sort out.

westy22

Could someone please tell me where on the Fundsnetwork page you can see this information

When this first happened in late July on my FundsNetwork account there was a link under 'My Profile' that was headed 'Account Fee Status' - this showed me as opted-in from 25 July 11. This link disappeared from my account about 7 days ago, presumably when Cavendish formally opted me out of the annual fee. I don't know whether other users who remain opted-in will be still able to see this link or not.

mike88

csj wrote: »

I've been happy to have received about £1000 per year from Cavendish as a refund of their trail commission and so I suppose the £45 annual charge will not be much of a burden and the ability of being able to have Fidelity pay this directly to my bank account, rather than waiting for the cheque from Cavendish, is another bonus

Strange! I receive my trail commission rebate direct from Fidelity. I think the answer lies in how you completed the Cavendish application form.

As for your remaining point you have to sign up to use Fidelity's online platform via their website. When you do this you receive your login details direct from Fidelity.

csj_2

Thanks for the replies.

There's certainly no 'Account Fee Status' showing in my profile but perhaps it may show up in future now that I have, as of yesterday, "opted-in" via Cavendish.

The fact that I receive my commission rebates directly from Fidelity rather than via Cavendish may also make a difference although I would hope that it didn't.

As I've mentioned previously, I have not been overly impressed with Fidelity's administration to date. I wonder what investors using CoFunds feel about that Funds Supermarket's administration.

mike88

csj wrote: »

Thanks for the replies.


The fact that I receive my commission rebates directly from Fidelity rather than via Cavendish may also make a difference although I would hope that it didn't.

The point I was making is that you can choose under the existing arrangements to receive your rebates direct from Fidelity. If you have opted to receive via Cavendish they deduct a £10 admin charge for each payment.

Under the new arrangements the thing we all have to weigh up is whether the introduction of a 0.25% switching charge for those of us with holdings over £50k is likely to amount to £45 annually. That is £18000 worth of switches per annum.

As I rarely switch in excess of £18000 of funds in each year I am most definitely in the opt out camp.

dunstonh

Over 50k on platform would have been opted in automatically following the introduction of the new charging method last year, if the servicing firm chose to enable that option. It was everyone over 50k or no-one last year.