Trustnet launch new DIY investment platform

JohnRo

I really do hope the trustnet portfolio features we can use now aren't going to disappear behind a pay wall when their platform launches...

Nicholas-bloody-Parsons

After doing some research to try to find the cheaper platform. I notice that the some eg Interactive Investor / ATS are Scottish companies....

Something to bear in mind with the Scottish Independence vote coming up later this year.

There is a risk that your ISA\Funds will be stuck in a foreign country with high taxes and different regulatory structure and no oversight from England!

It may be worth bearing when considering transferring to these companies. Especially if these companies have only slightly cheaper management fee but high exit fees.

.... just saying!

Rollinghome

Nicholas-bloody-Parsons wrote: »

After doing some research to try to find the cheaper platform. I notice that the some eg Interactive Investor / ATS are Scottish companies....

And Fidelity is an American company, with the US not even a colony these days apparently. Always something else to worry about isn't there?

Marazan

If you're going to start worrying about financial institutions being headquartered in Edinburgh then that's like 80% of your pension provider options blown out of the water.

finebone

Nicholas-bloody-Parsons wrote: »

After doing some research to try to find the cheaper platform. I notice that the some eg Interactive Investor / ATS are Scottish companies....

Something to bear in mind with the Scottish Independence vote coming up later this year.

There is a risk that your ISA\Funds will be stuck in a foreign country with high taxes and different regulatory structure and no oversight from England!

It may be worth bearing when considering transferring to these companies. Especially if these companies have only slightly cheaper management fee but high exit fees.

.... just saying!

Do not think that Interactive Investor is a Scottish company. It says at the bottom of their website:


Interactive Investor Trading Limited, trading as "Interactive Investor", is authorised and regulated by the Financial Conduct Authority.
Registered Office: Standon House, 21 Mansell Street, London E1 8AA, telephone 0845 200 3637. Registered in England with Company Registration number 3699618.




in any event, what do you mean by "no oversight from England"? Surely you mean no oversight from the rest of the UK!


And if I switch my SIPP to ATS, there is no danger that my "Funds will be stuck in a foreign country" because, along with many of the contributors to this forum, I already live in Scotland!


I am not a Scottish nationalist and do not think that Scotland will vote to become independent this year. However, careless comments like these could make it more likely.

jamesd

finebone wrote: »

And if I switch my SIPP to ATS, there is no danger that my "Funds will be stuck in a foreign country" because, along with many of the contributors to this forum, I already live in Scotland!

True, of course! Meanwhile I just don't want the hassle and possible costs so I've effectively written off any thought of using ATS until the independence question is resolved. A somewhat unfortunate bit of harm to the Scottish economy.

Anyone who wonders why those outside Scotland might prefer this sort of thing need only look at the initially proposed haircut for savers in Cyprus or the difference between what Iceland proposed to offer UK Icesave savers and what the FSCS an British government did pay out, and how fast. A small economy with a big banking sector isn't the safest of places for money, even more so with the financial risks that would accompany steps towards independence.

SnowMan

Latest info from John Blowers, (head of Trustnet Direct)

we are planning to launch very soon now. We'll let you know!

we do have exit fees at a rather more modest £15 per investment

Totton

we do have exit fees at a rather more modest £15 per investment

That's all right then - not! Whilst I am not intending to move platform provider I do think that those incurring exit fees have a right to feel upset. Whilst this may be usual industry practice I see no justification for any exit fee, the customer should be free to move their money to wherever they wish. I hope that the regulator will eventually look at these fees and ban them.

koru

Totton wrote: »

That's all right then - not! Whilst I am not intending to move platform provider I do think that those incurring exit fees have a right to feel upset. Whilst this may be usual industry practice I see no justification for any exit fee, the customer should be free to move their money to wherever they wish. I hope that the regulator will eventually look at these fees and ban them.

It must involve some work, so I think they should be able to charge something, but £25 per fund is ridiculous. The regulator should cap the fee, so it isn't used as a lock-in.

grizzly1911

koru wrote: »

It must involve some work, so I think they should be able to charge something, but £25 per fund is ridiculous. The regulator should cap the fee, so it isn't used as a lock-in.

Perhaps a single fee that actually reflected the work they have to do rather than a per fund charge. With automated routines how much manual work is required?

With SIPPs/ISAs some limited paperwork needs to be exchanged with HMRC presumably too.