iWeb announce post RDR charges (I think)

Porcupine

FWIW logging in just hands you over to:
http://halifaxiweb.digitallook.com/funds
for fund research anyway, and that isn't behind the login wall. The management interface is strictly execution only - it doesn't even contain links to fund data except for price information.

One thing to be wary of is that most funds are still showing full or partial retail initial charges at the moment, so not worth buying anything until the changeover.

TCA

Thanks Porcupine. Just for devilment I replied to IWeb to say I wasn't a customer and provided a link to their funds page and asked them to verify that these were indeed the tradable funds on offer. This came back:

"I am unable to advise specifically as to which vanguard funds we offer. I recommend that you go to the trading page online and click on funds. From here, you will be able to check via fund manager and you will see which vanguard funds we currently offer. I cannot advise as to whether we are planning on adding all vanguard funds."

Reminds me a bit of a variation of The Two Ronnies Mastermind sketch, specialist subject: answering the question before last. Or in this case, not answering the question then providing a variation of the answer they were given already.

Doesn't mean they can't hold a couple of shares in an ISA for me mind you, but the jury is out for now.

Porcupine

Just to confirm, what iweb are currently offering to buy is:

Vanguard Investments (IRE):
Global Small Cap Index Acc Nav (VIGSCA)
SRI European Stock Dis Nav (VIANDU, not ISA)
UK Inv Grade Bond Index Acc Nav GBP (VIUKGB)
UK Inv Grade Bond Index Inc (VIUIGN, not ISA)

Vanguard Investments UK Ltd:
Lifestrategy 100 Percent Eqty Acc NAV (VVLSRU)
Long Duration Gilt Index Acc NAV (VVUKLD, not ISA)
UK Inflation-Linked Gilt Index Inc (VVUILT)

I'm quite surprised by the number of ISA-barred funds listed.

Porcupine

Also should add that of course you can access Vanguard funds via ETFs, and charging in the new world order is pretty similar (same deal fees, no platform fee). So there's not much difference between an open-ended fund and an ETF here, except that Lifestrategy isn't (yet?) available as an ETF.

TCA

Porcupine wrote: »

Just to confirm, what iweb are currently offering to buy is:

Vanguard Investments (IRE):
Global Small Cap Index Acc Nav (VIGSCA)
SRI European Stock Dis Nav (VIANDU, not ISA)
UK Inv Grade Bond Index Acc Nav GBP (VIUKGB)
UK Inv Grade Bond Index Inc (VIUIGN, not ISA)

How did you find these? The longest list I can unearth is by using this search:

http://halifaxiweb.digitallook.com/cgi-bin/companysearch.cgi?username=&ac=&advanced=&name=Vanguard&Submit=Go&action=fundsearch&search_type=keyword&keyword_begins=y

Porcupine

Those were from me logging in and pretending to buy a fund, and picking from the 'select by manager' dropdown.

For some reason Vanguard Ireland doesn't show up on their DigitalLook interface, not sure why. The Vanguard ETFs are Ireland-domiciled to avoid stamp duty, but these aren't ETFs as far as I can work out.

Porcupine

Regular investment plans are being withdrawn:

We are removing our regular investing service due to the low
demand, however our real time trading will remain at £5.00.
If you do have a regular investment set up they will stop
from 31st March. Please note all regular subscriptions will
stop from this date.

Other charge changes broadly similar to Motley Fool
(apologies for the bad cut and paste formatting).
Main thing is transfers out capped at £125 max, variety of miscellaneous one-off charges reduced to £25, £5 deal fee, 2% dividend reinvestment charge, free corporate actions.

┌────────────────────────────┬────────────┬──────────┐
│Administration charges │Current charge │New charge│
├────────────────────────────┼────────────┼──────────┤
│ISA closure fee / transfer fee │ 50 │FREE │
├────────────────────────────┼────────────┼──────────┤
│ │ 7.50 Online│ │
│ │customers │ │
│Participation in selected │ 2.50 │ │
│corporate actions - rights │ShareBuilder│FREE │
│issues, open offers for │customers │ │
│subscriptions │FEE for ISA/│ │
│ │SIPP │ │
│ │customers │ │
├────────────────────────────┼────────────┼──────────┤
│Transfer out of shares │ 25 per │ 25 per │
│electronically to another │investment │investment│
│broker │(no max) │(max 125)│
├────────────────────────────┼────────────┼──────────┤
│Transfer out of shares │ 25 per │ 25 per │
│electronically from your ISA│investment │investment│
│to another ISA manager │(no max) │(max 125)│
├────────────────────────────┼────────────┼──────────┤
│Fund dealing commission │FREE │ 5.00 │
├────────────────────────────┼────────────┼──────────┤
│Fund dividend reinvestments │FREE │2% capped │
│ │ │at 5.00 │
├────────────────────────────┼────────────┼──────────┤
│Certificated withdrawal of │ 35 │ 25 │
│stock │ │ │
├────────────────────────────┼────────────┼──────────┤
│Ad hoc statement / Copy of │ 30 │ 25 │
│tax certificate │ │ │
├────────────────────────────┼────────────┼──────────┤
│Probate valuation │ 50 │ 25 │
├────────────────────────────┼────────────┼──────────┤
│Distribution of assets │ 35 │ 25 │
├────────────────────────────┼────────────┼──────────┤
│Lodging bankruptcy order │ 35 │ 25 │
├────────────────────────────┼────────────┼──────────┤
│Voiding of ISA │ 65 │ 25 │
├────────────────────────────┼────────────┼──────────┤
_ │Repair of ISA │ 65 │ 25 │
├────────────────────────────┴────────────┴──────────┤
│Please note all charges now include VAT │
└────────────────────────────────────────────────────┘

TCA

Thanks Porcupine. As you'd maybe expect that looks broadly in line with the changes posted on the Halifax website today. But with £25 charges instead of £12.50

http://www.halifax.co.uk/sharedealing/charges/new-charges/

Chris2000

I am thinking of moving from HL to Halifax/iweb for holding funds. Do you know if they allow fund switches without being out of the market?

HL allow up to 90% of a fund holding by value to be switched into another fund with simultaneous sale and purchase - no need to deposit cash to cover the purchase or wait for the sale proceeds to clear before buying into the new fund. This is a nice feature to have but not essential (and not worth HL's new 0.45% annual fee).

Porcupine

I worked out how to find if funds are ISA-barred without having an account. Go here:
http://halifaxiweb.digitallook.com/funds
Find the funds you want (eg browse by sector, let's say click 'North America').
Click 'View these funds as a performance table'
The 'ISA' column y/n is in the far right. If there's a gap, it probably can't be bought as in ISA at the moment (based on some test purchase attempts).

I'm not sure if this is going to change when post-RDR funds are added. However the list doesn't seem completely in sync with the list you can actually buy.