Stocks & Shares ISAs

smipx013

Just a heads-up to all you long term Stocks and Shares ISA investors who have no been keeping fully 100% abreast of recent changes to "clean funds" and charges that ISA supermarkets levy.

I have a modest S&S ISA with both Alliance Trust and with Hargreaves. I do an annual review and was shocked to dicover that Alliance Trust are charging me £75pa for the administration of my ISA but H-L are charging me a whopping £360pa. I don't do much in the way of buying and selling or switching as I am happy with my fund choices so this £360 charge is to my mind excessive.

I challenged them on the phone and they said that "we are the best and we charge accordingly and it's non negociable" (or words to that effect so I told them that this 10 year customer will be leaving at the first opportunity.

Sadly I have 12 funds so the cost to move will be an extortinate £330 (imposed by H-L).

Too bad on you H-L. Massive fail!!!

I suggest everyone reviews carefully the fees of their provider and acts accordingly.

A good breakdown of the costs of the various fund supermarkets can be found on the Telegraph website. Not sure if I am allowed to give URL's so if I am it is below and if not you need to search for it. Simply search for "Cheapest fund supermarkets telegraph" and it should pop-up in the results. The exact URL is http://www.telegraph.co.uk/finance/personalfinance/investing/isas/10611058/Tables-cheapest-fund-supermarkets-for-Isa-investing.html

I guess the recent changes have made the charges a lot more transparent so well done whoever made thenm all change to "clean funds" for exposing the rip-off supermarkets for what they really are. Hargreaves should have a different charging structure for "dormant ISA investers" who do not want all of the free trading features etc. If they don't then they are going to start to lose customers by the droves.

Thanks
Paul

jimjames

You don't need to pay the £25 fee for every fund. You could transfer as cash or consolidate into a single fund and transfer that which will be much cheaper.


These changes were made & communicated a few years ago when they would have allowed you to transfer out for free.

badger09

In the case of HL, the revised charges were introduced on 1 March 2014. HL only allowed free transfers out to those of us who made formal complaints at the time, after invaluable advice from several posters in this very long:o thread

https://forums.moneysavingexpert.com/discussion/4870018

OP, I know the consensus advice is not to look at your investments every day, or even every month, but I find it hard to believe you were totally unaware of these changes.

smipx013

Well, I totally messed up on that one then. My bad.....

We did move house late 2013 and I think with a the commotion of moving, decorating and generally looking for work / setting up my new business I completely dropped the ball. I am guessing that any sort of complaint to the FOS about the exit charges will be way to late now so I will have to take the hit I guess. I do read my post but truthfully did not pick up on the fact thst the charges would be as onerous as they are.

You live and learn..
Paul

george4064

To hold funds with HL is very costly,mp I like to concentrate on individual stocks, investment trusts and ETFs. I only pay ~£69 per annum for my HL ISA, and I know it won't drastically increase as long as only contribute to anything except funds.

pierreuk199

Has anyone invested in this, and what are your thoughts and comments? I've decided to invest next year's ISA allowance into Stocks and Shares, and have my Stakeholder pension with AVIVA and have been happy with that. I'm prepared to take risk, but don't have a lot of time to actively manage investments.

dunstonh

as anyone invested in this, and what are your thoughts and comments?

Aviva wrap is a whole of market platform. Although its mostly used by IFAs. Its quite good on price. Functionality is not bad but behind some of the other platforms (but not the worst).

Or are you on about one of the other versions that may be available via different distribution methods?

nd have my Stakeholder pension with AVIVA

Stakeholder pensions are largely a niche product nowadays. Most personal pensions offer better value and functionality (including Aviva's other two pension products).

'm prepared to take risk, but don't have a lot of time to actively manage investments.

You havent actually mentioned any investments. Just the wrapper provider.

roger_c

I plan on investing into 3-4 funds with £100 p/m via and S&S Isa. All of the information I read is confusing, which platform would folks recommend? I really just want to keep charges low for the type of investing I'm doing.

Thanks

masonic

roger_c wrote: »

I plan on investing into 3-4 funds with £100 p/m via and S&S Isa. All of the information I read is confusing, which platform would folks recommend? I really just want to keep charges low for the type of investing I'm doing.

Thanks

Charles Stanley Direct will be cheapest for those who want to drip feed into funds only and don't have a large sum invested already.

bottleandahalf

masonic wrote: »

Charles Stanley Direct will be cheapest for those who want to drip feed into funds only and don't have a large sum invested already.

Don't CSD need 1000 lump sum to open account?