change of agency

frankie

I am seriously considering moving my S&S ISAs from Fidelity to Cavendish on line. As I understand it I will need to apply for a change of agency to effect this.

Will this incur any fees and how long will I be out of the market?

I have tried reading the t&cs but it all seems vague to my simple mind!

Any one done this and how was the experience?

Thanks.

dunstonh

Will this incur any fees and how long will I be out of the market?

None and you are not out of market. A change of agency just tells the provider that you have a new intermediary and you want them to have access.

LHW99

To change to Cavendish, assuming you DIY you would contact Cavendish and ask them for / download the correct form and sent it back.
The cost would depend on how many different funds / shares / ETF's you hold, and will depend on Fidelity's transfer out fees, which should be stated on their site.
The only time you would be out of the market would be if you changed all your holdings at Fidelity into cash, got that transferred across to Cavendish, and then bought the holdings back.

dunstonh

I have answered it on the basis of a change of agency. However, LHW99 has answered it on the basis of a cash transfer.

moneyfoolish

If, for instance, you opened an S&S ISA with Cavendish Direct and bought 4 funds of £10,000 in value for each as far as I can see that would be no charge for the ISA and 0.25% per year of the value. However, there seems to be no cost to transfer so could you then transfer your ISA to Halifax Sharedealing at no cost and then just pay the £12.50 ISA charge thus saving the 4x£12.50 cost which you would have incurred if you had bought the funds initially from a Halifax Sharedeling ISA?

greenglide

Cavendish use the Fidelity platform the change of agency from Fidelity itself to Cavendish is quite simple with no need to buy and buyback. There is normally no exit charge by Fidelity. See here https://www.cavendishonline.co.uk/investments/move-your-investment/currently-with-fidelity/

It all looks quite simple?

Talk to Cavendish?

frankie

Thanks for the replies.

Seems no problems should be encountered. I have existing funds valued around £50k and looking for a cheaper alternative platform.

enthusiasticsaver

I changed my s and s isa from Cavendish to Halifax Share dealing. No fees and I was not out of the market. My holdings were just reregistered under Halifax name. Took about three weeks altogether.