Barclays ISA massive fee rise

Dazzak

Similarly I will be moving my £300K SIPP out and also my son's Junior SIPP.

What I find most galling is that Barclays tell me the charges will be about the same, but they're not, they are doubling! Add to that they emailed me less than 12 months ago confirming there were no plans to change fees. Was (not so) SMART investor only just thought of then? I think not.

As for my son's Junior SIPP, the fees are increasing by 40% and IT WILL NO LONGER BE AVAILABLE TO MANAGE ONLINE. Barclays, what are you playing out? This is 2017, this is a bizarre decision.

Oh, and I will also be moving my ISA away too.

Congratulations Barclays, you had a very good well run product, now you have alienated many soon to be ex-customers with misleading comments and ludicrous fee hikes.

Dazzak

I think you will find the £200 cap only applies to Barclays fees. They will separately charge you the AJ Bell fees on top which is another £150.

Barclays seem to think it is more clear if you are charged two separate fees rather than one. When I phoned to query the fees they did not mention the AJ Bell fees until promoted by myself. At best this is clumsy, at worst it is misleading and maybe lays them out to charges of misselling.

eskbanker

Dazzak wrote: »

I think you will find the £200 cap only applies to Barclays fees. They will separately charge you the AJ Bell fees on top which is another £150.

Barclays seem to think it is more clear if you are charged two separate fees rather than one. When I phoned to query the fees they did not mention the AJ Bell fees until promoted by myself. At best this is clumsy, at worst it is misleading and maybe lays them out to charges of misselling.

At least one of us is misunderstanding this - AJ Bell are a competitor of Barclays so you'd pay one broker or the other but not both!

Dazzak

Although technically AJ Bell are a competitor as I understand it Barclays actually use AJ Bell for the administration. I would urge anyone to read the missive from Barclays carefully as you do indeed pay two fees, £150 pa (for a SIPP) that goes to AJ Bell plus Barclays new charges on top.

At a quick glance through Barclays literature you may well not pick up on this.

neet

I don't think I ever got the email - but may have been on hols and missed its significance. I was phoned and told only small change but your note made me check and its gone up 10x ignoring the promised cap.

They already kicked my childrens' accounts off the system because they dont seem to have capacity to recognise a bare trust. Ive been there since Schwab days and have wife's stuff on too - so bed and breakfast and income shifting possible - even this they say they wont do - you have to somehow contact the registrar!!!

I only buy equities ITs and occasional ETFs and trade infrequently. I have a SIPP with HL which is logical place to move stuff to.

WHAT TO DO? Moving in potentially volatile markets could be dangerous as it takes weeks for transfer to go through and perhaps longer if everyone is on the move. I am guessing that they will not try to charge as it is their terms of trade which are prompting a move but think I will wait til markets look more settled.

caveman8006

Just to note that Hargreaves have a limited time offer to give up to £500 cashback on transfers at present, while Barclays have only guaranteed no exit fees until 1 November, so I think the logical conclusion is to initiate the transfer fairly soon...