Stocks & Shares Paper-Free Providers

singchen

I'm interested in finding out about providers of stocks and shares ISAs that are online only? Two most important things to me when choosing a provider are one that has an end-to-end paper-free process - whether that's online, app, telephone, or some combination, and one that has a low fees.

I opened (and subsequently closed) a Halifax Stocks & Shares ISA a few years ago and the amount of paperwork i received on opening the account was crazy (account confirmation, security details, etc) as well as throughout the time of having the ISA, and on closing it. Important to me to go with a provider who considers the corporate social responsibility of being paper-free. Two tax-years ago I opened a Stocks & Shares ISA with Vanguard, who tick that box, but I'd like to look at providers that offer more than just Vanguard funds.

Also, who doesn't want low charges/fees? I'm not experienced enough an investor to go with a do-it-yourself provider, so accept that there will be fund manager charges involved as well as a platform charge, but there seems to be huge variability across different providers on charges.

Would appreciate insight from personal experiences on these points.

Many thanks in advance!

eskbanker

singchen said:

I'm not experienced enough an investor to go with a do-it-yourself provider

Not sure I understand what you mean by this, as you've said you have an account with Vanguard, who are very much a DIY provider, albeit one with a fairly restricted range of products (and only funds rather than shares)?  Are you looking for one of the robo-investor providers who only offer a small range of proprietary investments, usually opaque and at high cost, or do you simply mean that you prefer to buy funds rather than shares?

You can evaluate costs of the main players via various comparison sites such as:

http://monevator.com/compare-the-brokers/

http://www.comparefundplatforms.com/

https://www.boringmoney.co.uk/calculator/

I haven't opened a new S&S ISA for several years so can't comment on the volumes of paper involved, but many (most?) institutions have moved away from insisting on paper, not so much for altruistic reasons but because it saves them money!

Alexland

I have never heard of any S&S ISA providers who promise to be paper-free as (a) when performing transfers-in some other providers insist on a wet signature on physical transfer paperwork and (b) there may be security or regulatory reasons they may need to issue correspondence by post.

dunstonh

Alexland said:

I have never heard of any S&S ISA providers who promise to be paper-free as (a) when performing transfers-in some other providers insist on a wet signature on physical transfer paperwork and (b) there may be security or regulatory reasons they may need to issue correspondence by post.

They do exist.  Aviva, for example, don't have transfer forms for GIAs, ISAs or pensions where the origo system is being used.  

Alexland

Yes, but if the losing provider insists on a wet signature there's nothing the gaining provider can do other than resort to a paper process.

dunstonh

Alexland said:

Yes, but if the losing provider insists on a wet signature there's nothing the gaining provider can do other than resort to a paper process.

Absolutely.  Most of those using origo don't require to see a signature though.   Origo mainly applies to platforms and insurers.  I have yet to see a cash ISA use origo. 

singchen

Thanks for the responses everyone. I hadn't considered the transfer part as it's not something I'm looking to do - I'm looking at opening a new stocks and shares ISA with funds from personal savings, not by transferring from an existing ISA.

Alexland

singchen said:

Thanks for the responses everyone. I hadn't considered the transfer part as it's not something I'm looking to do - I'm looking at opening a new stocks and shares ISA with funds from personal savings, not by transferring from an existing ISA.

I am doubtful you are going to find anyone who publicly declares to be paper free particularly at the point of account opening as sending paper correspondence to confirm the account is open including maybe a secure PIN or password is a good way of early catching identity fraud for money laundering, etc.