Funds only ISA

[Deleted User]

Does anyone know of any funds only platforms like Vanguard? My employer restricts access to accounts that allow investing in shares due to the nature of my role. Used to think Cavendish was a fund-only platform, but their website states that we can invest in shares. 

Prism

What do you mean your employer restricts access? How do they who you have an ISA with?

[Deleted User]

Prism said:

What do you mean your employer restricts access? How do they who you have an ISA with?

We have to declare any trading account and it is considered a compliance breach if not done. 

AnotherJoe

Standard Life would appear to do one. 

https://www.standardlife.co.uk/c1/accounts-and-services/isas/diy-option-features.page

Albermarle

Also
https://www.aviva.co.uk/retirement/pensions/aviva-pension/

Prism

Deleted_User said:

Prism said:

What do you mean your employer restricts access? How do they who you have an ISA with?

We have to declare any trading account and it is considered a compliance breach if not done. 

You may need to clarify if ETF's are considered a breach as they are also traded. That would rule out Vanguard and a few other platforms.

Novice_investor101

Aviva’s direct customer ISA is funds only. I ended up buying some shares in my AJ Bell LISA because I couldn’t hold shares in Aviva’s ISA. (They were shares in Aviva, as well!).

Albermarle

Another ISA direct with the fund provider is Legal and General - funds only .

dunstonh

Vanguard allows trading in direct assets that do not fall under the packaged investments category allowed by employers with trading restrictions on their staff.  (i.e. ETFs and ITs are normally not acceptable).

Increasingly, most of the fund supermarkets are moving to whole of market.   In years to come, there wont be any fund supermarkets left as they are considered out of date compared to whole of market platforms.      This will just leave more heavily restricted options or for the staff to use IFAs.

[Deleted User]

dunstonh said:

Vanguard allows trading in direct assets that do not fall under the packaged investments category allowed by employers with trading restrictions on their staff.  (i.e. ETFs and ITs are normally not acceptable).

Increasingly, most of the fund supermarkets are moving to whole of market.   In years to come, there wont be any fund supermarkets left as they are considered out of date compared to whole of market platforms.      This will just leave more heavily restricted options or for the staff to use IFAs.

Thanks! Yes, it’s a bit disappointing that funds only platforms are disappearing. 

DireEmblem

Deleted_User said:

Does anyone know of any funds only platforms like Vanguard? My employer restricts access to accounts that allow investing in shares due to the nature of my role. Used to think Cavendish was a fund-only platform, but their website states that we can invest in shares. 

Surely if you grant access to their compliance function, or attest that you are not using the Cavendish online(Fidelity) portal to hold individual shares, that should be fine?  Otherwise if you are stuck with using a platform with a limited choice or higher fees, they should reimburse you.