Changes to Fidelity fees Jan/Feb 2023

InvesterJones

Just a heads up that Fidelity are changing some of their fees early next year. For details see: https://s3-eu-west-1.amazonaws.com/eumultisitev4prod-live-eb461540d2184169bb77db2b062d9318-f268f99/PI UK/pdf/legal/Direct_Key_features_document.pdf

Most noticeable to people on this board are probably the reduction in online share dealing fee from 16th Jan 2023 to £7.50 (was £10), and the doubling of the service fee cap for exchange traded instruments to £90 (was £45) from 1st Feb 2023. Foreign exchange charges are also reducing slightly.

Albermarle

As a Fidelity customer, I would expect to be informed directly of these changes, but have not. How did you find out ?

Pity about the £45 to £90, but it always seemed ridiculously cheap.

InvesterJones

Albermarle said:

As a Fidelity customer, I would expect to be informed directly of these changes, but have not. How did you find out ?

Pity about the £45 to £90, but it always seemed ridiculously cheap.

It's on their website in the page about fees in detail (which I happened to be researching): https://www.fidelity.co.uk/services/charges-fees/fees-more-detail/

gee9fam

I took advantage of the Fidelity incentive to transfer some ISA/SIPP funds a little while back. I remember there was a minimum timescale to leave the funds with them or they would claim the incentive back should you wish to transfer out. I've checked my paperwork and their website but can't seem to find the timescale. I think it was 12 or 18 months. Can anyone advise or point me in the right direction?

Alistair31

Very disappointing. 100% increase in fee and no individual notification? 

Where do I move my SIPP now then to save? (100% invested in one ETF, no further contributions)

Albermarle

Alistair31 said:

Very disappointing. 100% increase in fee and no individual notification? 

Where do I move my SIPP now then to save? (100% invested in one ETF, no further contributions)

I think you have to just accept that the £45 was always a mystery why it was so low, especially for a SIPP and no extra charges for drawdown.
I think A J Bell charge £120 for the same and HL £200. 

I guess when you look at market movements, you can gain or lose £45 in a second.

Alistair31

Albermarle said:

Alistair31 said:

Very disappointing. 100% increase in fee and no individual notification? 

Where do I move my SIPP now then to save? (100% invested in one ETF, no further contributions)

I think you have to just accept that the £45 was always a mystery why it was so low, especially for a SIPP and no extra charges for drawdown.
I think A J Bell charge £120 for the same and HL £200. 

I guess when you look at market movements, you can gain or lose £45 in a second.

Fair enough for new customers IMO, but bad crack moving the goalposts on existing customers.

noclaf

Alistair31 said:

Albermarle said:

Alistair31 said:

Very disappointing. 100% increase in fee and no individual notification? 

Where do I move my SIPP now then to save? (100% invested in one ETF, no further contributions)

I think you have to just accept that the £45 was always a mystery why it was so low, especially for a SIPP and no extra charges for drawdown.
I think A J Bell charge £120 for the same and HL £200. 

I guess when you look at market movements, you can gain or lose £45 in a second.

Fair enough for new customers IMO, but bad crack moving the goalposts on existing customers.

Found this thread by chance and have to agree (as an existing Fidelity customer with a SIPP and JISA),  it's a disappointing move if the doubling of the capped service/platform fee's is true and rather sneaky IMO without much prior notice...yes I am sure the T&C's cover them blah blah... but I would of likely not bothered with moving the vast majority of my combined pensions from SL earlier this year if it wasn't for the £45 capped ETF fees. That aside, if it is still one of the cheaper platforms then making a change now is not worthwhile.

Alistair31

Write to them and politely (or otherwise) register your dissatisfaction and/or intention to vote with your feet. 

I certainly have. 

Stargunner

Alistair31 said:

Albermarle said:

Alistair31 said:

Very disappointing. 100% increase in fee and no individual notification? 

Where do I move my SIPP now then to save? (100% invested in one ETF, no further contributions)

I think you have to just accept that the £45 was always a mystery why it was so low, especially for a SIPP and no extra charges for drawdown.
I think A J Bell charge £120 for the same and HL £200. 

I guess when you look at market movements, you can gain or lose £45 in a second.

Fair enough for new customers IMO, but bad crack moving the goalposts on existing customers.

All companies are in their rights to change prices. Have your energy prices and your monthly food shop remained the same for the last 12 months. £90 per year is still extremely competitive with no drawdown fees.

Alistair31

Stargunner said:

Alistair31 said:

Albermarle said:

Alistair31 said:

Very disappointing. 100% increase in fee and no individual notification? 

Where do I move my SIPP now then to save? (100% invested in one ETF, no further contributions)

I think you have to just accept that the £45 was always a mystery why it was so low, especially for a SIPP and no extra charges for drawdown.
I think A J Bell charge £120 for the same and HL £200. 

I guess when you look at market movements, you can gain or lose £45 in a second.

Fair enough for new customers IMO, but bad crack moving the goalposts on existing customers.

All companies are in their rights to change prices. Have your energy prices and your monthly food shop remained the same for the last 12 months. £90 per year is still extremely competitive with no drawdown fees.

I’ve no doubt they are legally entitled to do it, it’s the principle I find questionable.

What if you were already in drawdown and they changed those terms too, would you still feel the same?

Maybe iWeb should write to their existing customers looking for an extra £75 to make up the difference between the new account opening fee and the fee their existing customers paid at signup.