Fidelity increasing charges

ColdIron

skycatcher said:

masonic said:

skycatcher said:

EthicsGradient said:

If it's the Class I fund (I'd assume accumulation, but they have the income version too) then it's listed in the available funds for Halifax share dealing, at the same 0.12%, which (though I can't swear to this) should apply to iWeb too, being the same underlying operation: https://www.investments.halifax.co.uk/funds-centre/fund-supermarket/GB00B0CNGR59

Perhaps the 0.5% is for a different class - not "institutional" (in this case, held on a large platform).

Interesting...i searched on iweb and it didn't come up!

https://www.markets.iweb-sharedealing.co.uk/funds-centre/fund-supermarket/detail/GB00B0CNGR59

That's it...i give up...i can find nothing... Thanks

Go here

https://www.iweb-sharedealing.co.uk/research-centre.html

Choose Visit our Funds Centre and enter 'legal & general european'

IWeb search can be a bit idiosyncratic

happybagger

I manually transferred some L&G Index ISAs to iweb before L&G did. That meant they were transferred to iweb as the R class (higher charge) units, as it was in specie.

A few months ago iweb transferred the European and US index funds to the I class, as part of 'corporate actions'. When I then asked if they could do the same with the UK index fund, they said no, I'd have to manually doing it as sell then repurchase. OK, it'll cost a tenner, but I thought they' have been a bit more helpful tbh.

masonic

happybagger said:

I manually transferred some L&G Index ISAs to iweb before L&G did. That meant they were transferred to iweb as the R class (higher charge) units, as it was in specie.

A few months ago iweb transferred the European and US index funds to the I class, as part of 'corporate actions'. When I then asked if they could do the same with the UK index fund, they said no, I'd have to manually doing it as sell then repurchase. OK, it'll cost a tenner, but I thought they' have been a bit more helpful tbh.

Most platforms started performing conversion of dirty to clean classes around 2015. Sales of dirty class funds have been banned since 2016. It is the fund house (L&G) that does the conversion, at the request of the fund platform. Where there is a large volume of units to be converted across iWeb's customer base, it is more economically viable to perform a conversion rather than sale and repurchase. That may explain the differing stance towards the different funds.

I was under the impression that most of the significant providers stopped accepting transfers in of these unit classes, requiring either a conversion prior to reregistration, or for those funds to be transferred in as cash, so I don't know how long you've been holding this fund at iWeb.

If selling, you could save yourself an extra 0.04% ongoing charges by switching to Vanguard's equivalent (a potential saving of £4 a year per £10k).

happybagger

masonic said: so I don't know how long you've been holding this fund at iWeb.

Just to answer that, March 2021

masonic

happybagger said:

masonic said: so I don't know how long you've been holding this fund at iWeb.

Just to answer that, March 2021

Interesting. I can understand that where in the OP's case Fidelity didn't really have any choice regarding acquiring those assets, HSDL/iWeb have tended to be quite fussy about which funds they will accept on their platform. Perhaps at some unspecified time in the future your UK fund will reach critical mass on the platform and they will do something about it, as they have with the others, but every day you continue to hold you'll be making a tiny but accumulating loss due to the difference in management charges. On a £10k holding, you'd break even on the transaction charges in just a few months, though you'd also have a day out of the market during the switch to factor in too.

skycatcher

I've found out that it was a R Class but has been converted to an I class when moving to fidelity. I've checked its ISIN and the same one is listed in iweb. So i think I'll avail of their current offer and open an account. Thanks for everyone's help with this.....much appreciated!

jamesperrett

Letter about this increase received through the post today. I missed the online message because most of the messages that I get from Fidelity aren't that useful so I assumed that it was just another account report (which are always out of date). It makes Fidelity very expensive for my investments so now looking elsewhere.

Sea_Shell

On the topic of Fidelity's fees...(ISA)

Anyone else notice that the day they take the Service fees (from the cash management account) seems to be getting later and later in the month.   

They used to regularly be in the first week, but they now seem to be much later in the month.   24th in October and 22nd in November and still not taken for December.

Does anyone know why, out of interest?   Do they work on a strange formula that moves the date around, over and above weekends and BHs?

Albermarle

 It makes Fidelity very expensive for my investments so now looking elsewhere.

The cost has gone from £45 to £90, so not exactly expensive, unless you maybe have a very small pot.
Your investments could change by £45 in the blink of an eye.