iweb v HL charges

flopsy1973

Have account with HL and iweb bought a hsbc fund on my iweb account and paid 0.19% nearly 100 pound in fees
Surely if I but on HL they don't have intial charge I could have bought it for nothing and then transfer over to my iweb. Is this correct or am I missing something. First time using iweb 
Thanks

Mothman

Think you are reading it wrong, the 0.19% is more likely the ongoing fund charge. The cost to purchase a fund on iWeb is a flat fee of £5.

jimjames

Mothman said:

Think you are reading it wrong, the 0.19% is more likely the ongoing fund charge. The cost to purchase a fund on iWeb is a flat fee of £5.

And the cost to buy a fund on HL is nothing. 
@flopsy1973 where did you get told you'd been charged nearly £100 to buy this fund?

george4064

jimjames said:

Mothman said:

Think you are reading it wrong, the 0.19% is more likely the ongoing fund charge. The cost to purchase a fund on iWeb is a flat fee of £5.

And the cost to buy a fund on HL is nothing. 
@flopsy1973 where did you get told you'd been charged nearly £100 to buy this fund?

I suspect it might be an annual MIFID II costs and charges statement, but I’ll let OP respond to see what it actually is referring to.

flopsy1973

Ok had a look at the order again and it's quoting the ongoing charge and transaction cost of nearly 0.2% which come to 100 pound but I don't think I have paid that yet,  so when will this be taken by fund manager on anniversary. ? 
So presumably I would be paying this with HL as well ? 

wmb194

flopsy1973 said:

Ok had a look at the order again and it's quoting the ongoing charge and transaction cost of nearly 0.2% which come to 100 pound but I don't think I have paid that yet,  so when will this be taken by fund manager on anniversary. ? 
So presumably I would be paying this with HL as well ? 

You must be looking at the interstitial screen it gives you before placing the order. If you look closely there's a column to the right that states whether it's an iWeb charge or the fund/fund manager's charge. The ongoing c.0.2% will be a charge *within* the fund and will simply reduce the price of the fund. You won't be charged separately for it.

ColdIron

flopsy1973 said:

but I don't think I have paid that yet,

You won't receive an explicit bill. It's an internal charge deducted from the fund value

so when will this be taken by fund manager on anniversary. ?

The OCF (Ongoing Charge Figure) is, well, ongoing (probably daily) and will be reflected in the unit price

So presumably I would be paying this with HL as well ?

As it's deducted from the fund you will pay it regardless of the platform you use, although HL often negotiate a cheaper class with a lower OCF for some of its funds. You don't say which fund it is or what class

flopsy1973

ColdIron said:

flopsy1973 said:

but I don't think I have paid that yet,

You won't receive an explicit bill. It's an internal charge deducted from the fund value

so when will this be taken by fund manager on anniversary. ?

The OCF (Ongoing Charge Figure) is, well, ongoing (probably daily) and will be reflected in the unit price

So presumably I would be paying this with HL as well ?

As it's deducted from the fund you will pay it regardless of the platform you use, although HL often negotiate a cheaper class with a lower OCF for some of its funds. You don't say which fund it is or what class

It's the hsbc global strategy dynamic c acc fund
What I need to know is have I been would pay this same charge had I bought with HL as I haven't seen that charge detailed before on my HL transactions but maybe iv missed it somewhere 

k_man

This is 0.19% with HL too (no discount/saving), but as above, you don't explicitly pay this

https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/h/hsbc-global-strategy-dynamic-portfolio-c-accumulation

Ongoing charge (OCF/TER):	0.19%

ColdIron

As I say you won't be charged explicitly, the OCF (an internal charge) is taken from the fund value and reflected in the unit price so cannot show in your HL transactions as there is no transaction to show. The same would happen (or not happen in this case) with IWeb or any other platform

HL and IWeb both provide the C class fund so the 0.19% OCF is the same on both

flopsy1973

Thank you for clarification on that I was thinking could I be saving buying it at HL then transfer to iweb