New HL fee structure from 01/03/26

masonic

https://forums.moneysavingexpert.com/discussion/comment/81858227#Comment_81858227

They've offered ETFs for at least 8 years

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81858700#Comment_81858700

It does not apply to investment losses, but would apply in case of losses due to platform fraud or maladministration.

Also if the platform went into administration, the FSCS would effectively cover the costs to sell the business on, so investors could get access to their investments.

It is not specific to SIPPs, but more for any regulated retail investment provider .

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81858700#Comment_81858700

Bank deposits are treated differently to investments. Banks can do whatever they like with your money. The compensation limit is £120K, and that limit is the total amount deposited. Investments have to be ring fenced, and the platform cannot do anything with them without your instructions. There can nonetheless be a shortfall (e.g. as a result of fraud) if the platform becomes insolvent. The compensation limit is £85K and that limit is the total loss that will be reimbursed. If you have £1 million invested and £85K of it goes missing, you are fully covered.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81858746#Comment_81858746

interesting that they haven't increased the FSCS protection limit for this compared to the increase for savings accounts.

DRS1

This may have been covered on another thread but say I decide to move my GIA from HL to Iweb (SWSD) because of the change to fees what happens if I have invested on HL in some investments which are not available on Iweb? I have in mind corporate bonds.

Or for that matter some investments which have no value because eg they have been delisted from AIM or have some default.

Do those corporate bonds and worthless investments just get left behind at HL? Do they get automatically sold in HL (well not the worthless ones!) and then cash transferred? Or do they get transferred to Iweb where I just cannot deal in them?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81859002#Comment_81859002

In previous investment platform failures, the administrator fees charged to investors have tended to be capped below the FSCS limit, with some pressure visible in the media for this to be the case. Raise the FSCS limit and it may not benefit investors at all. Sticking to mainstream investments and providers significantly reduces the risk of not being fully covered.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81859046#Comment_81859046

SWSD will only accept the investments they are able to support holding. Others would be sold and transferred as cash. Those that cannot be sold would probably have to stay put (one way to achieve a partial transfer I suppose, but not under your control).

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81859057#Comment_81859057

Thank you.

Is it possible to specify that the transfer only relate to certain investments? Or to exclude certain investments from the transfer? I don't really want an enforced sale of anything with a value. I know you can do partial ISA transfers but I am not sure about GIAs.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81859070#Comment_81859070

When they were iWeb they did not support partial transfers. However, their ISA transfer form now alludes to being able to contact them with a list of investments you want to transfer:

Albeit a manual process and sandwiched between statements that you are agreeing to a full transfer. Not ideal, but progress.

For GIA it looks like the last bit prevents them from forcing a sale of any assets:

It is possible it has always been like that for GIA as there are no complexities around paperwork as there are for ISAs.

thingswerentthisbadinmyday

I’m interested in the Fidelity offer but understand that because I have both a SIPP and Drawdown at HL (I’ve accessed the DD to the tune of £100 to trigger the correct tax code), it looks as though I can’t do anything on-line and have to talk to their “retirement team”.

I guess I’m in the fortunate position of not really facing a big fee increase if I stay with HL, albeit I am going to have to change my behaviour in so far as frequent small top-ups to OIECs are concerned.