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New HL fee structure from 01/03/26
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Still doing better than InvestEngine, another very low/zero cost platform.
Their accounts for the year to March 31st 2025, showed an income of £750K and a loss of £10 Million. Investors seem to be funding the losses whilst they grow. Typical of a Fintech company.
On the other hand T212 are very profitable. Turnover of £162M and a before tax profit of £53Million. They are involved in all sorts of activities though, taking market positions, stock lending etc.
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thanks for the info! although i don't believe that the FSCS compensation limit apply to investments? are they not for savings only? I think the SIPP may have some sort of protection if I remember correctly.
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They've offered ETFs for at least 8 years
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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 .
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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.
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interesting that they haven't increased the FSCS protection limit for this compared to the increase for savings accounts.
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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?
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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.
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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).
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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.
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