New HL fee structure from 01/03/26

olderbutnowiser

https://forums.moneysavingexpert.com/discussion/comment/81915257#Comment_81915257

I was also given the one year GIA concession, the reason being I had a gilt that was shortly due for redemption.

I always thought that this was an odd reason and maybe it was an initial shortcut to reach those with larger holdings. Maybe the latest concessions are for other clients with largish holdings who missed out because they didn't hold gilts? Overall though they have dropped a clanger IMO.

masonic

I think they've calculated the fallout and it will be within their appetite. Those of us making the most of the fee cap will be in a fairly small minority. Finding obscure justifications to make exceptions allows them to deal with potential voices of dissent without setting broad precedents.

I've received confirmation that the final cash balance is now transferred and I no longer have any visible accounts, ahead of the first charging point for the new fees. I ended up splitting up my S&S ISA, between two new no-fee providers and my existing SWSD ISA. All was very efficient and problem-free.

olderbutnowiser

I've decided to stay put for now, mainly because I'm not keen on unnecessary changes and the extra fees pail into insignificance when compared to my losses over the last week or so!

If there is one thing that might make me change is the way they treat inflation-linked gilts. Having to deal on the phone is annoying enough (although I've always found the dealers helpful) but the website does not show the inflation-adjusted price so that the holding shows in your account as an immediate loss of possibly 30-40% depending on how long ago the gilt was issued. It can't be difficult to sort this out, AJ Bell can do it, so no reason HL can't. Rant over.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81931835#Comment_81931835

It is nice to get the correct dirty price from AJ Bell, but once you've set up a spreadsheet to do the clean → dirty conversion for you it is a limited benefit. While AJ Bell do show the correct price online, I would note that on two occasions now they have mischarged me and had to come to me cap in hand because they forgot to add accrued interest and/or index linking to the price they charged me on the day (they needed to collect extra money and reissue my contract note when the trade settled for an amount above their expectations).

olderbutnowiser

https://forums.moneysavingexpert.com/discussion/comment/81931845#Comment_81931845

Thanks masonic, good to know the opposition aren't perfect.

DRS1

Those of us making the most of the fee cap will be in a fairly small minority.

@masonic I may have miscalculated but I thought you hit the cap with assets of c £45k. I would have thought quite a lot of people would have that (in an ISA or SIPP at least).

masonic

https://forums.moneysavingexpert.com/discussion/comment/81932038#Comment_81932038

I did hit the cap in both my SIPP and ISA. The SIPP (worth around £250k when I moved it away last year) was the first to go, before any changes to the charging structure were announced. My S&S ISA was worth £360k when the changes were announced. Hence those of "us".

I was not offered any special rate.

I think many of those with >£45k of assets would have held most in OEICs or UTs, which would have been exempt from the cap.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/81932058#Comment_81932058

I am now confused. Under the old charging structure OEICS and UTs attracted a charge didn't they? I am not sure what you mean by exempt from the cap? Were those charges uncapped? I can't remember. Doesn't the £150 cap NOW apply to them as well as shares?

I confess I come at this from the point of view of thinking about moving to SWSD but finding there are some investments which SWSD may not take. I worked out that if they came to more than £45k there was probably no pint moving anything from HL to SWSD as I'd have a rump at HL which on its own got charged the capped amount of £150.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81932088#Comment_81932088

As far as I understand, only exchange traded investments are included in the legacy £45 cap for S&S ISA. If you hold other investments, then you were subject to 0.45% up to £250k (£1,125), with the new charges being lower… https://www.hl.co.uk/investment-services/isa/savings-interest-rates-and-charges

For the F&S account (which I did not have), the legacy platform fee was zero for exchange traded investments and 0.45% for other investments, now 0.35% up to £250k … https://www.hl.co.uk/investment-services/fund-and-share-account/charges-and-interest-rates

So if you just held ETFs / ITs / shares, the previous caps saved you a lot of money, and have now been increased for S&S ISA and F&S.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81931845#Comment_81931845

That is interesting. From what you have said, I assume that you ordered a fixed number of units of stock. What would have happened if you had specified a total price? Would they have worked out the number of units using the clean price? If so, they would have to sell the surplus units that they had bought in the market. None of this should be fatal. Nonetheless, it is not encouraging.