Evestor S&S ISA transfer out charges?
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mskadu
Posts: 54 Forumite
I am presently in the process of transferring out a S&S ISA from Evestor. My target provider for back to me saying 'We have been informed by Evestor that they charge £100.00 per line of stock being transferred out but no charge for a cash transfer'.
This is odd since the Stock and Shares ISA article on mse says the transfer out fees are zero? I have asked Evestor the question and thought I'd post here while I await the response.
Thoughts?
This is odd since the Stock and Shares ISA article on mse says the transfer out fees are zero? I have asked Evestor the question and thought I'd post here while I await the response.
Thoughts?
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Comments
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Never tried them but it looks like they provide restricted advice to invest in an ISA provided by Gaudi Regulated Services Limited. It's possible the fee is from Gaudi not Evestor themselves.
Still as part of their initial advice and ongoing service they should have made you aware of any fees that apply to the product. I agree this fee is not mentioned on their fees or terms page so unless it was provided separately you may have grounds to complain. Or just transfer as cash.
Alex0 -
This is odd since the Stock and Shares ISA article on mse says the transfer out fees are zero?
MSE does not have the best record when it comes to talking about T&C on investment products. They kept a pension article up for 8 years after the provider they used in their examples stopped offering it.
But technically it is correct. A cash transfer is nil cost. You are not asking for a cash transfer. You are asking for fund/asset re-registration (sometimes called an in-specie transfer or in-specie reregistration).
Having looked at evestors web page, their disclosures on charges (theirs and their fake alternatives) leaves a lot to be desired. I couldn't see any reference to a re-reg fee. So, you would probably have strong grounds for complaint seeing as its meant to be an online service and terms are published online. Maybe worth getting a screen print for your record before they spot it and change it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I transferred a modest sum out of evestor a few months ago and had the same advice. I transferred it as cash to my new provider to avoid the charges.0
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Thanks all. Here's what I received from them in response to my email
This information has only come to light which is why we have informed you of it before proceeding with the transfer. We will be adding it to our website and documents.
Is it even legal for them to be charging me?0 -
And when clarifications were sought I got back this
Our third party administration team have determined this fee. We have not received an in specie transfer request before so we were recently notified of this charge. There are no fees to transfer out in cash which is the usual process we use when a customer wishes to transfer out.
Looks like I have no choice left but to cash transfer. What I don't like is that they didn't make the fact that fees might be involved in transfer out.
In any case, lesson for those who are to come down the same path.
I have also chosen to transfer as cash. ��0 -
A fee of £100 per line of stock is excessive and if you were not informed of the fee when you signed up then that is very poor practice. Have you checked the transfer fees for your new provider?And when clarifications were sought I got back this
Our third party administration team have determined this fee. We have not received an in specie transfer request before so we were recently notified of this charge. There are no fees to transfer out in cash which is the usual process we use when a customer wishes to transfer out.
Looks like I have no choice left but to cash transfer. What I don't like is that they didn't make the fact that fees might be involved in transfer out.
In any case, lesson for those who are to come down the same path.
I have also chosen to transfer as cash. ��0 -
Our third party administration team have determined this fee. We have not received an in specie transfer request before so we were recently notified of this charge. There are no fees to transfer out in cash which is the usual process we use when a customer wishes to transfer out.
As suspected this sounds like a Gaudi fee but what kind of advisor (and they describe it as 'advice' on their website) puts a customer into a product without even looking at the fee schedule? These robo advisors are a pretty hopeless bunch.
I had similar when I was transferring an ISA from Nutmeg to Vanguard. For some reason Vanguard asked for Nutmeg's Vanguard ETFs to be transferred in-specie (had requested a cash transfer) and Nutmeg came up with a new £25 charge per ETF which was not on their website.
Alex0 -
Interestingly Gaudi only charge £15 per line of stock in their Jarvis X-O SIPP so maybe Jarvis are better at negotiation than Evestor who didn't even seem to be aware that someone might reasonably ask for this.
http://www.x-o.co.uk/gaudi-sipp.asp
Alex0 -
Most platforms dont charge a penny for in-specie transfers.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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