Charles Stanley Direct to increase fee to 0.35%
ColdIron
Posts: 9,011 Forumite
Just received via email
Notification of Platform Fee Increase from 10th September 2018:
Since the launch of Charles Stanley Direct over five years ago, we have maintained an extremely low platform fee of just 0.25%. Over this period of time the pace of change in the digital world has continued to escalate and the costs to the business have grown, particularly relating to cyber security and systems to combat fraud. We have further grown our Edinburgh Helpdesk as user numbers have risen to ensure that we continue to deliver an exemplary customer service.
Against this backdrop, in order to continue to meet the expectations of our clients with respect to developing our platform and investing in our people, we have made the decision to increase our platform fee to 0.35% from 0.25% on both fund and share holdings. We realise that such news is never welcome and would like to assure you that we have not taken this decision lightly. We will continue to:
Letting our clients know of a price increase is not an easy message to pass on, but we hope that you will understand that it will permit us to continue to invest heavily in the service. You will see the results of this investment over the coming months, through further improvements to the App and significant changes to the website.
The revised Charges & Rates sheet can be found here and during the notification period our standard Terms & Conditions will apply for transfer instructions.
Thank you for being a Charles Stanley Direct client. We appreciate that our clients have a choice and we do not take your custom lightly.
Notification of Platform Fee Increase from 10th September 2018:
Since the launch of Charles Stanley Direct over five years ago, we have maintained an extremely low platform fee of just 0.25%. Over this period of time the pace of change in the digital world has continued to escalate and the costs to the business have grown, particularly relating to cyber security and systems to combat fraud. We have further grown our Edinburgh Helpdesk as user numbers have risen to ensure that we continue to deliver an exemplary customer service.
Against this backdrop, in order to continue to meet the expectations of our clients with respect to developing our platform and investing in our people, we have made the decision to increase our platform fee to 0.35% from 0.25% on both fund and share holdings. We realise that such news is never welcome and would like to assure you that we have not taken this decision lightly. We will continue to:
- Maintain our Loyalty Scheme levels at 0.20% for fund balances in excess of £250,000 and sharp tapering thereafter on your amalgamated accounts
- Retain a charging cap of £240 per annum on our stocks & shares platform fees.
- Offer a platform fee waiver to stocks & shares holders, meaning that clients can obtain free platform fees by undertaking one monthly trade at £11.50 commission.
- Maintain free fund dealing on the website and in-App.
- Offer no administration fees for Investment, ISA or Junior ISA account wrappers. No charge for SIPP wrapper if combined holdings in any CSD account are more than £30,000 in aggregate.
Letting our clients know of a price increase is not an easy message to pass on, but we hope that you will understand that it will permit us to continue to invest heavily in the service. You will see the results of this investment over the coming months, through further improvements to the App and significant changes to the website.
The revised Charges & Rates sheet can be found here and during the notification period our standard Terms & Conditions will apply for transfer instructions.
Thank you for being a Charles Stanley Direct client. We appreciate that our clients have a choice and we do not take your custom lightly.
0
Comments
-
Think I might be moving then. 40% increase in fees does not make me a happy bunny.
I am about to rebalance my portfolio, so I might just sell everything to cash, transfer, then rebuy. I guess I'll be out of the market for a couple of weeks which is disappointing. But I cannot justify staying with them with a 40% increase.
The really frustrating bit is that they charge to transfer out of a SIPP.0 -
Move to where though ? Interactive Investor was one thought but their customer service puts me off, AJ Bell i need to look into more.
Other providers will pay back any moving fees for you0 -
Not a good thing for us customers at all. Probably going to keep in CSD what I have there for now but will look into other platforms and reassess.
If ii is the one where there are many many complaints about dividend payments being late or missing entirely I am not going there. AJ Bell could be ok. Halifax share dealing also. No rush but this has prompted me to shop around.0 -
Only just started this years' ISA with CSD.
Annoyed.
Might as well have stuck with HL now!
This means holding LTGE is going to be cheaper at HL than CSD!!!0 -
Might sell the non-vanguard funds I hold (only worth about 5% of the portfolio) and move to Vanguard investor.
Any particular risks to having vanguard funds on a vanguard platform should something happen to Vanguard?0 -
Is there a cheaper platform now for funds that's based on % held?0
-
Yes, Vanguard are cheaper at 0.15% (if you're only buying into their funds), or a couple of other 0.25% options are shown at http://monevator.com/compare-uk-cheapest-online-brokers/DennisTenus wrote: »Is there a cheaper platform now for funds that's based on % held?0 -
https://forums.moneysavingexpert.com/showthread.php?t=5583030
There is a spreadsheet there which is pretty decent. I'm kind of stuck what to do. Going to 0.35% is just a jump too high for me.0 -
I suppose it's possible HL could put their price up at any time too?0
-
Cavendish and AJ Bell are obvious alternatives at 0.25%. Cavendish don't do shares and AJ Bell charge £1.50 per trade. Vanguard Investor would be cheaper at 0.15% if you just want Vanguard (no SIPP yet), I have Fundsmith and L&G Global Healthcare & Pharma which shuts that door for me. iWeb are worth considering if you don't trade much and if they offer the funds you want, they don't appear to have Vanguard Global Small Cap. A quandaryDennisTenus wrote: »Is there a cheaper platform now for funds that's based on % held?0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards