Evestor S&S ISA transfer out charges?

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  • Alexland
    Alexland Posts: 9,653 Forumite
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    dunstonh wrote: »
    Most platforms dont charge a penny for in-specie transfers.

    Maybe not in the advisor wrap market but it is very common in the DIY market where costs are more unbundled.

    Alex
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Alexland wrote: »
    Maybe not in the advisor wrap market but it is very common in the DIY market where costs are more unbundled.

    Alex

    The FCA doesn't like barriers to exit and the adviser platforms take it more seriously than some of the DIY ones. The FCA has also recently criticised the volume of charges that exist with a number of DIY platforms. It is surprising after all this time just how adviser platforms have moved to be almost entirely mono charge (i.e. one charge) but the DIY side often has long lists of charges. You would have thought the DIY side would looked to have simplified it in the same way.
    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.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    edited 10 November 2018 at 10:29AM
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    dunstonh wrote: »
    The FCA doesn't like barriers to exit and the adviser platforms take it more seriously than some of the DIY ones. The FCA has also recently criticised the volume of charges that exist with a number of DIY platforms. It is surprising after all this time just how adviser platforms have moved to be almost entirely mono charge (i.e. one charge) but the DIY side often has long lists of charges. You would have thought the DIY side would looked to have simplified it in the same way.

    I agree and myself emailed the FCA platform study team on this issue in August 2017 but my comment remains that it is still very common in the DIY market.

    It is a difficult balance because DIY customers can be advantaged by unbundling some fees such as trade costs if they are 'buy and hold' investors. They can also benefit from lower costs in the accumulation period if the cost of operating the drawdown payroll is not included.

    I am a fan of unbundling in DIY products provided it doesn't damage competition. Sure it's more complicated but isn't that the point of doing it yourself to have the chance of getting a better result?

    Alex
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    I am a fan of unbundling in DIY products provided it doesn't damage competition. Sure it's more complicated but isn't that the point of doing it yourself to have the chance of getting a better result?

    I like the fact choice is available. If everyone was mono-charged there would be losers. Although there would also be winners as some people enter into more advanced offerings without knowing what they are doing. You will never satisfy everyone as to where do you draw the line at simplifying for consumer protection vs disadvantaging more advanced individuals.
    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.
  • evestor
    evestor Posts: 3 Organisation Representative
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    mskadu wrote: »
    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?

    Hi there,

    We don’t routinely offer in-specie transfers because our portfolio contains a fixed asset allocation, however, if a customer specifically requests an in-specie transfer we will try to accommodate their needs. Our product provider may issue a charge for this service.

    As you’ve mentioned, we don’t charge our customers to carry out a routine cash transfer into or out of our products. These involve selling down the assets held within their evestor portfolio and transferring that cash to the new provider, so they can invest it in what’s been chosen or recommended. This is often preferable for our customers as a way to avoid paying the charges that can be associated with an in-specie transfer.

    We really appreciate your feedback on including this information about in-specie transfers (and the associated costs) in our terms and conditions or on our fees page. We are going to look at including this to avoid any confusion for our investors in the future.

    If you do have any further questions or concerns, do get in touch with the team again through our webchat – they will be happy to help.

    The evestor team
    Verified Company
    I am a verified representative of evestor. MSE has given permission for me to post in response to queries about the company so that I can help solve issues. You can see my name on the Verified Companies list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE.
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