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Following on from our announcement last month, we can confirm that any Fidelity accounts that were previously linked to Cavendish Online Investments Ltd were linked to Fidelity Personal Investing on November 20th.
If Fidelity hold your email address you will have received an email from them on Friday November 27th to confirm that your account is no longer linked to Cavendish Online.
Pension update - If you held a Fidelity pension with us, after your account was linked to Fidelity Personal Investing on November 20th there is no longer a requirement for you to enter deal instructions from the Cavendish Online website. Instead you will need to login to your Fidelity account, then click on Manage Investments and select the relevant option, whether that is to buy, sell, switch, manage a regular savings plan or transfer in another pension.
Pension clients will also notice an increased list of brokerage assets will be available to them, ie more investment trusts, exchange traded funds as well as the addition of UK shares. Any deals in brokerage assets will be dealt in real-time (assuming the market is open) and will incur a dealing fee of £10, previously deals were aggregated and dealt twice a day and incurred a dealing fee of £1.50. Any regular instructions (ie monthly savings plans and dividend reinvestments) will continue to incur a dealing fee of £1.50.
If you have any questions about your Fidelity account in future please contact Fidelity either by logging in to your account and sending them a secure message, or by phoning them on 0333 300 3350. Please make sure to have your Customer Reference Number to hand before phoning Fidelity.
Finally, thank you so much for having been a customer of Cavendish Online Investments Ltd, we greatly appreciate the business that you have given us.
Cavendish Online no longer provides ISA, Investment or Pension products
To set up a new ISA, Junior ISA, Investment Account or Pension we would recommend that you use the Fidelity Personal Investing Platform. Please use the following link to set up an account with Fidelity Personal Investing: https://www.fidelity.co.uk/cavendish/
All existing customers will already have received an email or letter from Cavendish Online to confirm the sale and how it will affect you. Fidelity International will also be writing to all existing customers.
If you haven't received an email or letter from Cavendish Online, please check your email junk folder or check that the postal address on your Fidelity account is your current address.
To login to your ISA / Investment / Pension account please go to https://www.fidelity.co.uk/fidelity-welcome/
With effect from October 2nd 2020 your account was transferred to Financial Administration Services trading as Fidelity Personal Investing and as a result Cavendish Online no longer have FCA authorisation to manage your account or your investments and or pension. The process to link your Cavendish Online account to Fidelity Personal Investing commenced the same day, this process completed on November 20th 2020.
We will continue to provide a link so that you can log into your account via the Cavendish Online website. However we would recommend that you log in directly using the Fidelity log in page - https://www.fidelity.co.uk/fidelity-welcome/
As our platform used the same same platform as Fidelity you should see very little change in the way you log in and conduct your investments and or pension.
For any questions or queries please call Fidelity on 0333 300 3350, please make sure that you have your Customer Reference Number (CRN) to hand before you phone Fidelity.
Please DO NOT call the Cavendish Online number as we no longer have authorisation to discuss your account with you.
As part of the acquisition process Fidelity agreed that for at least 12 months you will continue to pay the same ongoing platform charges (0.25% per annum for accounts valued at less than £200,000 and 0.20% for accounts valued at more than £200,000) as you are currently paying with Cavendish Online Investments Ltd.
In addition as your investments and/or pensions are already with Fidelity there will be no transferring of assets from one platform to another and no time ‘out of the market’.
As a direct customer of Fidelity, with effect from 20th November 2020 you will have access to the full capability of Fidelity’s investment and pension platform. This will provide you with a more in-depth user experience, especially for pensions. Share dealing capabilities for those of you that have the FundsNetwork Pension will be bought in line with how you may currently be trading if you have an ISA or Investment Account with us, with the ability to place real-time trading online, at a cost of £10 per trade.
We have created a list of FAQ’s that provide further detail on charging and the Fidelity user experience below.
For any questions or queries please call Fidelity on 0333 300 3350.
Please DO NOT call the Cavendish Online number as we no longer have authorisation to discuss your account with you.
I want my Fidelity account to remain linked to Cavendish Online, is that possible?
No. The sale of Cavendish Online Investments Ltd to Fidelity has been approved by the regulator (Financial Conduct Authority) and the deal completed on 2nd October 2020
Why haven’t you informed me of this beforehand?
Unfortunately, due to the contractual agreement and sensitivity of the deal, it was not possible to make our clients aware of it before the sale completed.
I recently opened an account and am waiting for my first monthy contribution to go through, how will this be affected?
If you recently opened a Fidelity account linked to Cavendish Online and set up a Regular Savings Plan, this will still go through and you will be on the same 'Fees and User Experience' as listed above.
I recently requested to transfer an account to Cavendish Online/Fidelity, will this still go through?
If Fidelity received your transfer request by the completion date of 2nd October 2020
If Fidelity receive your transfer request after the completion date of 2nd October 2020, your application may be rejected but Fidelity will contact you and inform you what needs to be done to resolve this.
If you wish to proceed with using the account you will still need to send the requested documents to Fidelity. If the documents are acceptable you will then be on the same 'Fees and User Experience' as listed above.
I recently posted a paper-based application to Cavendish Online/Fidelity, will this be accepted?
If Fidelity received your application by the completion date of 2nd October 2020
If Fidelity receive your application after the completion date of 2nd October 2020, your application may be rejected but Fidelity will contact you and inform you what needs to be done to resolve this.
I am transferring away from Cavendish Online/Fidelity, will this be delayed?
No, the sale of the business to Fidelity will not delay any requests to transfer your account away from Cavendish Online or Fidelity.
I no longer use / have never used my Cavendish/Fidelity account, do I need to do anything?
If you no longer use or have never used your account, please feel free to ignore the email or letter regarding the sale.
It says that the platform charge will remain at 0.25% for at least one year, how long could this be for?
We do not know the final date that the existing platform charge will apply until, but this will be at least until 12 months after the completion date of 2nd October 2020.
I currently place any Fidelity Pension deals using the tool on the Cavendish Online website, how will this change in future?
With effect from November 20th 2020 you no longer need to place deals from the Cavendish Online website. Instead, please log in to your Fidelity account and then click on Manage Investments where you will then be able to place deals.
If you have the Standard Life SIPP you will need to contact Fidelity to place any deals.
With my Fidelity Pension that is linked to Cavendish Online I can’t make any withdrawals from the pension because one of the terms of the pension is that I need to have received advice, will this change?
Yes, this will change from November 20th 2020. You will no longer be obliged to take advice before requesting any withdrawals from your pension. You will have two options after the completion of the sale and you will simply need to phone Fidelity to agree which option you want.
- Fidelity’s ‘Guidance’ journey allows you to make your own decisions as to when, how much and what method you use to access your pension. There are no additional charges for following this route.
- Fidelity’s ‘Advice’ journey allows you speak to Fidelity’s pension advisers who will provide professional advice as to what your options are. Fidelity will charge you for this service.
With my Fidelity Pension that is linked to Cavendish Online, if I place deals in investment trusts or Exchange Traded Funds (ETF’s) these are amalgamated and placed twice a day at approx 9am and 3pm and with a dealing fee of either £1.50 or £3, will this continue?
This will change from November 20th 2020. when you will then have the option to place any deals in investment trusts and ETF’s as either Market or Limit Orders and these will incur a dealing fee of £10. You will find that you have a wider choice of Investment Trusts and ETF’s and in addition you will also be able to hold UK shares in your pension.
Will I still have the same choice of investments?
If you have a Fidelity Pension linked to Cavendish Online you will have access to a wider choice of investment trusts and ETF’s as well as the introduction of UK shares, see previous FAQ.
If you have an ISA, Junior ISA or Investment Account the choice of investments should remain broadly the same, although there will be a very small selection of funds that will be available to you that weren’t previously and vice versa.
Will the way that I login to my Fidelity account change after the sale completes?
You will still use your Username and Password to log in to your Fidelity account. You will be able to log in to your Fidelity account by clicking here
I hold the Standard Life SIPP with Fidelity and linked to Cavendish Online, what will happen with this?
For the handful of our clients who hold the Standard Life SIPP, this will also be moved to Fidelity when the sale completes and Cavendish Online will no longer be linked to that account. If you need to place any deals on the Standard Life SIPP you will need to contact Fidelity to arrange these.
How can I login to my Aegon (formally Cofunds) account?
If you already have an Aegon account linked to Cavendish Online, this is not affected by the sale to Fidelity.
You will be able to login by clicking here
Please note this is for existing customers of Aegon (Cofunds) only.
