Will I incur exit charges when moving my investments to Cavendish Online?

 

Change of agency

If you are already using the Fidelity / FundsNetwork platform then you can carry out a change of agency. There is no cost to this transaction and your online account will automatically move under the Cavendish Online agency. You will still be able to log on to your online account using your existing log in details. 

 

ISA (or non-ISA) Re-registration

If your funds are currently on another platform, with another broker or held directly with the fund manager then you will be able to move from these schemes into the Cavendish Online FundSupermarket to reduce your annual charges.

From January 1st 2013 it is now possible to re-register ISAs as well as OEICs (and non-ISA Investment Funds) from one platform to another. Re-registration allows your investment to remain "in specie" which means that it does not have to be sold and bought again. The benefit is that your investment is not "out of the market" during the re-registration period.

As you’ll see in the table below some competitor platforms will charge if you want to move away from their platform whilst keeping your money within your existing chosen funds.

If you are currently on a platform that will charge you then you have a few options:

  • You can choose to re-register your funds and pay the exit costs.
  • Transfer your funds and therefore be “out of the market” for part of the transfer process and only incur the “close ISA account” charge. For non-ISA the sale is chargeable to Capital Gains Tax (CGT).
  • Move your funds into one fund or a small number of funds on your current platform (please be aware that some platforms have a switching charge) and then complete re-registration which will cut down your exit costs considerably. For non-ISA the sale is chargeable to CGT.

Platform/Broker

Close ISA Account

Re-registration (per stock / fund)

Transfer

Alliance Trust Savings

£60

£20

NIL

Bestinvest

£60

£25

NIL

Cavendish Online (FundsNetwork)

Nil

Nil

NIL

Clubfinance

NIL

£10

NIL

Cofunds 

NIL  NIL NIL

Hargreaves Lansdown

NIL

£30

NIL

Interactive Investor

NIL

£15

NIL

Sippdeal

NIL

£20

NIL

Skandia

NIL  NIL NIL 

Other Platform

Please contact your existing platform to clarify whether there are any charges pertinent to your account.

As far as we are aware the above figures are correct and last updated on the 28th February 2013.

PLEASE NOTE: We strongly recommend that you check with your current platform / broker before moving to clarify whether there will be any charges pertinent to your account.


ISA Transfer

A transfer is where the existing fund manager encashes your funds and sends the cash to the Cavendish Online FundSupermarket for re-investment in your new chosen funds.

The only exit charges you would occur would be if your existing platform had a 'close ISA Account' fee (see table above).

Please be aware that you will be “out of the market” for part of the transfer process.

 

How to apply?

To complete a change of agency please click here

To complete a re-registration or transfer please click here