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YORKIE
Posted: 15 August 2010 09:58:21(UTC)
#21

Joined: 13/08/2010(UTC)
Posts: 3

BASED MAINLY ON THE FACT THAT HARGREAVES GIVE A SHARE OF THEIR ANNUAL COMMISSION TO THEIR CLIENTS
Colin Newbury
Posted: 15 August 2010 23:37:27(UTC)
#22

Joined: 24/06/2010(UTC)
Posts: 7

My wife and I both transferred our ISA's from Fid. FN to HL only last week, both went very well, yes they did sell all our holdings and we have to repurchase, but I'm hopeing for the "Hindenburg Omen" to come to pass whilst we're out of the market, thereby letting me get back in at a much lower rate. Of course our Sipp's may suffer but there's a few years yet for them to grow.

Take the move as an opportunity and get back in to the market after a big down.
Jonesy2007
Posted: 16 August 2010 11:42:11(UTC)
#23

Joined: 10/08/2010(UTC)
Posts: 2

So far as I am aware both Fidelity and Cofunds accept transfers into their wrap ISAs from other providers - this is called an "in specie" transfer facility meaning that the thing itself (e.g an existing holding of unit trusts in an ISA), can be transferred. However they won't permit transfers from their platform to other providers "in specie" insisting on conversion of the unit trusts to cash and then transferring the cash to the new platform/provider.

This acts as a significant disincentive to transfer because of the transaction costs and the uncertainty in value caused by the delay and being forced out of the market for some time - in effect a lottery in volatile markets. I believe that this is behaviour motivated wholly by the self interest of Fidelity and Cofunds. The fact that such transfers are entirely possible is evidenced by their acceptance of transfers to their platforms in this way.

Two or three years ago Citywire ran a brief campaign to get Fidelity and Cofunds to change but it quickly ran out of steam in the face of prevarication and a lot of smoke thrown down by Cofunds. Working on it, very complex, threeway transaction, working party etc, etc, - all very unconvincing.

This is the sort of thing that the FSA should pounce on because it is anti-competitive behaviour. Furthermore, this significant restriction isn't mentioned in any prominent way when people join these platforms.

Perhaps Citywire will relaunch its campaign given that the two or three years Cofunds said it needed to sort this out has now passed!! I don't think either Cofunds or Fidelity have changed their position nor are they likely to in the absence of real market pressure. Unfortunately not many folk pick up on this when looking for a home for their ISA savings.
M H
Posted: 16 August 2010 12:57:27(UTC)
#24

Joined: 01/03/2010(UTC)
Posts: 3

I would consider speaking to Transact (or Integrated Financial Arrangements to give them their full name) about arranging an in-specie transfer of funds from your Fidelity ISA to their wrap platform. However I believe that Fidelity will only in-specie transfer their own fund products and not those that you may hold from other providers on their Funds Network platform.
No name 2
Posted: 07 September 2010 10:50:25(UTC)
#25

Joined: 03/11/2008(UTC)
Posts: 10

I agree David Rogers and John r; I use Alliance Trusr Savings for ISA's and my SIPP as i prefer to invest direct in Equities and Investment Trusts as I think Unit trust Charges are too high, especially if you are a long term investor who doesn't do much churning, and ATS is much the cheapest platform for this.
Foggie
Posted: 22 September 2010 19:43:26(UTC)
#26

Joined: 08/03/2010(UTC)
Posts: 9

I've just become aware that holdings with Fidelity FundsNetwork (and Cofunds) can be re-registered with Cavendish Online, who refund 100% of the renewal commission. There is one-off setup fee of £25. Although I've recently been using HL I'll be looking into moving my FFN investments to Cavendish.
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