interactive investor (ii), one of the UK’s leading investment platforms, announces it will no longer charge exit fees, with immediate effect.
In addition, from now until 31 December, ii will help all customers, new and existing, with exit costs incurred in transferring to ii as follows:
£100 for £25,000 to £100,000
£250 for £100,001 to £250,000
£500 for £250,001 to £1,000,000
£2,000 for £1,000,001+
Richard Wilson, CEO of interactive investor, says: “For over 20 years, ii has fought for simple, clear prices so the consumer is free to make the choice that is right for them, without fear of hidden costs or constraints. Exit fees are incompatible with this principle.
“We have made our position clear with the Financial Conduct Authority, during its recent Platform Review, that while competition should be free it should also be fair, and the only effective solution to remedy today’s shoddy practices is to ban exit fees altogether. Talk is cheap, so we hope today’s announcement signals our commitment to stand behind our position.
“In fact, since 2017 we quietly waived all exit fees but we feel now is time to remove them permanently.”
Exit fees were cited in the regulator's platform market study as one of the most significant barriers to consumers switching platforms. A survey of 800 non-advised consumers by the regulator revealed that 26 per cent found exit fees difficult or quite difficult to understand, with 28 per cent of people saying the charges were stopping them from moving providers.
Terms of cash back promotional offer
- Transfers in for new accounts only between 5 November 2018 and 31 December 2018
- Two-week grace period for customers who open their account just before the 5 November start date. Any accounts opened between 22/10/18 and 05/11/18 will be eligible
- New Trading, ISA or SIPP accounts only – JISAs and Pension Trading Accounts excluded
- Online transfers only, no paper forms
- UK residents only
- Customer must have account opened for a minimum of 12 months from date they open new account
- Customer can transfer cash, eligible stock and funds. Holdings must be tradable on ii platform to count towards tier threshold
- Cashback paid into linked trading account or nominated bank account once the transfer has been completed.
For further information contact:
Moira O’Neill, Head of Personal Finance, interactive investor.
Tel: 020 7680 3655, Email: email@example.com
About interactive investor
interactive investor (ii) is the UK’s number one flat fee investment platform, offering a wealth of unbiased information, analysis, tools and expert ideas to help customers make better informed investment decisions. Its award-winning trading platform provides access to an extensive choice of markets, instruments and currencies within Trading, ISA and SIPP accounts. This comprehensive investing service is underpinned by a strong focus on delivering great value for investors demonstrated through an innovative and competitive pricing model – featuring simple, flat fees and unique ‘trading credits’.
ii is majority controlled by JC Flowers, the leading Private equity firm, and is 100% equity funded, with no external debt and net assets of over £100m. Since 2013 the investment platforms market has almost doubled in size to £500bn AUM, with an extra 2.2 million customer accounts opened in the same period. ii has approximately 10% of the UK direct to consumer investment platform market.