Fidelity Investments is looking to change its terms and conditions on sales of its funds, according ...
Fidelity Investments is looking to change its terms and conditions on sales of its funds, according to Hargreaves Lansdown, writes Ruth Alexander. This is to prevent discount brokers who are rebating half the yearly renewal commission available on a fund sale back to clients and providing no ongoing client service. This has created a problem with IFAs in that renewal is typically a payment for advice and service to clients. Ben Yearsley, investment manager, said: "Why should those sort of brokers get paid for doing nothing?"
Meanwhile, Fidelity has added in a Pep and Isa transfer facility on its FundsNetwork service.
The funds supermarket, which has links to funds from 27 providers, has no extra charges for accepting transfers, investors only pay the providers' set initial and management charges.
The site is offering the opportunity to invest in all Oeics and unit trusts of participating providers outside an Isa.
Fidelity is also running a series of Isa workshops for IFAs across the country between 29 January and 2 February.
The workshops will cover subjects such as whether banks are a threat to IFA Isa business and investment sectors that are in favour with investors.
Advisers wishing to attend one of Fidelity's Isa workshops can call Fidelity on 0800 41 41.
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