Charles Stanley Direct hits out at 'anti-competitive' exit fees

clock

Charles Stanley Direct is considering an extension of its exit fee waiver and has hit out at rivals' high transfer charges as being ‘anti-competitive.'

The direct platform recently revealed it would be waiving both its platform charge and custody fee over the next six months in order to help investors offset the cost of other providers' exit fees. Additionally, the platform committed to waiving its own exit fees of £10 per line of stock or fund holding for one year - an offer which the platform now says may be subject to an extension. Charles Stanley Direct head of press and public relations Magnus Wheatley said exit fees in the direct-to-consumer space are in danger of harming competition and that the platform would look at extendin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Quilter reports platform net inflows of £1bn in first quarter

Quilter reports platform net inflows of £1bn in first quarter

Ongoing adviser charging review to start shortly after FCA talks

Jenna Brown
clock 24 April 2024 • 2 min read
Will IFA-owned platforms take over the financial advice sector?

Will IFA-owned platforms take over the financial advice sector?

PA talks to industry experts on the future of adviser-owned platforms

Sahar Nazir
clock 27 March 2024 • 9 min read
CGT support from platforms now 'adviser must have'

CGT support from platforms now 'adviser must have'

Shrinking personal allowances dragging more investors into CGT net

Jenna Brown
clock 27 March 2024 • 2 min read