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Question
JamesIG
Hi all - earlier today we sent an email to our share dealing clients to let them know that we are replacing our inactivity fee with a new share dealing and ISA custody fee of £24 a quarter. Although we are introducing this fee we will continue to offer very competitive share dealing costs, a great front end trading experience and safe custody of any assets you hold with us.
IG Community is here to transparently discuss both market movements, and IG products and offerings in an open environment. Please feel free to ask any questions you may have here. The email was as follows.
Share dealing and ISA custody fee email
Date: 16.01.18
We’re writing to inform you that we’re replacing our share dealing inactivity fee with a quarterly £24 custody fee.
You could be subject to the fee if you hold shares or ETFs in a share dealing account or ISA at the end of each quarter. However, it is dependent on your trading activity – so you will be exempt from the charge if you:
AND/OR
AND/OR
Any commission you pay on your share dealing, ISA or SIPP accounts during the quarter will also be deducted from the fee. For example, if you placed a single trade in your ISA during the quarter at £8 commission, you would pay a custody fee of £16.
But don't forget that you only need to place three trades of any value across any of your IG accounts during the quarter, in order to be exempt entirely from the fee.
When will the fee come into effect?
Your accounts will be subject to the custody fee from 1 April 2018, which marks the start date of the first quarter’s activity. If you have not met our exception criteria during the quarter – and you have open positions on your share dealing account or ISA on 30 June 2018 – you will be charged in July.
Please note that the custody fee will be applied per client rather than per account, and accounts with assets will be allowed to go into deficit as a result of the charge.
Why are we implementing a custody fee?
Our share dealing service provides active traders with an on-exchange dealing platform, where they can buy and sell UK and international shares at low commission rates and with low currency conversion fees. Offering these assets – and providing safe custody of them – comes at a cost, which we believe should be fairly met by clients who use these services.
However, to show gratitude to our active traders and investors, we're happy to reduce or waive the fee for those who meet the trading conditions listed above. For more information about the custody fee, please visit our website. Or to see our fees and charges in full, click here.
[end of email]
Share dealing and ISA custody fee quick FAQ's
When? The quarter start date is April 1st so the earliest existing accounts could be charged is July 2018 based on their holdings as of 30th June.
How? We want to avoid taking funds from an ISA to cover custody fees where possible. As a result we will first attempt to take funds from the share dealing account, if there is no cash balance then it will go to the ISA. If there is no residual cash in either account then we'll charge the account with the greatest asset value.
Is this per client or per account? Per client.
Can I reduce these fees? You only need to place three trades of any value across any of your IG accounts during the quarter, in order to be exempt entirely from the fee.
I don't have any open position in my ISA or share account. Will I be billed? If you hold no open positions on your share or ISA account you won't be billed.
Are transfers out still free? Yes.
Do transfers (in or out) count as trade? No.
I don't have an account open via the UK office, so will I be charged? Only those subject the UK site terms and conditions and Product Details. Australian, German, Dutch and French site clients will see no change, although a similar fee might be considered in the future
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