I recently invested in Funding Circle IPO (still moderately happy with my decision and in it for the long haul) but I chose Equiniti to fund the purchase. I have just been informed they charge a £24 yearly custody fee. I was totally unaware and would not have gone with Equiniti if I had seen these fees. £24 a year will be much more than growth and dividends.
I did use Equiniti for the Royal Mail IPO and have never paid a custody fee, which is why this has come as a surprise.
Is there any way of transferring my holdings from Equiniti to somewhere else with lower fees?
After doing a bit of research I’m transferring to Hargreaves Lansdown. There’s no fees for holding shares or foe inactivity. Massively beats Equiniti’s £24 a year fee for doing nothing at all.
@Andy I hope you are happy with HL. I use HL as well because %90 of the stocks I want is not on Freetrade yet:(
Otherwise, I hate paying £12 and an FX Charge each time I deal. Gets boring especially when you buy 1 share from 3-4 companies.
Yes, there is a discount if you deal more then 9 (i guess) but still it is not cheap. Still, I like their services so far.