Fees and charges

Yes. In line with rules issued by the Financial Conduct Authority (FCA), you can only make new fund investments into "clean" (commission-free) share classes of funds on our platform. You will understand exactly what you are paying for and where it is going (such as to the platform provider or fund manager).

When you invest in "clean" (commission-free) share classes of funds you will pay an Annual Management Charge (AMC) to the fund manager. You will pay Close Brothers Asset Management a separate “platform fee” for using our platform to buy, sell and hold your fund investments.

For assets held in funds on our platform, our tiered pricing scale is as follows:

*We do not charge a platform fee on cash or fixed term deposits.

The platform fee for holding ETIs (stocks and shares, investment trusts, exchange traded funds, gilts and any other exchange-traded securities) varies depending on the amount you have held on our platform. Our tiered pricing scale is as follows:

*We do not charge a platform fee on cash or fixed term deposits.

To the extent that we charge a dealing fee, this will not exceed £8.95. You should always check the online trading screens and any order confirmations prior to submitting your transaction request, as any applicable fees and charges will be clearly shown.

The platform fee for funds will apply as a percentage of the total you hold in any of your accounts (excluding fixed term deposits), including your Investment Account, your Close ISA and your Close SIPP.

You will not be charged a platform fee to hold cash in your account(s), although the interest we pay to you on any cash held might be less than the amount we receive.

We do not charge the Platform Fee on cash held on our platform but we may retain an element of the interest income earned on this. This will vary with the rate received from the institutions where client money is held but, if cash represented approximately 2.5% of your total holdings, then the annualised net interest income we receive will typically equal approximately 0.06% of the value of your holdings.

The platform fee is charged for platform-related services including dealing, administration, custody and reporting.

We do not levy a set-up charge to open a Close SIPP or ISA, and we do not charge for transfers in or contributions. However, an annual administration fee applies to the Close SIPP.

Close Brothers Self-Directed service does not charge exit fees for transferring an ISA, SIPP or Investment Account to another provider.

All of your Self-Directed accounts are included when we calculate the fee you pay.

We calculate the platform fee against any funds and/or exchange traded investments (ETIs) you hold in any of your accounts. The following investments do not attract a platform fee:

• Cash held on the portal within your Close ISA, Close SIPP or Investment Account
• Fixed term deposits

All portfolios have a capital account where investments are received, withdrawals are paid from and trading transactions are placed. Ongoing advice, management and platform fees are deducted from the cash held in the capital account of each portfolio. The only exception is where a fee divert has been set. This allows the ongoing fees to be levied on an ISA to be diverted and collected from an investment account. If you wish to set up a fee divert, please contact the Investor Support Team.

Platform fees are calculated on the last day of each month and deducted from your respective Product Cash Account approximately 10 working days after the month end.

Cash to cover fees must be cleared in your account by the end of the month to avoid disinvestment.

If you don’t have enough cash available in your applicable accounts on or around the last day of the month, we may sell some of your investments to cover your charges. Where we do this, we will sell investments on a least volatile stock first basis. You should be aware that the sale of investments for these purposes may occur at a disadvantageous time or may result in a tax charge for which we shall not be liable. Where this occurs outside of a tax wrapper, you may need to take this into consideration when calculating any Capital Gains Tax liability.

Where a redirection of fees is in place but there is not enough cash available to cover the amount due, we will deduct the entire fee amount from the portfolio the fees apply to and remove the fee redirection. You will be required to reinstate this fee redirection for it to be in place for future fees.

You will be able to see the amount we’ve deducted each month online under ‘Account Activity’.

Your existing investments will remain in “bundled” (commission-paying) share classes unless you transfer them, or we convert them into the “clean” share class version.

Previously, your "bundled" investments were denoted with a star (*) online and on your statements. If you still hold this type of investment, they will no longer be denoted as such on the updated portal. If you wish to know if any of your investments are bundled, please contact the Investor Support Team.

Yes, however “bundled” (commission-paying) share classes of funds are no longer available for new investment. If you hold bundled share classes, Close Brothers Asset Management will continue to be paid via a rebate from the fund manager.

No, we do not levy any additional charges when you buy, sell or switch funds on our platform.

To the extent that we charge a dealing fee, this will not exceed £8.95. You should always check the online trading screens and any order confirmations prior to submitting your transaction request, as any applicable fees and charges will be clearly shown.

Yes, you are able to use our switch functionality to change from “bundled” (commission-paying) share classes to “clean” (commission-free) share classes online. It’s important to note that when you perform a switch your money will be un-invested for the period your units are being sold and re-purchased. Most “bundled” share classes you hold on our platform that have a clean equivalent will be converted to “clean” share class equivalents later in the year to bring costs down for most of your investments, if you’d prefer not to switch yourself. Your money will remain invested while we do this.

We can only accept “clean” share classes in-specie; any “bundled” share class investments you hold must be sold and then transferred as cash.

No, you will only be able to set up or amend a regular contribution into “clean” (commission-free) share classes. For existing regular contributions in “bundled” (commission-paying) share classes, we will automatically change your regular contribution to invest in the “clean” share class equivalent, provided an equivalent exists. In the event that we cannot do this we will contact you.

If you are currently invested in a “bundled” (commission-paying) share class and have elected for your income to be re-invested, this income will be paid into your Capital Account for that portfolio. If you would like your income to continue to be automatically re-invested, you will need to switch your fund investment to a “clean” (commission-free) share class.