Cavendish

A question about : Cavendish

I must have missed the small (or not so small?) print, but I thought Cavendish didn't have an initial advisor fee?

I've just been charged Ј49.95 :/

Best answers:

• They are not advisers. So, they cant charge an adviser fee. That would suggest it is something else.
• They have fees for different products, but I don't see any product with a Ј49.95 fee, what product did you get from them?
  https://www.cavendishonline.co.uk/fees/
• Did you get a letter saying they are going to charge you, or have you checked your balance and they have done it.
  Yesterday I got 2 letters one saying there were now be a fee, another letter saying ignore the first letter there is no fee it is a computer error the letter was sent out.
  If you've only had one letter I assume you'll be in the same boat as me and get a second letter soon. If they have actually taken money then I think that is a different situation.
• I think that this might be part of the mix up where Fidelity Funds Network direct customers are going to be charged a plan fee and the letter was also sent to Cavendish customers (who invest via Fidelity Funds Network) who are not.
  The thing that cause me doubt was that my letters were about a Ј45 fee.
  Confusingly the letter telling me that I wasn't going to pay arrived the day before the one telling me that I was!
  https://forums.moneysavingexpert.com/....php?t=4770629
• I got the letters too, and it would have been Ј45 if it were connected with that.
  When I go into my monthly saving plan only Ј49.95 of the Ј100 that came out by DD has been invested (and only on two funds, out of four). Now I look again, maybe it isn't an advisors fee (the column lay out isn't helpful). Maybe there wasn't enough to allocate elsewhere (it was the first payment)? But if so, where is it? They took the whole Ј100. :/
  I guess I'm going to have to ring them on Monday to sort it out.
• Could be, although one of the ones not allocated to was my original choice, although for only Ј50. I then added others, upped the amount to Ј100, and reduced the percentage of the original one to 75%. Maybe that accounts for it and they are 'holding' the other Ј50? :/
• Just to add. I never expected the changes to come into effect this month. In fact, when I added the others and upped the amount from Ј50 to Ј100 they sent me a message / letter saying that the new DD instruction would come out from March ...
• Copied from my account info:
  ISA contribution remaining: Cash ISA: Ј14,900.00; Total ISA: Ј14,900.00
  So, it would seem Ј100 'in' the ISA, but only showing account value as Ј49.95. :confused:
• Fidelity charge a 0.20% platform fee, and Cavendish take an additional 0.05%. On Ј100 that's 5p.
  So it isn't perhaps a case of Ј50 being 'in flight', but the remaining holding having been reduced by 5p to pay the Cavendish fee, is it?
  You aren't converting dirty to clean funds are you? That would cause things to disappear for a while.
• All sorted - now it is there.
  Different trading days, apparently.