Reminder: Custody Fee Changes

Changes to your Custody Fees from 2021/22 tax year

Further to the article in our April edition of ISA & Peptalk detailing the changes to the custody fee charge calculation, as we levy the fee 6 months in arrears, it is your current statement to 5th October 2021 that will first reflect this change.

The Pilling Custody Fee had remained unchanged for three years. However due to increased costs across the board it became necessary to make adjustments from the current tax year 2021/22.

Your Fee covers all accounts you hold with us and all aspects of our administrative services to you, not just the safe custody of your assets. There are no separate charges for Corporate Actions etc.

The annual charge percentage remains at 0.5% but we have changed the minimum and maximum fees, applied as follows:

For each six-month period:

 0.25% of the value of all your assets held with us; minimum fee £25; maximum fee £90.

Our default service is to provide quarterly statements and valuations, together with contract notes via our Client Web Access service to your exclusive online account. If you are still receiving posted documentation and wish to continue to do so, we are happy to continue with this service. The only difference for the Postal Custody Fee is a minimum fee of £30 and a maximum of £100 to reflect the extra costs incurred.

The fee cap means there is no charge for the value of your assets held with us above £36,000 (£40,000 for postal clients).

All your accounts (ISA, SIPP, Nominee etc.) are incorporated in the one fee. If you also hold assets elsewhere, you can transfer to us free of charge and free from any further ongoing charges if you already are on our maximum cap.

Please note the custody charge for children’s accounts (under 18s) including Junior SIPPs, Junior ISAs and Execution Only CTFs is also 0.5% but with min/max fees of £12.50/£45 per half year (£15/£50 for postal clients).