Chelsea Financial Services cuts fees as D2C pricing war continues

Chelsea Financial Services today announced it will be cutting its headline annual charge from 0.5% to 0.4% from 6 April, as it moves to compete with rivals in the direct to consumer (D2C) space.

The discount broker - which operates via Cofunds - has also secured a lower annual charge from the platform, reducing the fee from 0.25% to 0.2%. Crucially, Chelsea is not introducing any additional fees for telephone dealing, sending paper statements, or any exit charges, creating a clean and simple to understand model. Chelsea's headline reduction from 0.5% to 0.4% applies to clients with up to £250,000 invested with the broker. However, like competitors, those with more assets receive cheaper charges. While all clients will pay 0.4% on their first £250,000, they will pay 0.35...