Charles Stanley Direct hikes platform fee to cope with pace of digital change

Rise to come in next month

Charles Stanley Direct, considered among the cheapest providers in the market, is to increase its platform fee from 0.25% to 0.35% as a result of growing costs related to digitalisation.

The increased fees are expected to come into force from Monday 10 September on both fund and share holdings. Its platform charge for the first £250,000 of funds will be 0.35% per annum, falling to 0.20% on funds between £250,000-£500,000 and 0.15% on funds between £500,000-£1m. This then falls to 0.05% on funds between £1m-£2m.  For stocks and shares, there will be one platform fee of 0.35% with a minimum charge of £24 and maximum of £240 per annum. The firm said it would offer a platform fee waiver to stocks and shares holders which enabled them to obtain free platform fees by undert...