Alliance Trust Savings has revealed price rises on its advised platform for 2014 with fees increasing by up to 87 per cent.
The platform will retain its flat-fee charging structure, but will increase its standard annual fees by 87.5 per cent from £48 to £90 for Isas and by 14.81 per cent per cent from £162.00 to £186.00 for Sipps.
Standard pricing does not cover dealing costs, which will be £12.50 per trade.
An alternative inclusive pricing option is available with no dealing charges. The inclusive fee option is £330 for Sipps and for Isas is £180. However, ATS says it may apply dealing charges on inclusive fee accounts after 25 online trades have been completed in a year.
Some event-driven charges have been removed. These include corporate actions and cash withdrawals.
There is no charge to re-register assets away from the ATS platform until March 2014, after which a £100 fee applies.
Money Marketing reported in November that ATS was planning an increase to its pricing.
The new prices are effective from February 2014 and fixed until 2016.
ATS managing director Patrick Mill says: ““We remain fundamentally committed to a transparent flat fee model as the value of an individual account does not change the cost of administering it. We believe percentage charging structures are simply a tax on wealth. However, we have listened to feedback from our customers about the service we provide, our online service and the ad hoc charges that we apply to their accounts. Based on this feedback and the increased demand on our business, we have decided to move to a single, all-in-one administration fee which covers all regular activities customers carry out on their accounts.
“We believe that customers will understand that these price increases are necessary in order to ensure we maintain consistently high standards and quality of service.”
Langcat Principal Mark Polson says: ”Any price increase is unwelcome, but ATS has played this with a straight bat. For a typical affluent advised client the increase is unlikely to be material in percentage terms and ATS’ flat fee structure remains comfortably ahead of the pack for larger portfolios.”