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Fidelity cuts cost of online share deals

Fidelity International is cutting the cost of online share trading from 13.50 to 9 a trade, regardless of size or frequency.

The ShareNetwork service allows investors to deal in all stocks listed on the main market of the London Stock Exchange, including investment trusts. Investors must open an account at a charge of 5 a month.

ShareNetwork members receive free personal membership of Crest, the online share registration and settlement service, whereas investors are usually offered a Crest nominee account. With personal membership, investors retain the right to vote on company resolutions at AGMs and receive shareholder perks.

Personal investing business managing director Doug Naismith says: “Too many shareholders are missing out on the benefits of direct stock ownership for while the number of investors choosing to set aside certificates in favour of online dealing is rising, the number of brokers offering personal Crest membership remains small. ShareNetwork offers investors the best of both worlds – a low-cost online dealing service while receiving the full benefits that personal membership of Crest confers.”

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