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Hornbuckle Mitchell hikes charges for Sipp clients

Hornbuckle Mitchell has raised many of its Sipp fees and introduced additional charges for new and existing clients.

It has increased its annual admin fee by £45 to £490 and brought in a protected rights annual admin fee of £100. It has also trebled its charge for in-specie transfers-in of property to £600.

Hornbuckle has introduced new charges of £100 for in-specie transfers-in of investments plus £50 per asset. In-specie transfers out of investments now cost £250 plus £100 per asset from a flat £250 previously.

There is now a set-up fee for taking benefits of £95. Some transaction fees have risen by £230 and the fee for selling unlisted shares doubles to £500.

Managing director David White says: “Most of the fees have gone up in line with the amount of work that is required or to bring us in line with our competitors.”

Informed Choice joint managing director Martin Bamford says: “The increases are pretty hard to swallow. If not for the exit fees, I am sure that a lot of people would leave.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Hornbuckle hikes charges
    More negative press for Hornbuckle. Exit fees should not necessarily be a deterrent to leaving, SIPPs are long term products and clients should take a long term view. There are better value SIPPs out there and savings can quickly recoup exit costs.

  2. Mary Stewart, Director, Hornbuckle Mitchell 12th August 2009 at 10:54 am

    Hornbuckle Mitchell article
    I’d like to reassure readers that we have not raised any fees since we communicated our annual changes 6 months ago. The story also fails to mention that >80% of our SIPP fees were held at 2008 levels. These include set-up fees, property purchase fees and the majority of our administration fees, including protected rights and property administration. Hornbuckle Mitchell is committed to providing an outstanding product to our clients at a highly competitive, transparent price. This is reflected in Defaqto’s top, 5 star rating for our SIPP.

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