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.”