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Platform deal with Telegraph investors in doubt as contract nears end

Question marks-confusion-puzzleThe future of the relationship between platform Interactive Investor and The Telegraph’s investment service is in doubt after the companies confirm their contract is coming to an end.

II provides a white-labelled version of its platform for Telegraph Investor, the media group’s DIY investment service, for Sipp, Isa and general investment accounts.

A joint statement from II and Telegraph Financial Services confirms the “current arrangement” will soon finish. According to the Telegraph Investor website the service launched in October 2014.

However, the firms would not confirm when the contract ends. It is also unclear if the companies will renew the arrangement, or if Telegraph Investor will have to find a new platform provider.

II chief commercial officer Alex Kovach and Telegraph Financial Services managing director Carlton Hood say: “The current arrangement between Telegraph Investor and II will be coming to an end, however customers of Telegraph Investor can continue to trade as normal and there is no change on their day-to-day service.

“We will always act in the best interests of our customers, and any changes to services will be communicated directly to them.”

Telegraph Investor says on its website that it originally chose to partner with II because of its customer service and “transparent pricing”.

The website says investors are charged a 0.3 per cent annual fee based on the value of holdings, up to a cap of £300, £10 per equity trade and £1.50 for each regular investment. The annual Sipp fee is £80 plus VAT. For investors who have a Sipp the annual account charge is capped at £204.

Interactive Investor completed its acquisition of TD Direct in June, creating the UK’s second largest online broker with £21bn in assets under administration.

This week, Interactive Investor picked Barnett Waddingham to run its Sipps after the deal with TD Direct caused the firm to break ties with AJ Bell.

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