Interactive Investor, the UK’s second-largest direct-to-consumer investment platform has finalised a deal to acquire 50,000 personal investing accounts from EQi. The move will increase the UK platform’s assets under administration from £45bn to £50bn as plans to migrate Equiniti’s share dealing, ISA and SIPP accounts to the Interactive Investor platform by the end of July 2021 commence.
In a statement, Interactive Investor Chief Executive Richard Wilson commented “I look forward to welcoming EQi customers to the II platform, where we hope they will benefit from our no-nonsense fixed-fee pricing, commitment to service, and continuously developing technology and content”.
Richard Wilson went on to assure EQi customers that “if six months from migration, we find that they would have paid less under EQi’s charging model, we will refund the difference.”
Interactive Investor introduced a flat fee structure for trading in 2019 which includes a fixed number of free trades within the monthly fee. They also offer customers a mobile trading app, a web-based trading platform, and 24 hour Monday to Friday customer support. Of course, their fee structure makes them an ideal platform for investors with a significant portfolio who would benefit from a fixed fee rather than a percentage of their portfolio. Their basic account fee is £9.99 per month which includes the ISA and trading account, and new customers can take advantage of no SIPP fees for the first six months and £10 a month thereafter. They provide investors with access to 40,000+ UK and global stocks as well as helpful tools and analysis.
Equiniti customers can expect communication from the provider in the coming weeks outlining details on how the move will affect them.