Version 1 (3rd October 2022)
Charges and Interest Rates
This charges and Interest schedule forms part of the Touch Terms and Conditions.
Charges
All charges are effective as of 1st October 2022
We will not hold any rights over your money except where charges are owed to us or your Adviser. We’ll check there is sufficient cash to pay your charges, where there isn’t we’ll sell your assets proportionally across your portfolio to raise the cash to cover the charges.
Adviser charges
Initial adviser charges - Amount agreed between you and your adviser.
Deducted from your cash account upon allocation of a deposit (or a transfer) into your account. To be paid to your adviser.
Ad-hoc adviser charges - Amount agreed between you and your adviser.
Deducted from your cash account when you agree a one-off or a new charge with your adviser. To be paid to your adviser.
Ongoing adviser charges - Amount agreed between you and your adviser.
Charges accrue in real time based on the assets held (including movements in and out of your account) and their mid-market value. This is a charge on the percentage of assets held, and therefore the amount paid may increase as the assets grow. On the 1st of each month (regardless of whether this falls on a weekend) the accrued daily charges are aggregated and deducted as a single (monthly) payment from your cash account, to be paid to your adviser.
All adviser charges are collected by us as the adviser’s agent and once collected are no longer held as client money but are instead held in a corporate bank account for your adviser until they are paid. You’re able to pay your adviser charges directly from your cash account. You can however agree to pay your adviser charges directly to your adviser by separate arrangement.
Custody charges
Custody charges - 0.20%
Charges accrue in real time based on the assets held (including movements in and out of your account) and their mid-market value. This is a percentage charge on the assets held, and therefore the amount paid may increase as the assets grow. On the 1st of each month (regardless of whether this falls on a weekend) the accrued daily charges are aggregated and deducted as a single (monthly) payment from your cash balance to be paid to us.
Charges on cash held in your cash account - 0.00%
No charge
Exit charge - 0.00%
No charge.
When assets are bought on your behalf, there may be charges for the underlying investments included in the purchase price (bid/offer spread) and other costs and taxes that are not imposed by us. All charges can be found in your investment proposal and summary documents in both percentage terms and monetary values. We’ll produce your statements quarterly and annually detailing the exact costs and charges taken. If you make a single payment for multiple investments but use only one payment reference, we will not be able to immediately identify where your money should be allocated. It will sit in your platform cash account until we receive a new instruction, approved by you.
Product charges
Product charges - Various
Your assets may have their own management and administration charges. Product charges may include:
- One-off fund charges
- Ongoing fund charges
- Trading charge
- Incidental charges
In addition to any charges quoted there may be a bid/offer spread or dilution levy.
Interest rates & banking partners
We receive interest from banks based on the combined cash balances held across all Touch client money and trustee bank accounts. The amount we receive varies depending on the balance held and market interest rates.
For the foreseeable future we expect to receive:
Cash held in within GIA and ISA accounts - 0.00%
Banking partners - Lloyds Bank
Any interest we pay to you is at a rate determined by us and is not based on the amount that we receive. We keep the amount above the rate we pay to you to help us keep our administration, custody, and charges low. Any interest payable to you will be calculated daily and paid monthly.
Interest rate we will pay to you:
Interest we pay you on cash held in your account - 0.00% (effective date 1st October 2022)
