Execution-only broker TD Direct Investing has ditched exit fees as a measure to revamp its pricing structure.
By virtue of the move, investors will not require to pay £25 per holding to transfer out of stock, or an amount of £50+VAT penalty for Isa plan transfers while Sipp transfers will not incur £75+VAT charge and a £25 per holding fee.
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TD Direct has brought other additional changes by removing telephone fund and unit trust trades fee of £40 and £5 surcharge for international equity trades.
The firm will not charge any management fee if an investor has made a trade in the preceding six months, which was three months previously.
TD Direct Investing head John Tracey said: "It’s essential we, in the industry, listen to customers and start to implement necessary changes. This will help DIY investors have greater confidence in saving and investing on their own.
"This is why from today we have eliminated all fees for exits and transfers, simplified our pricing structure and confirmed our application to the FCA for regulatory advice permissions."
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