These changes, which come into effect from tomorrow are all part of an increasing focus on customer loyalty and will form part of its growing loyalty rewards programme, Ben Yearsley, head of investment research at Charles Stanley Direct, said.
“We are looking to reward people for putting more money with us,” Yearsley said.
He added that while the move is a reflection of the group’s intention to stay competitive in terms of costs, it was important to point out that it already has a very competitive offering.
“With this we are trying to move the focus away from just cost. The new loyalty programme, while partly about cost, is also about providing customers with enhanced services,” he said.
The loyalty programme currently also includes a free CGT report for certain clients and will be extended to other offerings in time, Yearsley said.
After the pricing changes come into effect, Charles Stanley direct clients will pay 2.5.% on assets up to £500,000, 1.5% on assets between £500,000 and £2m and now 0.05% on assets over £2m.
