Is the fee the going rate for the market? If I wish to sell can I only do this through Equiniti ?
17 February 2022
Question by David
I have inherited around 250 Shares in National Grid which are held on my behalf by Equiniti.
NG recently contacted me a out options, one of which was to sell the shares at a fee of 75p / share capped at £75.
I have 2 questions;
1. Is the fee the going rate for the market
2. If I wish to sell can I only do this through Equiniti ?
Answered by Chris Hallam
Thank you for your question.
Fees in the market vary considerably between providers with some offering "free" share trading, while others are potentially charging more than you are being offered. In addition to a fixed fee, they may also charge a percentage fee based on the value of the shares. An average from the main providers in the market would lie somewhere between £10-20 per trade. Assuming you sold everything in one go, this may allow you to save a little bit.
You will probably be able to transfer the shares onto a trading platform where you could sell, possibly for less than £75. However, this is likely to be a much slower process and it would also be important to check if there are additional charges to do this, either from Equiniti or the new provider, as it would quickly wipe out any benefit.
If you already have another investment account somewhere, it may be easier to transfer into that. But again, it would be important to check any other charges that might be applied.
Hopefully this helps clarify things, but do reach out if you need anything further.
All the best,