Fee Deductions - Broken Module?

@Jamie-MF, do you know when the Oct and Nov fees are going to be deducted from our accounts? Whilst I’m happy not to pay any fees as a client, as an investor this is a bit worrying.

The June-Sept fees came out all fairly close together once the module was set up. Back in October when I asked, the plan was that fees would be deducted in the first week of the month on an automated basis, going forwards. Yet that didn’t happen.

Hi @JamesWhitt,

Thanks for bringing this up, we’ve got it scheduled for the end of the week.

We’re transitioning to an automated system for the fees - so it will be consistent, and more or less the same day every month going forward.

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Thanks for the reply and the update @Jamie-MF - good to hear

I had noticed the same thing and prefer that I am not seeing a false picture by fees being due and secondly I repeat the sentiments as an investor. Cashflow is important as well all know.

Any news on this @Jamie-MF? There’s now 3 months worth of fees outstanding. Surely this is affecting your cash flow?

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Hi all,

As you’re likely all aware the fees for October, November and December have now been processed. These were done manually as we detected a couple of anomalies and of course wanted to ensure correctness across the board. We’ve also added a description column to the account transactions view to help differentiate the fees transactions for each month. This description column is on the web application; it has also been added to a new mobile app update which is undergoing final testing before release.

As @Jamie-MF mentioned previously, we’re now looking to keep this consistent so will be run at the start of each month; initially semi-automated to ensure that there are no calculation issues before we release this to full automation (much like we did with the daily performance updates a couple of months ago).

Paul

Hi @paul_mf, thanks for the update.

Not sure if the fee deductions have messed with the calculations, but the daily changes for the portfolio performance and the high growth portfolio performance figures are different (I only have the high growth one so they should be the same). However they both have the same total balance so both include the impact of fees somewhere.

So are the daily performance figures for one, net of fees and the other, gross of fees?

Cheers

Hi @JamesWhitt

We have now updated the web application to show daily performance figures. This will highlight the portfolio performance for the day not including any impact of fees or deposits.

I appreciate that this may have caused confusion in the past. You will be able to then see your correct account value which will take into account any impact of deposits/fees by clicking on account transactions.

We will also be implementing this change on the mobile app in the next release.

Thanks
Tom

Thanks for the update Tom

You are welcome @JamesWhitt

We also may have found the discrepancy issue you have highlighted above in terms of the differing values shown if you click on the individual portfolio performance and the portfolio performance.

We have two tables which show these values, one takes the fee into account same the day and the other on the following day. This is causing some discrepancy and we are hoping to resolve that very soon.

@tom_mf, I think someone else mentioned this a few months ago, but it would be great to be able to set up a direct debit from my bank account to pay the fees. That way we don’t lose out on the compounding effect of having fees taken out of the trading account. Additionally then the overall and the portfolio performance tables will be the same, avoiding any confusion there.

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A Direct Debit facility will be a great addition to functionality, especially as the sums get larger & particularly with ISA investments where the fees are paid directly out of an advantageous tax-free environment…

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And of course, MarketsFlow will generate higher fees if money is not debited from the trading accounts.

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Thanks @JamesWhitt you will be pleased to hear that we have submitted our FCA application as RAISP recently for MF’s Microsavings and Round Ups product, as part of that we will roll out direct debit and debit card payments universally.

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That’s good news @tom_mf, as both a customer and an investor!