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Reviews for Fidelity FundsNetwork

Average User Review Ratings for Fund Platform products

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Service: Fund Platform Product: Funds / ISA

Review by Nightingale26 submitted on 29 April 2016

Likes: None.

Dislikes: Fidelity must be sued for discrimination

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My son and I are dual nationals. We are both UK and USA citizens. I have lived in and been resident of the UK since 1974 and my son has lived in and been resident of the UK since birth.

In 2006, I took out an ISA with Fidelity. Now, they tell me to take my money and get out of their organisation because I am a dual national – “A US person”. My son wanted to open an ISA with them and has been told the same thing – they refuse to allow him to open an ISA account as he is “A US person”.

The UK Government clearly states that ISAs are available to anyone who is resident in the UK, regardless of nationality.

Therefore, by discriminating against USA citizens and discriminating against dual nationals who are both UK and USA citizens and reside in the UK, Fidelity is breaking the law.

I asked them for their rationale for breaking the law and they refused to answer the question.

Do you remember the days of signs saying “No dogs and No Irish”? This sign says “No Americans”.

I refuse to be ashamed or to hide the fact that my son and I are dual nationals. We are honest people who have not committed crimes. We have done nothing wrong.

Fidelity UK and other organisations taking this position deserve to be sued for discrimination, punished, and to give compensation to victims of their discriminatory, racist behaviour.

Service: Fund Platform Product: Funds / ISA

Review by gallagtj submitted on 07 February 2014

Likes: Ease of use, range of active managed funds

Dislikes: No Partial ISA Transfers, No Vanguard Funds, High Costs

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After many years of buying ISA's through an Advisor and transferring PEP's and ISA's to Fidelity I decided to transfer one of my ISA's to the Alliance Savings Trust and buy a Vanguard Index Tracker.

The transfer was rejected by Fidelity because they made a Business decision not to allow partial transfers of ISA's. What does this mean for an investor? They are locked into Fidelity unless they are prepared to move all their ISA's enBloc to another provider.

I complained at being hijacked and ambushed by their change of business terms, and was told by Fidelity this was a change to their terms and conditions they sent me last January and I had a Month to make any changes.

I was not made aware of this change by my financial advisor and Fidelity did not and do not make this implication known to investors as a key feature of their platform and business terms They said it was industry standard practice, it is not.

So beware of transferring ISA's onto the Fidelity platform as you will not be allowed to partially transfer any of them anywhere else.

Service: Fund Platform Product: Funds / ISA

Review by vivid47 submitted on 14 January 2013

Likes: Good security, low charges

Dislikes: User unfriendly, difficult to switch funds, no confirmation of switch instructions.

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I switched to the Fidelity platform from Skandia several years ago because they had lower switching charges. What a mistake because I have spent many hours trying to explain to Fidelity that their site is very user unfriendly. There are 2 main problems.
Firstly Fidelity insist on holding each years ISAs in separate accounts which means that if you are holding a fund in several years ISA accounts you have to go through a long confusing process to switch. I have repeatedly asked them to give their clients an option to consolidate all the accounts but they have repeatedly promised to provide this facility but it has never materialised.
The second problem is that having placed a switch instruction there is no way of checking or changing the instruction and they tell me they have no plans to change this.
I have now moved our family’s considerable holding to Hargreaves Lansdown. I didn’t move back to Skandia because they only accept new accounts through an IFA.
My son also had a SIPP on the Fidelity Fundsnetwork platform and to be honest it was a shambles. On two occasions they were overstating the value of his funds and then just arbitrarily reduced his holdings without notice, communications or explanation. When we complained the attitude was basically “Sorry we admit the platform is faulty but you will just have to put up with it or move”. At that point we took our £300k of investments to Hargreaves Lansdown.
If you are going to switch regularly don’t go near this platform.

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