Investment platform Interactive Investor has scrapped or paused a number of SIPP fees for clients of its new acquistion The Share Centre.

Interactive acquired rival The Share Centre in July and is now migrating clients across with a ‘price promise.’

Share Centre customers who open a Self-Invested Personal Pension (SIPP) with ii after they move across to interactive investor will pay no SIPP fee until at least March 2022.

Interactive investor is asking for Share Centre customers to give their consent to move over to Interactive Investor by 16 November, ahead of migration in early 2021.
 
Share Centre will contact SIPP customers about migration and is currently in touch with relevant trustees.

Richard Wilson, chief executive of Interactive Investor, said: “We brought in free regular investing at the start of the year and are now following this up by scrapping a raft of administration fees, which will particularly benefit our SIPP customers.
 
“If, six months from migration, Interactive Investor finds that customers who consented to migrate would have paid less under The Share Centre’s standard charging model, we will refund the difference within 60 days.”

Interactive investor's takeover of rival The Share Centre creates a group with 570,000 customers.

The ii group has over £30bn in assets under administration, over 300,000 customers and more than 1m users. The Share Centre has 271,000 customers with £4.9bn in assets under administration.

Together the newly-enlarged business has assets under administration of nearly £36bn, ii says.

The merged group claims to be the UK’s 2nd largest direct to consumer investment platform and the biggest flat fee provider.