Gina Miller-led manager launches new Sipp as it reforms fees

SCM Direct has tweaked the fees on its digital offering in response to the upcoming Mifid II rules as it launches a new Sipp account.

The company, headed by prominent anti-Brexit campaigner Gina Miller and her husband Alan, claims the changes to the platform will make it one of the cheapest digital wealth managers in the market.

Total cost for clients will be 0.98 per cent, compared with a “typical” wealth manager who would charge a total of 2.71 per cent, SCM says.

The pricing changes mean that for a £10,000 SCM Direct portfolio clients will pay less than rivals Nutmeg or MoneyFarm, setting the price at 0.60 per cent a year, excluding underlying charges and transaction costs.

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