Every April, we produce a valuation statement which is available in your account once you’ve signed in. You may also receive a copy in the post if you have this option selected.
On this page we’ll answer some of your frequently asked questions about your valuation statements, including the new costs and charges statement, and below you'll find a video that explains the statement too.
You can also refer to our annotated example statement.
Why am I receiving this?
You are receiving this document due to the new MiFID II (Markets in Financial Instruments Directive) regulations, which came into effect in January 2018. These regulations are designed to bring greater transparency to customers across the financial industry, so you will be able to clearly see the charges related to the account(s) you hold with The Share Centre and, if applicable, the investment management charges applied. All investments firms are now required to provide this more detailed information.
Why is the period from 9th January 2018 to 05 April 2019?
As part of MIFID II, we are required to report costs and charges to our customers. As MIFID II came into force in January 2018, the first valuation will contain costs and charges from January 2018 through to April 2019. In future, we will send you an annual statement covering April 6th through to April 5th (in line with the tax year).
Can I request an ad hoc costs and charges disclosure?
Unfortunately, as these statements are generated at the end of the tax year, it is not possible to request these statements throughout the year.
What is included in “our charges”?
Our charges are the charges for operating your account with The Share Centre, for example administration fees, dealing commission and stamp duty (where applicable).
What are third party payments?
The Share Centre does not accept or provide any payments to third parties.
What is an investment management cost?
Investment management costs are the costs associated with the management of your chosen investment. These charges are calculated on a daily basis and included within the price of the relevant investment. These are not additional charges. These include charges such as the Annual Management Charge (AMC) and are deducted by the manager of your chosen investment, not The Share Centre.
Why are you charging me more than is stated on your tariff?
The charges provided to our customers are in line with our advertised tariff. “Our charges” refer to all commissions and charges applied by The Share Centre and include:
- Administration fees (including dealing option fees)
- Dealing commission
- Stamp duty
- PTM levy
- One off charges such as cheque charges, withdrawal charges & transfer charges.
“Investment management charges” are charged by the relevant investment manager and are included in the price of the investment on a daily basis.
How do I get a further breakdown of the costs and charges?
You can request a further breakdown of the costs and charges by:
- Emailing us at: email@example.com
- Calling us on: 01296 41 41 41
- Writing to us at: PO Box 2000, Aylesbury, Buckinghamshire, HP21 8ZB
What is not accounted for in the “Overall effect on the value of your account”?
We do not take into account the following in the total value:
- Payments in
- Payments out
- Transfers in
- Transfers out
- Corporate Actions
Why have I not received a costs and charges statement?
The Share Centre is required to send cost and charges statements for certain types of customer accounts. These accounts are:
- Share Accounts
- ISA Accounts
- SIPP Accounts
- SIP Accounts
- Junior Investment Accounts
- Junior ISA Accounts
- SSAS Accounts
- Company Accounts
There are other types of customer accounts which we are not required to send cost and charges statements to. If you hold any of the following accounts with us, you will not receive a statement:
- Child Trust Fund Accounts
- Child Investment Accounts
- Certificated dealing accounts
What relevance does the value of the account at 5 April have to the overall effect percentage?
The overall effect percentage relates to the costs divided by the opening value. We provide the value as at 5th April to give an indication of what your account is worth.
How is the investment charge figure derived?
The investment charge is levied by the investment manager and is derived by taking into account a number of charges, such as the annual management charge. This charge information is provided to The Share Centre by a data vendor, Financial Express, who collates the data from all of the investment managers we provide our customers access to. If Financial Express are unable to provide data for a particular investment we assume that there is a 1% annual charge.
Why are the percentage costs so high? (Stock Liquidation)
The percentage of costs compared to the overall investment can appear high for a number of reasons:
- The value of the account is low.
- Fees for all accounts could be coming out of one account.
- A stock may be in liquidation/administration.
Why have I received multiple “cost and charges” documents?
We provide a cost and charges statement for each eligible account that you hold with us, therefore you may receive multiple documents.