Around 31,000 Cavendish customer accounts with a total of £900m of assets will be moved to Fidelity on 20 November.

It comes after the sale was completed earlier this month.

Fidelity confirms that Cavendish customers will continue to pay their current platform charges for at least 12 months from the transaction date.

Currently, they pay 0.25% per annum for accounts valued at less than £200,000 and 0.20% for accounts valued at more than £200,000.

Once they move to Fidelity, the service fees are as follows:

• Less than £7,500 of investments: 0.35% for those with a regular savings plan or £45 if not
• £7,500 – £250,000: 0.35%
• £250,000 – £1m: 0.20%
• £1m+: 0.20% and no service fee for investments over £1m (max. £2,000 a year).

This means after the 12-month grace period, customers with less than £200,000 of investments will pay higher platform charges with Fidelity than they currently pay with Cavendish.

Those with investments valued between £200,000 and £250,000 will also pay more. Only when they have £250,000+ will they pay the same 0.20% they now pay with Cavendish with a lesser investment value.

Fidelity added that investment and pension customers will benefit from its entire range of funds, shares, investment trusts and exchange-traded funds which can be held in an ISA, SIPP or investment account.

Further, the Cavendish Online Investment platform is currently powered by Fidelity’s FundsNetwork platform, which means customers won’t be required to transfer assets from one platform to another.

Customers can continue to use the same login details and account details will remain the same. And they’ll also be able to download the free Fidelity iOS and Android apps to check investments on the go.

Stuart Welch, global head of personal investing and advisory, Fidelity International, said: “I want to warmly welcome Cavendish customers to Fidelity Personal Investing’s platform and I hope they will enjoy the enhanced benefits of our service. With our shared beliefs and values, this acquisition really felt like a natural fit as Fidelity’s FundsNetwork platform was already powering their investments, so I am confident this will be a straightforward transition for Cavendish customers.

“Using Fidelity’s Personal Investing platform is easy, clear and simple. It is designed to help investors achieve their long-term financial goals, through a range of investment propositions and services designed to provide guidance and support at every stage of their journey. The Wealth and retirement planning services we offer will provide further support and peace of mind for those investors with larger portfolios or more challenging decisions ahead and our guidance service and tools will help those who want to know how to make the most of their retirement savings and investments.”

Ian Williams, managing director of Cavendish Online Investments Ltd, said: “Cavendish customers will continue to enjoy the benefits of investing in stocks and shares ISAs, investment and pensions powered by the full capability of Fidelity’s investment and pension platform. Fidelity provides excellent service and value and is very well placed to administer their investments for the long term.”