All stock and fund transfers (in and out) are now free of charge. Transfer out costs for Isa and Sipp customers have also been removed. The group has also removed the £40.00 charge for telephone funds /unit trusts trades. It has removed the £5 surcharge for international equity trade and reduced its FX transaction charges.

The group has also changed its management fee: This will now rise to £20 + VAT per quarter, charged every six months (rather than £10 per quarter).

John Tracy, head of TD Direct Investing says: “Lack of transparency, complexity, the transfer process and high exit fees are four factors that can erode people’s trust in DIY investing. It’s essential that we, in the industry, listen to customers and start to implement necessary changes. This will help DIY investors have greater confidence in saving and investing on their own.”

John Tracy says: “We want to build an industry which supports rather than demands, and encourages rather than penalises. Ultimately, we believe investors should have the freedom to make their own investment choices, including which platform to use, and scrapping exit fees is an important first step.”

A number of other platforms have already abandoned exit fees and moved to more transparent, single charge pricing. If investors want to compare charges on fund platforms, they can use the following site: http://www.comparefundplatforms.com/