Platforms  

Candid Money launches platform comparison service

Candid Money has launched a comparison service for fund platforms that aims to provide investors with an easy way to find the best fund, ISA and Sipp deals.

The site - comparefundplatforms.com - has been founded by former AWD Chase de Vere financial adviser and former Bestinvest communications head Justin Modray.

The site currently allows users to compare 2,858 funds from six platforms but the firm said there would be more to follow in the coming weeks.

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The site allows investors to select their chosen funds, choose various options such as whether they want to hold the investments in an ISA, and compare projected returns after all charges and commission rebates.

The platforms that investors can compare are Alliance Trust Savings, Bestinvest, Cavendish Online, Club Finance, Interactive Investor and rPlan.

“Finding the best fund deals has become increasingly complex,” Mr Modray said.

“We’re seeing discount brokers posing as fund platforms and fund platforms taking on discount brokers, some using new ‘clean’ fund classes while others continue rebating commissions.

“Platforms charge in a variety of ways and cost can also be affected by whether you wish to hold shares and use ISA or SIPP wrappers. Put all this together and deciphering what you actually end up paying can be a minefield.”