Aviva PLC (LSE:AV.) has moved to make its ISA and SIPP offerings more competitive, giving customers the ability to directly buy and sell individual shares.
Competing more closely with investment platforms such as Hargreaves Lansdown PLC (LSE:HL.), AJ Bell PLC (LSE:AJB) and interactive investor, the platform owned by Abrdn PLC (LSE:ABDN), the life insurer said it would be offering a direct share dealing service for customers with these accounts, enabled by Winterflood Business Services, alongside a "customer-centric approach to pricing".
Currently, even customers of Aviva's Stocks and Shares ISA have only been able to choose different funds.
But as part of the new direct shares dealing, the FTSE 100-listed financial group said it was setting "competitive platform charges that are capped to ensure affordability", including trading fees for buying or selling shares and exchange-traded funds set at £7.50 per deal.
For stocks and shares ISAs, customers will enjoy a capped platform charge of £45. If you hold your SIPP with Aviva, the maximum platform charge will be £120.
Previously its fees were calculated as a percentage of portfolio value, so those with large savings could end up paying thousands of pounds a year more than a broker charging a fixed fee.
Customers had been telling the company "loud and clear" they wanted a wider range of investment options, said Sarah Layden, director of Aviva’s direct-to-consumer wealth business.