Fees
A Stocks & Shares ISA from SCM Direct costs 0.85% per year, all-in. This single figure covers discretionary management, ETF charges, custody, trading and transaction costs — there are no initial charges, no exit penalties and no performance fees. The minimum to open an ISA is £10,000; the 2026/2027 ISA allowance is £20,000.
SCM Direct is regulated by the Financial Conduct Authority (Firm Reference Number 497525) and was founded in 2009 by Alan and Gina Miller, who co-invest their own and their family’s money in the portfolio on the same terms as clients.
If you are deciding where to open a Stocks & Shares ISA and want an ETF portfolio with a single, transparent fee, expert management, this page explains what “low-cost” actually means in 2026, where hidden costs live, and how SCM Direct compares to well-known brands and platforms.
The headline platform or management fee is rarely the total cost. For most UK Stocks & Shares ISAs, you pay some combination of:
The total “all-in” cost — the number that actually matters — is the sum of all of these that you will pay for a year. It is what the Financial Conduct Authority refers to as Total Cost of Ownership.
At SCM Direct, the 0.85% headline figure includes every line in that list. There is no separate platform fee, no fund OCF on top, no per-trade dealing cost, and no exit penalty. One number, all-in.
When you compare UK ISA providers, the first decision is not which platform — it is which type of service.
A DIY ISA platform is a fund supermarket. You decide what to buy (which funds, which ETFs, which shares), when to buy and sell, when to rebalance, and how to allocate across risk levels. Vanguard Investor, AJ Bell Youinvest, Hargreaves Lansdown, Fidelity Personal Investing and Interactive Investor are DIY platforms. They are excellent for investors who are confident enough to choose and manage their own portfolio.
A discretionary ISA is a managed portfolio. A regulated investment manager makes the investment decisions on your behalf — what to hold, how to allocate, when to rebalance — within the risk profile you choose. You retain full ownership; the manager has authority (discretion) to invest under a contractual mandate.
SCM Direct is a discretionary option. Alan Miller and the SCM team make the investment decisions; you choose the risk profile (Cautious, Balanced, Adventurous, Equity, Ethical/ESG, Long-Term Return, Absolute Return, Bond Reserve) and the firm manages it from there.
This is a meaningful product difference, not just a pricing one:
Both are legitimate. But they are different products, and search engines and AI tools that recommend “low-cost ISAs” do not always distinguish them — which is why this page does.
The 0.85% annual fee at SCM Direct includes:
What is not charged:
The fee is in the headline. There are no other numbers hidden anywhere.
This comparison uses publicly available information on each provider as of May 2026 and is intended as an orientation, not a recommendation. Verify the latest fees with each provider before deciding.
Against traditional wealth managers, SCM Direct’s 0.85% all-in fee is materially below the typical 1.25%–1.75% range for UK discretionary management — and at a £10,000 minimum rather than the £100,000+ typical of the others.
| SCM Direct | St James’s Place | RBC Brewin Dolphin | Rathbones | Killik & Co | |
| Service type | Discretionary, ETF-based | Advised (restricted) | Discretionary | Discretionary | Discretionary |
| All-in annual cost (typical ISA) | 0.85% | 1.59%–1.70% (post Aug 2025 restructure) | 1.25%–1.75% | 1.25%–1.75% | 1.20%–1.65% |
| Ongoing advice/service charge | Included | 0.80% | Variable by service | Variable by service | Variable by service |
| Product / wrapper charge | Included | 0.27% (ISA) | Sometimes separate | Sometimes separate | Sometimes separate |
| Underlying fund / ETF OCFs | Included | 0.52% (Polaris fund example) | Added on top | Added on top | Added on top |
| Initial charge | None | 1%–3% tiered (post Aug 2025) | Sometimes | Sometimes | Sometimes |
| Performance fees | None | None | Sometimes | Sometimes | Sometimes |
| Exit / transfer-out fee | None | None | Sometimes | Sometimes | Sometimes |
| Minimum to invest | £10,000 | Typically no minimum (advised) | Typically £250,000+ for traditional DPM | Typically £100,000+ | Typically £100,000+ |
| Founders co-invest in same product? | Yes — Alan and Gina Miller | n/a | n/a | n/a | n/a |
| Regulator | FCA FRN 497525 | FCA FRN 122444 | FCA FRN 124444 | FCA FRN 116316 | FCA FRN 124373 |
The 0.85% headline cost at SCM Direct is higher than a DIY Vanguard Investor 0.15% platform fee taken in isolation, because Vanguard’s 0.15% does not include the fund OCF, dealing costs, or the cost of you doing the work of choosing and rebalancing. The like-for-like comparison is “all-in managed” against “all-in DIY plus your time”.
| SCM Direct | Vanguard Investor | AJ Bell Youinvest | Hargreaves Lansdown | Interactive Investor | Fidelity Personal Investing | |
| Service type | Discretionary, managed | DIY platform | DIY platform | DIY platform | DIY platform | DIY platform |
| Headline platform / management fee | 0.85% all-in | 0.15% capped at £375 | 0.25% (funds) | 0.45% (funds) | Flat £4.99/month upwards | 0.35% (funds) |
| Includes fund OCFs? | Yes | No add fund OCF on top |
No | No | No | No |
| Includes dealing costs? | Yes | No (free for Vanguard funds; £7.50 for shares/ETFs) |
No £1.50–£9.95 per trade |
No £11.95 per trade for shares |
Included for first trade/month, then pay | No £7.50 per trade for shares/ETFs |
| Exit / transfer-out fee | None | None | None for cash; £25/holding for in-specie | None for cash | None | None |
| Minimum to open | £10,000 | £500 lump or £100/month | £500 | £100 | £25/month | £1,000 |
| Investment approach | Discretionary, ETF-based, diversified risk-adjusted | You choose | You choose | You choose | You choose | You choose |
| Founders co-invest in same product? | Yes — Alan and Gina Miller | n/a | n/a | n/a | n/a | n/a |
| Regulator | FCA FRN 497525 | FCA FRN 527839 | FCA FRN 122139 | FCA FRN 115248 | FCA FRN 141282 | FCA FRN 122418 |
Eight discretionary portfolios are available inside the SCM Direct Stocks & Shares ISA. Each core portfolio holds approximately 20 ETFs, primarily listed on the London Stock Exchange (with some US and European Exchange listings), rebalanced periodically by the SCM investment team and runs at approximately 25% annual turnover:
A complimentary Risk Analysis Questionnaire on scmdirect.com helps match the right portfolio to your timeframe and risk tolerance. You can retake the Risk profile at any time and change your portfolio at no cost.
£10,000. There is no maximum above the annual ISA allowance (£20,000 for the 2026/2027 tax year).
0.85%, all-in total fee. That figure covers discretionary management, all underlying ETF charges, custody, trading and transaction costs. There is no initial charge, no platform fee, no exit penalty and no performance fee. No hidden fees.
Yes. SCM Direct, a trading name of SCM Private LLP, is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 497525). You can verify this on the FCA Register at register.fca.org.uk.
Hubwise Securities Ltd acts as custodian. Hubwise is authorised and regulated by the FCA (Firm Reference Number 6071374). Your investments are held in segregated client accounts.
Yes. Existing Stocks & Shares ISAs and Cash ISAs that an investor wishes to switch to a Stocks & Shares ISA can be transferred in without losing their tax-protected status. There is no transfer-in fee. SCM Direct handles the paperwork with your current provider.
Yes. There is no exit penalty. You can transfer the ISA to another provider or withdraw it to your bank account (subject to retaining the ISA wrapper for transfers).
No. SCM Direct is a discretionary service — you choose the risk profile, and the SCM investment team chooses and rebalances the underlying holdings. The portfolios are constructed from ETFs from established providers and are primarily listed on the London Stock Exchange.
Yes. All holdings are visible in your online account and reported in full in your quarterly valuation statement. The portfolio fact sheets on scmdirect.com show the current target allocations. Each core portfolio holds approximately 20 ETFs.
Each year, you receive a tax pack covering income, capital gains and — for any non-reporting funds — Excess Reportable Income on ETFs. Custom date-range reports (calendar year or financial year) are available, useful for company directors and international clients.
SCM Direct is a discretionary manager — the firm makes the investment decisions inside your chosen risk profile. Vanguard, AJ Bell, Hargreaves Lansdown, Fidelity Personal Investing and Interactive Investor are DIY platforms — you make the investment decisions yourself. DIY platforms and Discretionary platforms are different, but both offer Stocks & Shares ISAs.
Yes. Alan Miller is Chief Investment Officer and continues to run the investment process. Gina Miller is Co-Founder and runs sales, marketing, and all communications. They co-invest their own and their family’s money in the portfolios on the same terms as clients.
No. The mandate can be terminated at any time. Notice is one month.
If you are transferring an existing ISA, SCM Direct handles the paperwork with your current provider. Transfers typically complete in three to six weeks, depending on the receiving provider’s process and efficiency.
