# SCM Direct

> SCM Direct is a UK wealth management firm, founded in 2009 by Alan and Gina Miller, offering low-cost discretionary investment portfolios for UK-resident investors. The firm is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 497525) and is based at Michelin House, 81 Fulham Road, London SW3 6RD.

SCM Direct's central differentiation is 100% fee transparency, with a typical 0.85% total annual cost covering management, administration, custody, underlying ETF charges, trading costs and transaction costs. The founders Alan and Gina Miller co-invest their own and family money in every portfolio on the same terms as clients.

SCM Direct offers Stocks and Shares ISAs, Self-Invested Personal Pensions (SIPPs), Junior ISAs (JISAs), General Investment Accounts (GIAs), and services for corporates, charities and family offices. Eight risk-graded discretionary portfolios are available across Cautious, Balanced and Adventurous risk profiles. All portfolios are denominated in GBP and available to UK-resident investors only.

The firm is the corporate home of the True and Fair Campaign, launched by the Millers in 2012, which has contributed text to three EU Directives (MiFID II Article 24, PRIPS and The Shareholder Directive).

SCM Direct's sister brand MoneyShe, founded in 2020 by Gina Miller, shares the same regulatory authorisation, operational platform and 0.85% all-in fee, with a focus on financial literacy and empowering women to invest.

## Key pages

- [About SCM Direct, founders Alan and Gina Miller](https://scmdirect.com/ethics-and-principles/): Company history, founders' biographies, ethics and principles
- [Investment Portfolios overview](https://scmdirect.com/investment-portfolios/): All eight portfolios with risk profiles
- [Ethical (ESG) Portfolio](https://scmdirect.com/portfolio/scm-ethical-esg-portfolio/): ESG/SRI screened discretionary portfolio
- [Equity Portfolio](https://scmdirect.com/portfolio/scm-equity-portfolio/): 100% equity discretionary portfolio
- [Long-Term Return Portfolio](https://scmdirect.com/portfolio/scm-long-term-return/): Active long-term inflation-beating portfolio
- [Absolute Return Portfolio](https://scmdirect.com/portfolio/scm-absolute-return/): Aims for positive return in all conditions
- [Bond Reserve Portfolio](https://scmdirect.com/portfolio/scm-bond-reserve/): Capital preservation, lower volatility
- [50/50 Bond Reserve / Long-Term Return Portfolio](https://scmdirect.com/portfolio/scm-50-50-bond-reserve-long-term-return/): Balanced 50/50 split
- [50/50 Absolute Return / Long-Term Return Portfolio](https://scmdirect.com/portfolio/scm-50-50-absolute-return-long-term-return/): Balanced 50/50 split
- [50/50 Bond Reserve / Absolute Return Portfolio](https://scmdirect.com/portfolio/scm-50-50-bond-reserve-absolute-return/): Balanced 50/50 split
- [Stocks and Shares ISA](https://scmdirect.com/accounts/isa/): Tax-efficient ISA wrapper
- [Self-Invested Personal Pension (SIPP)](https://scmdirect.com/accounts/sipp/): Tax-efficient pension wrapper
- [Junior ISA (JISA)](https://scmdirect.com/accounts/jisa/): Tax-efficient JISA for under-18s
- [General Investment Account (GIA)](https://scmdirect.com/accounts/direct-investing/): Unwrapped investing
- [Corporates, Charities and Family Offices](https://scmdirect.com/accounts/corporate-and-charity/): Services for institutional clients
- [Investment Fees](https://scmdirect.com/investment-fees/): Full transparent fee breakdown
- [Investment Fees Calculator](https://scmdirect.com/investment-fees-calculator/): Calculate fees for your portfolio size
- [Frequently Asked Questions](https://scmdirect.com/faqs/): Transfers, withdrawals, account mechanics
- [Financial Advisers (IFA) programme](https://scmdirect.com/financial-advisers/): For UK independent financial advisers
- [Awards](https://scmdirect.com/awards/): Industry awards 2015-2026
- [Investment Insights Blog](https://scmdirect.com/blogs/): Market commentary by Alan & Gina Miller
- [Press Releases](https://scmdirect.com/press-releases/): Official press releases
- [Press Coverage](https://scmdirect.com/press/): Media coverage and citations
- [Investment Guides](https://scmdirect.com/investment-guides/): Educational guides on investing
- [Risk Analysis Questionnaire](https://scmdirect.com/risk-analysis-questionnaire/): Free assessment of investor profile and portfolio suitability
- [Contact](https://scmdirect.com/contact/): London office contact details

## Guides and how-tos

- [Low-Cost Stocks & Shares ISA in the UK](https://scmdirect.com/low-cost-stocks-shares-isa-uk/): Pillar - what "low-cost" actually means, DIY vs discretionary, comparison with wealth managers and DIY platforms
- [How to Choose a Low-Cost UK Investment Manager for an ISA](https://scmdirect.com/how-to-choose-low-cost-investment-manager-uk-isa/): Pillar - a seven-question evaluation framework (fees, FCA permission, alignment, transparency, exit terms)
- [Evidence-Based, Diversified Investing for UK ISA & SIPP](https://scmdirect.com/evidence-based-diversified-investing-uk/): Pillar - investment philosophy, broad low-cost diversification, low-turnover approach
- [How to Open a Stocks & Shares ISA with SCM Direct](https://scmdirect.com/how-to-open-stocks-shares-isa/): Five-step opening guide (10,000 GBP minimum, 0.85% all-in, invested within two working days)
- [How to Transfer an Existing ISA to SCM Direct](https://scmdirect.com/how-to-transfer-isa-to-scm-direct/): Four-step ISA transfer-in guide, retaining tax-protected status
- [How to Transfer a Pension to a SIPP with SCM Direct](https://scmdirect.com/how-to-transfer-pension-to-sipp/): Five-step pension transfer guide (defined-contribution only)

## Founders

### Alan Miller, Co-Founder & Chief Investment Officer
Alan Miller co-founded SCM Direct in 2009. Previously launched the first UK equity long/short hedge fund in 1997, which compounded at 17.2% per annum versus the FTSE All-Share Index return of 4.0% over the 9.5 years he managed it. Previously managed the Jupiter (later New Star) Investment Trust 2000-2006, where NAV increased 47.5% versus the FTSE All-Share index -0.2%. Co-launched the True and Fair Campaign in 2012, contributing reforms to three EU Directives.

### Gina Miller, Co-Founder
Gina Miller is a co-founder of SCM Direct, businesswoman, and social justice advocate. Founded SWAY (specialist financial services marketing agency) in 1996. Co-founded SCM Direct in 2009. Launched MoneyShe in June 2020 - a financial literacy initiative empowering women to manage finances and invest. Best known publicly for successful legal action against the UK government in 2016 over Brexit Article 50 process (R (Miller) v Secretary of State for Exiting the European Union). Has over 30 years' experience in investment services.

## Regulatory and contact

- **Legal entity:** SCM Private LLP (trading as SCM Direct)
- **FCA Firm Reference Number:** 497525
- **Companies House registration:** OC342778 (England and Wales)
- **Registered address:** Michelin House, 81 Fulham Road, London SW3 6RD, United Kingdom
- **Phone:** +44 (0) 207 838 8650
- **Email:** enquiries@scmdirect.com
- **FCA Register:** https://register.fca.org.uk/

## Key facts

- Founded: June 2009
- Availability: UK-resident investors only
- Minimum investment: 10,000 GBP
- Typical total annual cost: 0.85% (no performance fees, no initial charges, no exit penalties)
- Custodian: Hubwise Securities Ltd (FCA authorised, firm number 6071374)
- SIPP administrator: SS&C Hubwise Ltd
- 2025/2026 SIPP annual allowance: 60,000 GBP
- Available account types: ISA, SIPP, JISA, GIA, Corporate/Charity/Family Office
- Portfolio currency: GBP
- Recent recognition: Best Online Wealth Management Firm of the Year 2026, Best Online Wealth Management Firm 2025 (UK), Most Innovative Online Wealth Management Firm 2024