Investors look set to be handed new exit fee freedoms by the Financial Conduct Authority (FCA) according to recent reports, with the regulator calling for a ban, or cap, on the charges some investors face when switching to a new investment platform.
The call to restrict exit fees is long overdue in the view of many industry analysts, who believe it should be less expensive and time consuming for investors to shop around and move to a platform that best meets their needs and expectations, however, some feel the FCA’s proposals don’t move far enough.
The Financial Planning Group Partner, Tim Norris, says that; “Here at FPG we conduct ongoing due diligence on the platform/WRAP market in the UK. We see no reason for a WRAP to ever charge an exit fee on client’s money and welcome this new proposal. Our FPG WRAP, powered by Standard Life, has never charged our clients exit fees.”
We help individuals, families and businesses to place their financial affairs in context with their future goals and aspirations by providing a simple, structured, disciplined and reviewable planning service. Good communication and trust are core values to our business model – we will change the fundamental relationship people have with their money to give them confidence and clarity in their own future.
If you would like to like to find out more about how The Financial Planning Group can help you, or to arrange a consultation at our offices in the heart of Teddington, please call Tim Norris or Alan Clifton on 0800 731 7614.