FCA plans to ban or cap investment platform exit fees

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Britain’s financial watchdog plans to ban or cap exit fees charged by investment platforms such as Hargreaves Lansdown and AJ Bell, as part of sweeping changes to the £500bn industry.

The Financial Conduct Authority has been looking into investment platforms that offer a range of funds online and found that 7% of all consumers wanted to switch but were put off from doing so, with many citing exit fees as a significant hurdle. After an interim report published in July, the regulator gave firms until early 2019 to make it easier for customers to transfer their investments to another company.

Read more at www.theguardian.com

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  Posted March 14, 2019, 1:26 p.m.