Exit fee's14 Mar 2019 09:43
Although it's not something you don't do very often, this is a step in the right direction. If you want to move your money/investments to another platform these providers always have additional charges justified as admin.
Britain's financial markets regulator on Thursday proposed a package of measures aimed at improving competition in the investment platforms market, including restricting the use of exit fees.
"While the market is working well for most of its consumers, the package we've announced today should make it less expensive and time-consuming for investors to shop around," FCA Executive Director of Strategy and Competition Christopher Woolard said.
The five types of customers flagged in the FCA's initial report were those who want to switch platforms, users of platforms that are not linked to a financial adviser, those who use model portfolios, customers with large cash balances, and "orphan" clients who no longer have any relationship with a financial adviser.