Adrian Lowcock, head of personal investing at Willis Owen;
“Exit fees have been an ongoing problem for investors, trapping them in services they no longer want or need. Investors are rarely told what the exit penalties are when they join a platform and are clearly put off transferring to a new platform when they find out about them.”
“We have long been a supporter of no exit fees and greater transparency, which is a fundamental principle behind the Willis Owen Platform. However, while this is a positive move in the right direction, a ban is only the first step. More work needs to be done to remove the confusing jargon and different terminology for fees and charges across the industry.”
Notes to Editors
Willis Owen is one of the UK’s leading online investment service providers. Founded more than 20 years ago Willis Owen now has around £1bn of funds under management. Willis Owen Limited is authorised and regulated by the Financial Conduct Authority.