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  1. #1

    Pay £11,500 to access my money!

    ‘I was told to pay 11,500 to access my own money’
    he City watchdog is coming under increasing pressure to force Britain’s largest wealth manager to properly disclose “exit fees” that can leave customers tens of thousands of pounds poorer simply for withdrawing their own money.

    St James’s Place, the FTSE 100 wealth manager, has long charged its customers an “early withdrawal charge” of 6pc, decreasing over six years. The exit fee, which applies to all pensions and investment bonds, starts afresh on any new investments subsequently made by the customer.

    Telegraph Money has managed to secure an 11,498 refund for one reader who was not aware of the high penalties for leaving – but there are fears many more do not know they may face the punitive charge.

    Ros Altmann, the former pensions minister, said the Financial Conduct Authority must force firms to explain to customers what damage “unacceptable” high exit fees could do to their savings.

    Baroness Altmann said: “Not everyone has understood what the charges are. That is clearly unacceptable. Customers need to be clearly told upfront, and confirm they understand that if they leave they will face a penalty.

    “I think that should be squarely in the FCA’s remit. Unfortunately the industry is very good at hiding fees.”
    Not being transparent strikes again, well know wealth manager isn't clear or upfront on fees - how unusual.

    When I spoke to an IFA I asked very specific questions about fees to set up and withdraw my money. He got quite slippery then refused to answer my very simple and straight forward questions

  2. #2
    If only we could show you the door!

  3. #3
    But even when they are laid out (maybe not "clearly"!) people tend only to see what they want to see.

  4. #4
    Look at all the companies which puts the unregulated schemes offering the magic 8% or more in "guaranteed" "low risk" schemes.

  5. #5
    SJP should be forced to at least tell the truth though for people to ignore!


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