Check out our pick of the financial news from across the web this week and find out what we think!
BBC News: Exit fee crackdown on investment fund supermarkets
The BBC reported on the new proposals from the FCA, which involve stricter rules on the fees that investors are often charged to move their money. An outright ban or a limit on fees has been suggested.
Read the full article here. https://www.bbc.co.uk/news/business-47567496
LowerMyCharges’ take: This can only be good news for anybody considering switching their investments, it’s simply wrong that people should be charged for wanting to take more control over their own money.
BBC News: London Capital & Finance: £236m firm collapses
Also in the news this week was the collapse of London Capital & Finance. The firm marketed their scheme as a fixed rate ISA, and £236m was subsequently invested by members of the public.
Read the full article here. https://www.bbc.co.uk/news/uk-england-47454328
LowerMyCharges’ take: Very sad to hear that many people have lost their life savings following the collapse of London Capital and Finance following what looks like a case of gross miss-selling.
The Independent: More than a third of Britons expect their finances to get worse after Brexit
The Independent reported on a recent poll, which found that around 17 million British people expect their finances to get worse after Britain leaves the European Union. Concerns around the costs of energy and food, as well as the value of the pound, were some of the key points that were impacting financial wellbeing.
Read the full article here. https://www.independent.co.uk/money/spend-save/brexit-personal-finance-worse-trade-income-rising-living-costs-budget-a8813296.html
LowerMyCharges’ take: It looks as though we are gearing up for a period of financial uncertainty whatever the outcome of Brexit. All the more reason for people to take whatever steps they can to improve financial wellbeing.