interactive investor today welcomes the news that Hargreaves Lansdown is to scrap exit fees.
interactive investor announced that it was permanently removing exit fees in November 2018 and has not charged exit fees since December 2017. Following completion of the acquisition of Alliance Trust Savings (ATS), announced on 1 July 2019, interactive investor removed exit fees for Alliance Trust Savings with immediate effect.
Richard Wilson, Chief Executive, interactive investor says: "This is a very welcome move for investors. We have long argued that exit fees are a recipe for rip offs and a barrier to competition. Now a much more competitive market place can start to open up.
"This move throws down the gauntlet to the wider industry, which has dragged its heels on this issue. As we await the regulator's final decision on exit fees, let's see if other major platforms can call time on exit fees without further arm twisting. What we would like to see is an outright ban on exit fees for existing customers, not just new business going forward. It is the only right thing to do."
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