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Abbey slams rivals over &#39hidden&#39 wrap charges

Abbey has slammed other wrap providers, claiming that their charging structures are too difficult for consumers to understand.

Abbey, which is cutting the minimum annual charge on its Sipp-only wrap from £600 to £300, says providers are deviating a long way from the Datamonitor report definition of a wrap which was published last December.

The firm says a wrap should incorporate all product wrappers, open architecture, a full suite of financial tools, online availability and a single transparent price. It is the last requirement which Abbey claims rivals are neglecting, with seemingly lower-priced offerings which it says have hidden margins on transactions, funds and cash.

Director Ambrose McGinn says: “I would like to see more providers follow our lead, being open and up front in terms of costs for their wrap service.”

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