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Interactive Investor scraps exit fees for ATS customers

Exit signInteractive Investor has removed exit fees for Alliance Trust Savings customers following the completion of the £40m acquisition on 1 July.

The move brings ATS customers in line with the II platform and applies to all direct customers, IFA and partnerships.

It comes ahead of the direct ATS investors’ migration onto the II platform, which is expected to be completed by the end of September.

Plans for the advised and partnership part of ATS are not yet finalised, but II confirmed exit fees have also been scrapped for these customers.

II chief executive Richard Wilson says: “Throughout the FCA’s consultation period on exit fees we consistently argued that an outright ban on exit fees, applied to existing as well as future business, is the only fair thing to do.

“Exit fees restrict customer choice – capping them doesn’t solve the issues and is still a recipe for rip offs. By extension, banning exit fees from the get-go for our new ATS customers, and ahead of migration for direct customers, is the only right thing to do.”

Interactive Investor drops bid for Share Plc

II announced it was permanently removing exit fees in November 2018 and has not charged exit fees since December 2017.

The company acquired ATS from Alliance Trust plc. The deal was first announced in October last year.

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