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Savers losing millions each year – BestInvest

Investors are wasting over £75m a year through initial charges from fund houses, new research from Bestinvest shows.

It says investors whose IFAs maximise commission rebates could be saving a small fortune each year.

Usually, fund initial charges comprise of commission paid to brokers, and an additional margin representing revenue for the fund manager.

Brokers can alter these factors, by rebating commissions in order to reduce the initial charge, and negotiating reductions in the margin for their clients.

These charges can be reduced significantly, sometimes to no initial charge.

Communications manager Justin Modray says: “I am amazed that so many individuals still invest with fund management groups, there really is no advantage in doing so.”


Unipass setting access standard

Technology standards body Origo says passwords and user names are becoming unnecessary for individual financial websites as the Unipass system becomes the standard for entering portals and providers&#39 extranets.Friends Provident and Clerical Medical have just adopted Unipass. A total of 11 product providers and portals now accept Unipass. Origo says Friends and Clerical decided to […]

C&G predicts decline in mortgage affordability

Borrowers&#39 ability to afford their mortgages will continue to deteriorate heading towards next year, according to new research from Cheltenham & Gloucester. The lender&#39s quarterly housing index reveals little movement with the amount needed for a typical mortgage rising by just 0.7% during the last three months. There is also little change for first time […]

Davies warns listed companies

Outgoing FSA chairman Howard Davies has used a speech in Glasgow at the Confederation of British Industry to remind listed companies of the need to prepare themselves for the advent of new accounting standards which will begin 1 January 2005. Due to the largely European-led changes, Davies urged companies to “get ahead with their preparations […]

Borrowers unaware of repayment penalties

Half of those who intend to take out a personal loan in the year ahead (two million people) have no idea that the majority of personal loans carry repayment penalties. Research from ICM Research for Intelligent Finance also reveals that over a third (16 million people) of all adults in the UK do not realise […]


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