Plus: what we can learn from the Woodford fiasco
Telegraph Money | The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips. |
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The Telegraph take | By Sophie Smith, personal finance reporter |
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The Woodford fallout continues this week as eight out of the nation’s 10 most popular DIY investment shops have said they will not waive their platform fees for “prisoners” trapped inside Woodford’s 3.7bn Equity Income fund. Hargreaves Lansdown, the nation’s biggest broker, said it will scrap its fees of 0.45pc a year while the suspension is ongoing, but other investment platforms have refused to follow suit. The FCA is among those calling for Woodford to waive his fees while his fund remains suspended. Investment brokers are also coming under pressure to scrap “best-buy” fund lists after the suspension of Neil Woodford’s Equity Income portfolio. Despite years of poor performance, the fund was backed by a number of brokers or “fund shops” popular with DIY investors and retained its place on Hargreaves Lansdown's Wealth 50 best-buy list long after its returns started to falter. If you are an investor trapped in Neil Woodford’s flagship fund we want to hear from you. Share your experience by emailing us at [email protected]. Get all our biggest and best money stories – from tax, pensions, investing and more – for just 2 a week with a subscription to Telegraph Premium. Start your 30-day free trial here. |
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