Managing Your Money 

Watch what you're being charged

Watch what you're being charged

Although a number of the largest do-it-yourself (DIY) investment platforms scrapped exit fees last year following criticism from the financial regulator, a number of these and traditional brokerage firms still charge you when you move your money away from them. A recent example of this was when a franchise agreement ended between broker Redmayne Bentley and its branch in Beverley, run by Robert Hughes, who had been operating in partnership with the firm since 1992. Redmayne Bentley issued notice to Mr Hughes in spring 2019 and the contract was terminated in April this year. But if clients of Mr Hughes want to move with him to the new broker he has chosen to partner with they will have to pay Redmayne Bentley’s standard exit fees.

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