Britons In The Dark On Hidden Investment Charges
3 in 10 Britons think they are paying no charges for their stocks and shares ISAs, and of those that think they are paying charges, 89% have no idea what those charges might be according to research from rplan, the new financial planning website.
In the current economic climate, rplan claims that millions of UK investors are having the growth of their investments eroded by charges that, over time, can wipe out the gains made by prudent investment decisions. As a new entrant in the market, rplan will refund at least 50% of the ongoing commissions people pay for the investments they hold through the site. For an ISA investor using their tax limit each year, this represents a typical saving of £6,334 over 10 years.
Andrew Harris, rplan director commented: "The first step to know what you could be saving in commission charges is to know what you are paying. Savers and investors can visit rplan and without even having to register they can do a free check of their existing funds to see what charges they are already paying – www.rplan.co.uk/charges - and how these could be eating away the growth achieved by a fund or plan. People may think that doing a check on charges is a bit like going to the dentist, but commission charges are like tooth decay – and in this market if they go unchecked they can eat up the growth an investor’s hard earned savings will deliver."
rplan offers people a more rounded way to take control of their investments that is both clear and more cost-effective. It brings together four essential elements in a simple-to-use site:
- Plan. For each life goal, people can put together an investment plan and keep track of how close they are to achieving it.
- Save money: rplan refunds at least 50% of the ongoing commissions people pay for the investments they hold through the site and charges are capped at £15 a month.
- Analyse: Simple tools to use and free mobile apps to keep people up to date on their investment’s value and performance – wherever they are.
- Share: In addition to expert commentary, investors can share insights and experiences with like-minded people.
David Norman, CEO, TCF Investment said: "There has been a lack of innovation in what investors can use to plan and manage their investments. rplan changes this with a refreshing new concept for investors to get to grips with their financial thinking."
The rplan launch comes at a time when the economic slowdown has forced 69% of people to re-visit and re-plan their finances, with common steps taken including; cutting back spending, trying to free up more money to save and invest, putting back retirement and rethinking which life goals are real priorities. Added to this, as millions of people re-plan what they do with a shrinking disposable income, 38% admit that they have never had a long-term financial plan in place to work towards.
Commenting on the rplan offer, Justin Modray of CandidMoney.com said: “rplan fills a significant and growing gap in the market by combining competitive fund discounts with useful investment and financial planning tools, as well as aiming to create a thriving community of like minded investors.”
For more information or to arrange interviews with the rplan team contact firstname.lastname@example.org
Notes to editors
- Visit rplan today at www.rplan.co.uk
- The research was undertaken by Vision Critical among a GB representative sample of 2,222 adults on 4 October 2011.
- Pictures of the management team are available on request.
- rplan of 1 Frederick Place, London N8 8AF is authorised and regulated by the Financial Conduct Authority ("FCA") under reference number 529879.
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