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UK consumers aren't switching their wealth managers partly due to exit fees - Business Insider

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Most UK consumers are loyal to their wealth managers — but a change in the industry could give fintechs an opening

a consultation on the issue, and it remains unclear whether and when such a rule will be implemented.

Some investment providers still opted to scrap their exit fees, including Hargreaves Lansdown, Fidelity, and Interactive Investor, which suggests that even if a regulation isn't in place for the time being, the industry may already be moving toward eliminating such fees. This would enable fintechs to gain new customers looking for cheaper alternatives for their investments. The survey suggests that if the exit-fee barrier is eliminated, more people will start browsing for alternative investment options.

Fintechs in the investment industry are known for their cheap products — with digital wealth manager Wealthsimple charging 0.7% on assets of up to £100,000 , for example, and Scalable Capital charging 0.

 

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