Clients hit by 'evil' switching charges on flight to cash

Sandiford, the James Hay regional sales director, says the impact of the recent market turbulence on many funds has been compounded by platforms charging switching fees. He believes the high level of recent switching activity has exposed an unnecessary evil in the industry. “At the moment it is just a bit mad out there, it’s not really a flight to quality, but a flight to cash,” Sandiford says. “We are finding, especially in our smaller SIPP clients, about 30% of the portfolio invested in cash." Sandiford says James Hay is one of the few providers which offers free switching on its wrap...