Half of consumers who have bought a regulated financial product from a bank or building society are unaware of the level or existence of charges for it, research suggests.
Of those who bought products from providers, 42% showed the same ignorance of the charges attached. By comparison, just 28% of people who bought products through an IFA did not know how much or whether they were charged for them, the research by British Population Survey (BPS) said. The survey of 16,000 people has been carried out every month since April 2010 by BPS for Alan Steel Asset Management. Mike Hare, research director at BPS, said: "Alan Steel is concerned about the number of clients coming to him with unsuitable products in their portfolios. "Steel is worried there are...
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