Informed Choice: We admit it, we got it wrong on pricing

The company, which begins its 20th year trading tomorrow, currently charges an explicit project fee for advice, a percentage charge of between 0.5% and 2% for implementation and about 0.5% as a review fee. However, from 1 August, it said its implementation fees will also now be expressed as a fixed monetary amount. Executive director Nick Bamford said the firm had been charging too little for the advice piece, partly because it knew it would recoup money when charging clients for implementation. "The charge for implementation was cross-subsidising the advice fee," he said. "We admit i...