FCA proposes ban on platform exit fees

The Financial Conduct Authority (FCA) said exit fees are one of the three "main barriers" that prevent clients switching platforms. It said not only do exit fees reduce incentives for firms to deliver better services for all their customers but they also add complexity to the fees people are charged. The regulator said a ban on exit fees, which applies to new business going forward, is more likely to be effective to break down barriers to switching than a cap.  According to the lang cat, AJ Bell, Alliance Trust Savings, Hubwise, James Hay and Novia are the five adviser platforms who c...