Child trust fund charges, the state pension age and equity release - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend...
The child trust fund fees rip-off Young savers are losing thousands of pounds on their child trust funds because of "sky-high" fees that can be up to seven times higher than close to products found elsewhere, reports The Sunday Times. Millions of parents saving under the scheme are paying 1.5% a year for an automated fund tracking a stock market index, when rival funds doing the same thing charge 0.21%. That means someone who has saved £100 a month over 18 years paying charges of 1.5% instead of 0.21% would be about £5,000 worse off, assuming growth of 6% a year. Candid Financial A...
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