David Ferguson on hidden charges: 'No-one adds up those little things at client level'

Giving the keynote speech at the Lang Cat Live event on Thursday (10 February), Ferguson pointed to firms that had made more than half their profit on interest on cash in the recent past. "I always struggle with pricing models where a firm will say we charge X, that's our headline price, and we also charge this if you do drawdown, and this if you take an income payment with your statement, we take a margin on cash," he said. "No-one adds up those little things at the client level, because it doesn't matter, it's like £20, or only £50 there. But actually, the aggregation asymmetry is t...