Some £35m of investor's cash is lost annually across platforms that levy charges on their cash accounts, raising questions over the levels of cash being held by advised platforms, according to the lang cat.
The consultancy firm said levy charges on cash accounts were, in most cases, greater than current interest rate returns and so serve to erode cash holdings. According to the lang cat, cash holdings on advised platforms now total £19bn while an estimated £35m of investor's capital is lost annually across platforms that levy charges on their cash accounts. Giles Hutson: Is your clients' cash working hard enough? The firm's latest quarterly platform market scorecard found client cash holdings of typically 5% or more have remained relatively consistent since interest rates were much hi...
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