Investors with Towry are urged to review their investments in light of high charges announced in May this year. The firm has overhauled its charging structure to an eye-watering 2 per cent on investments worth less than £200,000; pushing total first year charges close to 4.60 per cent.
Fund supermarket platforms are a popular way of building a portfolio of investments. However, under legislation being introduced in 2013, many investors who use investment platforms may be charged fees directly. The proposed changes, known as The Retail Distribution Review (RDR) will prevent platforms from paying referral fees and commission to advisers. The knock-on effect for DIY investors will be to pay up-front fees that were once hidden in annual management charges.