Loans and Finance

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News and information about loans, money, debt, finance and business issues.

Wednesday, June 10, 2009

Rip Off Britain

Selftrade, the online stockbroker, has added its name to the financial services industry hall of shame for ripping customers off.

As from 1 July this year, it will charge its hapless customers an annual management fee of £40. They are taking advantage of the fact that their rules mean in order to transfer stocks some customers could be charged as much as £100, ie their customers are locked in and ripe for being ripped off.

My advice to its customers is to sell your shares before 1 July, and look for a better deal before buying back into the market (if this is financially feasible without losing more than the £40 charge).

Don't let Selftrade get away with it.

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