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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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