Your English writing platform
Discover LudwigExact(19)
The new duty, introduced through legislation, will form part of the response to the government's Pension Transfers and Exit Charges consultation.
Nutmeg chief executive Nick Hungerford said: "Early exit charges are often unnecessary, and a sly way to make money from customers".
He's going to force the City watchdog (the FCA) to ensure firms don't rip off consumers with extortionate exit charges on those taking advantage of pension freedoms.
* * * The Financial Conduct Authority must ensure firms don't rip off consumers with extortionate exit charges on those taking advantage of pension freedoms, the Chancellor said yesterday.
However, the reality is less dramatic, with the FCA now confirming the review will not seek to remove exit charges on the vast majority of legacy products.
On Thursday, a cap on excessive early exit charges for those looking to cash in their pension savings will be set out in a consultation paper.
Similar(40)
Henderson unit funds are now being converted into open ended investment companies (OEICs), with a less onerous opening commission of 3%, but an increased annual levy of 2% and a new exit charge diminishing over six years.
If interest rates happen to be up, there could be an extra exit charge.
Maximum sales charge shows the highest commission collected by the fund's distributor, including any back-end (exit) charge.
Northrop's exit prompted charges of protectionism from some European leaders, raising the prospect of retaliation against American arms makers.
This is the week when, at least for those of us whose privilege of race and class allow it, we might begin to exit the charged moment of crying in the face of loss, of the violent taking of life, when we might settle for the tears we shed last week.
Write better and faster with AI suggestions while staying true to your unique style.
Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com