Plus: what we can learn from the Woodford fiasco

Wednesday, June 12, 2019

Telegraph Money 

The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips.

The Telegraph take

By Sophie Smith, personal finance reporter

The Woodford fallout continues this week as eight out of the nation’s 10 most popular DIY investment shops have said they will not waive their platform fees for “prisoners” trapped inside Woodford’s 3.7bn Equity Income fund.

Hargreaves Lansdown, the nation’s biggest broker, said it will scrap its fees of 0.45pc a year while the suspension is ongoing, but other investment platforms have refused to follow suit. The FCA is among those calling for Woodford to waive his fees while his fund remains suspended.

Investment brokers are also coming under pressure to scrap “best-buy” fund lists after the suspension of Neil Woodford’s Equity Income portfolio.

Despite years of poor performance, the fund was backed by a number of brokers or “fund shops” popular with DIY investors and retained its place on Hargreaves Lansdown's Wealth 50 best-buy list long after its returns started to falter.

If you are an investor trapped in Neil Woodford’s flagship fund we want to hear from you. Share your experience by emailing us at yourstory@telegraph.co.uk.

Get all our biggest and best money stories – from tax, pensions, investing and more – for just 2 a week with a subscription to Telegraph Premium. Start your 30-day free trial here.

 

Top stories

A piggy bank
A cartoon of a person dangling keys over people
A cartoon of wanted posters with men printed on them
 

Moral Money

A graphic of hands shrugging with money being squeezed out of a house

'Should I tell my wife my parents paid off our mortgage?'

Read more and have your say here.

 

Investing

 

Fame and Fortune

Roger McGough

Roger McGough: ‘I’m what you’d call financially dyslexic’

 

The Scaffolds wrote songs about decimalisation, but didn’t understand how the currency worked. Read the full interview here.

 

Banking

My month with Monzo: did it revolutionise my finances?

Overdraft fee crackdown: the worst offenders among top accounts

'Why did it take Metro Bank five months to refund our stolen 20k?'

Money Makeover: 'How can I pay off my mortgage 10 years early?'

 

Questor

Jay Z and Beyonce
An Australian road with a sign warning about kangaroos<br>
A rig in Premier Oil's Natuna field in Indonesia
Neil Woodford
 

You have the last word...

Paul Gilson said about the airlines that charge you more when you pay in euros: "The whole mass market business of flying revolves around herding sheep and fleecing them. Why do airports not provide drinking fountains as a public service, particularly at the point where passengers have already passed through security?"

Cab Sanders said about Neil Woodford's refusal to waive his fee is hubris to the highest degree: "To go on charging after such a debacle for which he has apologised is a disgrace."

John Smith said of women fighting against equal rights say Mrs Thatcher is on their side: "Those born after 1950 will have a pension that is about 2,000 a year more than those born before 1950. As someone born in 1949 who retired at 65, I shall start losing out when I am about 80, my husband born in 1948 retired at 65 is already losing out. These protesters want to have their cake and eat it."

 
Insert a clear and simple description of the image
 

Contact us: to pose a question to our team of expert reporters, email moneyexpert@telegraph.co.uk. If you'd like a free financial plan, email money@telegraph.co.uk with the subject 'Give me a Money Makeover'.

Share this newsletter

Email Facebook Twitter
The Telegraph

Telegraph Money 

 

Not subscribed to this newsletter yet? Sign up now.

See more Telegraph newsletters

 

Investor  |  Property  |  Business  |  Front Bench

You have received this email because you have agreed to receive marketing messages by email from Telegraph Media Group Limited or its group companies or you may have signed up to receive this newsletter. Please do not reply to this email.

 

Terms and conditions apply to all offers, prices and competitions that may be shown in this email. For full details please click on the advertised offer. The Telegraph reserves the right to withdraw these offers without notice.

 

If you no longer wish to receive these messages, please unsubscribe.

 

In accordance with the 2018 Data Protection Act, Telegraph Media Group Limited and its group companies are committed to protecting your privacy. If you wish to know more please access our privacy policy.

 

This email is from Telegraph Media Group Limited or its group companies - 111 Buckingham Palace Road, London SW1W 0DT. Registered in England under No 451593.