I never cease to be surprised by how some firms get away with practises which fair-minded people would consider morally bankrupt and intellectually dishonest. I recently discovered yet another ‘scam’ being perpetrated by investment platforms – and the sums involved are flabbergasting.
Say a client has a £30k ISA of which 10% in cash, that amounts to £3k. The difference between getting 2.5% interest and 4.5% interest on that £3kamounts to £60 which is ‘just’ 0.2% of the total invested. It might not sound much, but when I calculated the revenues earned from clients’ cash across three quoted platforms, the sums were astonishing.
