LONDON, November 17, 2011 /PRNewswire/ --
- New Website Set to Pay Back Millions in Commission Charges -
3 in 10 Britons think they are paying no charges for their stocks and shares ISAs, and of those that think they are paying charges, 89% have no idea what those charges might be according to research from rplan, the new financial planning website.
At a time when the economic slowdown has forced 69% of people to re-visit and re-plan their finances, rplan claims that millions of UK investors are having the growth of their investments eroded by charges that, over time, can wipe out the gains made by prudent investment decisions. As a new entrant in the market, rplan will refund at least 50% of the ongoing commissions people pay for the investments they hold through the site. For an ISA investor using their tax limit each year, this represents a typical saving of £6,334 over 10 years.
Andrew Harris, rplan director, commented: "The first step to know what you could be saving in commission charges is to know what you are paying. Savers and investors can visit rplan do a free check of their existing funds to see what charges they are already paying - http://www.rplan.co.uk/charges - and how these could be eating away the growth achieved by a fund or plan."
rplan brings together four essential elements in a simple-to-use site:
- Plan. For each life goal, people can put together an investment plan and keep track of how close they are to achieving it.
- Save money: rplan refunds at least 50% of the ongoing commissions people pay for the investments and charges are capped at £15 a month.
- Analyse: Simple tools to use and free mobile apps to keep people up to date on their investment's value and performance.
- Share: Investors can share insights and experiences with like-minded people.
David Norman, CEO, TCF Investment, said: "There has been a lack of innovation in what investors can use to plan and manage their investments. rplan changes this with a refreshing new concept for investors to get to grips with their financial thinking."
- The research was undertaken by Vision Critical among 2,222 adults.
- rplan of 2 Frederick Place, London N8 8AF is authorised and regulated by the Financial Services Authority ("FSA") under reference number 529879.