Savers 'are losing £19bn in hidden fees'

Obscure charges make comparison shopping all but impossible when it comes to pensions and other investments

UK currency
(Image credit: 2008 Getty Images)

Millions of people with money invested in funds and pensions are being failed by an industry that is charging excessive, unfair and often hidden charges that total billions of pounds, according to the Financial Services Consumer Panel (FSCP).

The body, which advices the Financial Conduct Authority, is unhappy that most pension and investment funds display the annual management charge as the cost of the investment but that can make up as little as a quarter of the actual cost. That is because many of the charges are taken directly from the funds so remain hidden from investors.

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