Britain’s largest investment platforms are coming under pressure to justify the fees they charge as competitors offer their services at a fraction of the cost. Vanguard, the American funds giant, has attracted almost £2m a day from British customers since launching a service in May that charges just 0.15% a year — one-third of the fee applied by Britain’s largest provider, Hargreaves Lansdown. By the start of last week the US firm had about £250m under management, figures given to Money show. Meanwhile, Embark Group, a pension investment specialist, says it is “weeks away” from launching a platform for Isas and junior Isas that will match Vanguard on fees but offer a wider range of products. Phil Smith, Embark’s chief executive, describes the fees levied…

Source: The Times September 23, 2017 23:03 UTC