ISA management Fees

[s2t]

Just looking at some of the various Share ISA management fees, just what do these companies do to justify such fees, it is not as if they are managing the funds

[DonkeyApple]

s2t said:

Just looking at some of the various Share ISA management fees, just what do these companies do to justify such fees, it is not as if they are managing the funds

Don't get me started on this subject

ISAs are going to be the biggest mis selling scandal as soon as people wake up to what has been going on.

Cash ISAs are one thing, but if there is a fee being charged then it is simply a scam. The profit for the issuer lies in the funding differential. If they have skimmed that to make it look a better rate in the market place but then charging a fee then now is the time to go to the FSA with a TCF charge against the supplier.

Equity ISAs can be a shocking scam. People are encouraged to buy funds within their ISA, so not only do they pay an annual management fee (which is unnecassary) they also pay fees on each fund they invest in.

On top of this, the only tax saving is CGT. The majority of people who are sold ISAs aren't even liable for CGT. Scam.

The ISA mechanism is excellent if you have the right amount of money and pay attention to what you are doing, but the simple fact is that it has been used as a sales tool by IFAs, banks and brokers to add extra hidden layers of fees for the retail client.