ANGRY READERS BACK OUR MANIFESTO TO SET INVESTORS FREE

WHILE Woodford’s greed angers many readers, we have also received overwhelming support for wider reforms we propose to make the investment industry more customerfriendly (see right).

These include making funds more transparent and ensuring they invest in assets they claim to target (Woodford Equity Income drifted far from an equity income focus by investing in illiquid, non-income producing companies).

There is also huge support for our call to ban exit fees levied by platforms if investors want to move their holdings to a rival.

Many readers tell us they would love to move investments from Hargreaves Lansdown because it relentlessly pushed Woodford’s funds right up until June when dealings in Equity Income came to an abrupt halt.

But to do so, they would have to pay an exit charge of £25 per holding, plus a £30 closure fee.

Neil Bottrill, a 63-year-old retired TV engineer from Sheffield, estimates it would cost him £1,500 in total to transfer his tax-friendly Isa and self-invested personal pension.

‘Hargreaves is plain greedy,’ he says. ‘It makes enough from my investments without demanding more if I want out. ’

Ben Cocks, at technology firm Altus, says exit fees remain a ‘significant barrier’ to investors shopping around in search of best value platforms. He says: ‘If investors find a better platform deal there should be nothing to stop them getting it. Exit fees should be banned.’

Hear, hear. No more exit fees. No imprisonment. Are you listening Hargreaves? Are you listening FCA? Are you listening Woodford? You bloody well better be.