FCA Warns Investment Firms Over 'Double-Dipping' Charges
Shares in AJ Bell, Hargreaves Lansdown and Abrdn Fall Following Announcement
- The Financial Conduct Authority (FCA) has warned 42 investment firms about the practice of 'double-dipping', where firms retain interest earned on customers' cash balances and also charge an operational fee.
- Shares in AJ Bell, Hargreaves Lansdown and Abrdn fell by around 5% in the first two hours of trading following the announcement.
- The FCA has given firms until the end of February to justify to savers where interest retained covered operating costs and stamp out 'double-dipping' charges.
- Hargreaves Lansdown and AJ Bell have both stated they do not engage in 'double-dipping'.
- AJ Bell announced it would roll out a series of price changes that would 'benefit' customers by around 14 million pounds ($18 million) a year.
Reuters 
The Telegraph 
CNBC 
