The capital gained by customers of some of Sweden’s banks is lost due to high interest charges. The investigation showed that a bank fee is 1.5% results in a bad deal for customers. With a 1.5% charge – 10 years of saving results in a 14% fee.
This comes after a report by Morningstar showed that only 22% of Swedish funds have done better than the Index in the last 10 years.
Customers of the banks have also been warned after it was shown that their presentation of fund results were not taking the companies shares dividends into account, and this representation could easily lead customers into misreading the performance of the banks funds.