Update: Virgin Money slashes 1% fee on FTSE All-Share Tracker

Cutting fee to 0.6%

Virgin Money has cut the fee on its controversially priced £2.7bn FTSE All-Share Tracker fund which has been heavily criticised by buyers for some time.

The fund's 1% annual management fee has been reduced to 0.6% as of Friday 25 January.  Though the fee is still high compared to many FTSE trackers out in the market, it does include the cost of the ISA wrapper, which means investors save money on any additional brokerage fees. The lang cat's Mark Polson told Telegraph Money although investors should not have to pay more than 0.5%, including brokerage fees, for a UK tracker fund, the reduction in cost was still a "great move". In comparison, the cheapest UK tracker fund on the market, the iShares UK Equity Index fund, has a manageme...