Cofunds is set to have 3,000 clean share classes on its platform by July of this year, the platform provider has claimed.
The platform currently offers more than 2,700 clean share classes in anticipation of wider market movement following the Financial Conduct Authority’s ban on cash rebates and the news that HM Revenue and Customs will tax income from rebates.
Cofunds has been aggressively expanding its number of fund groups, with 10 new groups added since the beginning of the year, two more due to go live on 1 May and a further six ready to launch over the next few months.
Cofunds has previously said it will use its buying power to keep prices down on its clean share classes.
Michelle Woodburn, head of fund manager relations at Cofunds, said: “Everyone, even those who have been playing the platform paper waiting game before acting, needs to embrace clean share classes and they need to do it now.
“Moving to cleaner share classes makes things simpler for everyone: The adviser agrees a fee with the investor and the platform clearly states what the investor will be charged for the services provided.
“Importantly, applying discrete charges for each part of the value chain will go a long way to helping the value of professional advice get the recognition it deserves.”
