All three platforms are now opposed to the automatic switching-off of trail and rebates after Cofunds voiced its plans to “work with advisers” to aid the transition to adviser charging.
It follows FundsNetwork and Skandia which have both stated they will not make changes to bundled share classes without adviser permission. Other platforms have taken the opposite view, planning to switch investors into clean fee shares in bulk in the coming months.
“Our view is that platforms should actively work with advisers to migrate their client books over to clean share classes and therefore platform pricing at a time that works for them, but obviously in line with the FCA’s timeframes set out in PS13/1 [the regulator’s platform pricing rules],” Cofunds spokesperson Stephen Wynne-Jones said.
“This means the adviser is in control of their proposition to their clients and payment of trail, not the platform.”
