A chartered financial planner has questioned Jupiter’s charging structure after complaining that his client was still paying the same pre-RDR annual management charge.
Independent Hertfordshire-based Filip Slipaczek claimed he was told his client had to continue paying a 1.5 per cent AMC on the Jupiter High Income fund as there was no alternative clean share class.
He said: “I am somewhat shocked that the RDR, which was supposed to provide a transparent and cost-effective service to the general public, is being abused by product providers.
“It is more shocking that a well respected and popular investment house is acting in such an unprofessional manner.”
However, a spokesman for Jupiter, said a clean share class of 0.75 per cent could be accessed on platform but was unavailable direct or off-platform.
She said: “If a client comes direct rather than off platform, we have the cost of dealing with them.
“We took a decision like many other fund managers that we would not be facilitating adviser charging. It worked out very expensive to do that by ourselves.”
Addressing issues of adviser charging facilitation earlier this year, a four-page fact sheet on frequently asked questions by the former regulator the FSA, said: “Some providers have chosen not to offer adviser charging facilitation or offer these services for only some products. This is a commercial decision for these firms.”