Over 2,000 ‘clean’ share classes are already loaded on to the platform, 1,500 of which were loaded in May. For June, Novia predicts this figure will increase each month until the full suite of ‘clean’ share classes are loaded to match the adviser demand and availability.
The platform currently carries more than 300 fund groups and offers access to over 2500 funds.
The move to ‘clean’ share classes follows the recent HMRC ruling on rebates, which heightened adviser demand for access to clean share classes in order to avoid pernicious income tax consequences of cash or unit rebates used to facilitate discounts.
Richard Denning, operations director at Novia, said: “The rapid loading of clean share classes onto the Novia platform continues to be a seamless process, and we are still in the midst of completing this transition.
“The use of our technology solution has accelerated the process and we have not had to take on extra staff to complete the job. We do expect to have a full suite of clean share classes to match our existing funds by the end of the summer, although of course we will continue to add them as they become available by the funds group.
“The provision of these additional classes I believe will help to facilitate much needed transparency and will help to dispel much of the smoke and mirrors sadly still in existence in the investment sphere.”
