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Nucleus advisers propose one page platform disclosure

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Nucleus IFAs have drafted a disclosure document they believe should be adopted across the platform industry which sets out charges for investors on a single side of A4 paper.

It rivals the work of the UK Platform Group, whose members include Skandia, Cofunds, Fidelity FundsNetwork and Standard Life, which has been drawing up proposals for an industrywide disclosure document.

The Nucleus IFA advisory board’s document is part of a wider white paper on the FSA’s platform consultation paper.

The FSA backtracked on its original proposal in March to ban rebates between fund managers and platforms and said the payments could continue as long there was “improved disclosure” to clients and products were presented on platforms in an unbiased way.

The Nucleus document aims to provide a clear explanation and summary of charges incurred in investing via a platform.

Headed, Key facts: what you absolutely need to know, it includes a summary of the investments held with the platform and how this is split.

It includes a simple charges table outlining platform cost, advice fees, portfolio costs and total charges, all on an initial and annual basis. There is a column for notes to explain why charges are being levied and what services they represent.

Chairman of the Nucleus IFA advisory board John Moore says: “We believe by combining transparency with advances in technology, platforms will be able to deliver a proposition that places the client firmly centre stage and helps the FSA deliver on its RDR objectives. The one-page disclosure document is a small but hugely important step in this process.”

To view the disclosure document in full, please click here.

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Readers' comments (3)

  • Whilst David (F) and I have had our 'disagreements' over the last few months (generally good hearted), I would like to commend Nucleus (and their advisers) on this document.

    Whilst it probably doesn't go into enough detail, it should vertainly be viewed as a good start.

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  • I don't use Nucleus so sorry if I'm wrong but I don't understand "all charges will be net from cash"
    If Portfolio cost means fund cost isn't that 0.6% included in the fund invested in ?

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  • You must be joking - thanks for your positive comment. David will be delighted!

    John - The document actually reads "all charges will be met from the cash you hold in your Nucleus wrap'. No mention of 'net'!

    'Portfolio costs' represent the actual (unbundled) cost the client pays to hold the fund (or other asset). Hope this all makes sense.

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