Artemis is keeping its fund charges the same for investments that are not made through platforms post-RDR, despite no longer paying the 0.5 per cent traditionally offered as IFA commission.
The fund group is keeping the annual management charge at 1.5 per cent for the majority of its retail funds for investments of less than £250k, meaning it will retain the 0.5 per cent that has previously gone to advisers.
Most fund groups have launched RDR-friendly share classes that offer access to funds with the adviser commission element stripped out to create a lower AMC.
Artemis says it has decided to encourage clients to access their funds through a platform, where most of its funds are available at 0.75 per
cent plus a platform charge, usually between 22 and 28 basis points.
Artemis sales director Tony van Gool says: “We now do the majority of our business on platforms and we are encouraging clients to do this by offering it cheaper through platforms than direct.”
Informed Choice managing director Martin Bamford says: “The real issue is that if fund managers are not lowering charges when a service has been removed, it is not treating the customer fairly.”