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Ascentric pricing change drives boom in Sipp accounts

Royal London has defended moving its Ascentric platform to an “all-in” pricing structure earlier this year, saying the decision has paid off with a spike in Sipp accounts.

In May, Ascentric moved to a single account charge, ditching trading fees and charges for Sipp and drawdown administration.

However, portfolios under £1m are now charged at 0.3 per cent, higher than the 0.25 per cent previously charged.

Assets of between £1m and £3m remain charged at 0.1 per cent. While discounts were negotiated on assets above this under the previous structure, Ascentric now charges 0.06 per cent on assets between £3m and £5m.

In its half-year accounts this morning, Royal London said the change had made it “easier for advisers and their clients to understand total costs”.

It added: “Since the new pricing structure was introduced in May, Ascentric has seen a significant increase in Sipp accounts set up on the platform.”

Gross inflows for the first half of the year were £1.4bn, up from £1bn for the first six months of 2016.

Assets under administration are up 9 per cent from their level in December, rising to £13.4bn.



Ascentric moves to ‘all-in’ charging structure

Ascentric will move to a single standard account charge from 1 May, seeing it scrap trading fees and additional charges. The change means Ascentric will not charge fees through its stockbroking service or additional fees for its model portfolios. There will be no additional charges for a Sipp, drawdown or ad-hoc administration services. Under the […]


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