View more on these topics

Cofunds writes to fund groups demanding access to all preferential deals

Cofunds has written to fund managers demanding contractual rights to access any preferential share classes that they launch. 

A letter sent earlier this month says the platform wants to amend its contractual arrangements with fund groups to include the condition that it would be able to have access to any lower-priced share classes launched.

Cofunds head of marketing operations Stephen Wynne-Jones says: “If fund groups are going to offer preferential terms to a certain type of distributor we would expect that to apply to those distributors using Cofunds.

“We have written to fund groups proposing a change to contracts which we are entitled to do. We are always fighting for the best rates to offer our distributors. I would imagine that one or two fund groups are not happy but broadly speaking we have had positive reaction to it.”

The Lang Cat principal Mark Polson says: “This does feel like a bit more of an aggressive move than others have made. However it makes more sense than having to go round each fund manager requesting access each time a new share class is launched.”

Standard Life says it has agreed preferential terms with seven fund groups so far.

The move to preferential share classes follows the HM Revenue & Customs decision that rebates were subject to tax from 6 April this year.

Money Marketing revealed last week Cofunds had dropped its annual £40 charge on its unbundled charging structure following a pricing review.

Recommended

FCA-FSA-Building-Sky-Contrast-700x450jpg

Advisers back watered down FCA early warning powers

Advisers have welcomed the FCA’s decision to tone down its approach to publishing early warning notices after industry concern. The regulator this week set out its final rules on publishing early warning notices for those subject to ongoing enforcement action. The FCA issued a consultation paper in March discussing how it would use its new […]

OOC AE

Out Of Context

“Have you seen the auto-enrolment rap?” A DWP press officer explains to an MM hack why the Government is down with the kids. “I’m not really sure why I’ve been invited.” Evolve Financial Planning director Jason Witcombe doubts himself as he networks with the great and the good of financial services at the annual Lansons […]

George-Osborne-700x450.jpg

Tories may follow Lib Dems with £12,500 personal allowance

The Conservatives are considering a bold pitch to mirror the Liberal Democrats’ flagship election policy to raise the income tax personal allowance to £12,500 in the next parliament. The Financial Times reports senior Tories are considering including the pledge in its 2015 general election manifesto. At its conference in Glasgow last month, the Liberal Democrats […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com