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Fidelity adds platform fee to multi-asset funds after FCA cross-subsidy ban

Fidelity will unbundle the charges on its 15 multi-asset funds for investors through its FundsNetwork platform following the FCA’s move to ban cross-subsidy deals.

In April, the FCA said platforms should not use cross-subsidies to market themselves as free or appear to offer lower platform pricing for investors in their own funds.

Previously, Fidelity had waived the platform fee on Trevor Greetham’s Navigator multi-asset funds but will change this approach after the FCA’s move.

The Navigator funds’ annual management charge will be cut to 0.25 per cent or 0.5 per cent, depending on the individual product’s investment approach, and a 0.25 per cent platform fee will be implemented.

FundsNetwork head of sales Paul Richards says: “FundsNetwork Navigator has unbundled its pricing to reflect guidance issued by the regulator in April this year. The total cost of the solution remains the same, the only difference being that a service fee will be taken separately to the fund charge.”

Seven Investment Management is also adding a platform charge of 0.25 per cent to its own funds as a result of the FCA’s ban, while Axa Wealth is making changes to its Architas pricing on Axa Elevate. 



NAO launches FCA value for money investigation

The Prudential Regulation Authority and the Financial Conduct Authority are being investigated by the National Audit Office over whether their regulation is proportionate and whether they provide value for money. The new so-called “twin peaks” regulatory structure was introduced by the Financial Services Act 2012 and requires an annual NAO review of the regulators. However, […]

LSL Property Services back in profit as surveying claims subside

LSL Property Services made an £8.4m pre-tax profit in the first half of this year, a major turnaround on the £7.9m loss in the same period last year driven by valuation claims provisions. Last year the property giant set aside £17.9m to deal with over-valuation claims but in its half-year results to 30 June, published […]


IMA: Bond funds suffer record redemptions in June

Fixed income funds suffered £624m in net redemptions during June, according to the latest figures from the Investment Management Association. The three worst-selling IMA sectors for the month were £ Corporate Bond, Global Bonds and £ Strategic Bond. IMA director of public policy Jonathan Lipkin believes fixed income has suffered due to uncertain central bank […]


FCA sparks action over ‘illegal’ CISs

The FCA is taking at least 16 firms and individuals to court over claims they were operating or promoting collective investment schemes without its authorisation. The regulator has taken action against Capital Alternatives, African Land Limited, Reforestation Projects and at least 13 other firms and individuals in the belief they have acted illegally in the […]

What are the key changes to transform pensions?

By Fiona Tait, pensions specialist In her final article for Royal London, Fiona Tait reviews key changes she believes have transformed, or will transform, pensions. In my 12 years with Royal London I have been paid to review, study and explain the numerous changes to pension legislation which have transformed our industry in that time. This is […]


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