View more on these topics

FundsNetwork fails to address fund charges discrepancies


Fidelity FundsNetwork has failed to explain the discrepancies between ongoing fund charges quoted on the disclosure document and the platform’s website.

The headline ongoing charge figure displayed on FundsNetwork often appears higher for a number of popular funds, data obtained by research firm Datalaya shows. On the M&G Episode Defensive fund the investor factsheet, as well as Morningstar data for the fund, has an OCF of 71 basis points. But on the FundsNetwork fund details page, which says the data is supplied by Morningstar, the OCF is given as 80 bps.

The 7IM AAP Moderately Adventurous fund has an OCF of 69 bps according to FundsNetwork but Morningstar and the disclosure document both say the charge is 59 bps. The figures shown on the platform are pre-discount or platform charge.

A FundsNetwork spokesman says: “We are continuously looking at how we maintain OCF data from our fund partners and how we present them on the platform.

“However, as it stands, the ongoing fund charges that appear on the platform are supplied to us periodically by third parties. It is possible for them to change during the intervening period. For the most up-to-date charges, advisers should refer to the fund’s disclosure document.”

Gbi2 managing director Graham Bentley says: “The investor OCF is the only OCF that data providers should reference. Where a platform has a discounted price it has responsibility for calculating and showing that net price across all its digital and paper material.”



Platform focus: Can FundsNetwork win the service war?

In this final platform focus before the Christmas break, we take a look FundsNetwork. The platform has had a busy year: completing the conversion to clean shares, pushing ahead with re-platforming to Bravura’s Sonata solution and introducing a wider range of third-party investment products. It is the second largest platform by asset size, with assets […]


FundsNetwork adds investment trusts to platform

FundsNetwork has added a select number of investment trusts and broadened its range of ETPs available on platform. From early December the platform will make the most popular investment trusts and exchange traded products available to advisers. Among the investment trusts available will be those from Aberdeen, Baillie Gifford, Invesco Perpetual, and JP Morgan Asset Management. The […]


Tisa appoints former FundsNetwork boss as director general

Industry trade body Tisa has named former Fidelity FundsNetwork boss David Dalton-Brown as director general. Dalton-Brown, who was director at Barclays Funds until 2013, takes over from Tony Vine-Lott, who stood down from the role in August last year. He holds a number of non-executive director positions at Barclays, having previously worked for KPMG, Norwich […]


FundsNetwork to lose contract as Barclays agrees D2C deal with FNZ

Barclays has agreed a long-term deal with technology provider FNZ to power the bank’s refurbished D2C proposition, Money Marketing understands. The wealth division of the bank announced at the end of last year that it would be relaunching its D2C service.  It plans to unveil the new platform in the first half of 2015. It currently […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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