The UK subsidiary of Indian bank ICICI is launching an execution-only platform.
ICICI Bank Investment Services will launch the platform by the end of the year, which Money Marketing understands will be powered by Cofunds.
It will give investors access to around 1,500 funds across 90 fund managers.
The platform will charge a monthly fee of £4 or an annual fee of £35. ICICI Bank’s UK account holders will pay £3 per month or £25 per year.
The platform will not charge switching fees and there will be no initial commission on funds.
The firm will also provide online fund comparison, tracking and analysis tools.
Cofunds powers direct platforms for a number of firms including Chartwell Direct, Chelsea Financial Services, Fundsnet and Halifax.
ICICI and Cofunds declined to comment.
Murphy Financial associate partner Adrian Murphy says: “This is obviously the direction of travel for banks as they are not showing the desire to continue to give face-to-face advice. I think the banks can make execution-only work because they have the marketing capability and the scale to reach the mass market, which advisers can no longer serve.”