There are no fund switching charges, re-registration fees and pricing will be unbundled.
Annual charges are on a sliding scale according to the amount of assets a client has on the platform, starting at 0.5 per cent for the first £250,000.
This charge drops to 0.4 per cent for assets between £250,000 and £500,000, 0.3 per cent for assets between £500,000 and £750,000, 0.2 per cent for assets between £750,000 and £1m and 0.15 per cent for assets over £1m.
Novia has yet to determine at what level it will set its initial charge.
Chief executive officer Bill Vasilieff says: “We are passionate about transparency, as there has been a lot of unhappiness with the UK financial services industry due to the opaqueness within some products.
“Our unbundled pricing will help give clients confidence in the charges they pay.”