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Novia unveils pricing for wrap

Novia has unveiled the pricing structure for its wrap ahead of its autumn launch.

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.”

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