Old Mutual Wealth has set out its bulk conversion plans on its platform which will see it undertake the first switches in February 2015.
The firm says 75 per cent of advisers have already moved client assets from commission-based share classes to fees and that all clients in loaded share classes will be moved by the end of 2015.
The move applies to Isa accounts and collective investment accounts whilst retirement accounts and investment bonds are unaffected.
The FCA sunset clause on all payments between fund managers and platforms comes into force in April 2016.
Old Mutual Wealth platform marketing manager Mike Barrett says: “Since the introduction of the FCA platform paper we have always put advisers in control of the move to unbundled platform charging. This has so far seen nearly 75 per cent per cent of assets move.
”As the sunset clause approaches, we will work with those advisers that still have business in a bundled platform charging structure to help them transition to adviser charging before implementing a bulk conversion in Q4 2015.
“Our share class conversion process means we will take responsibility for ensuring customers are invested in the most appropriate share class. Advisers just need to focus on moving clients from commission to fees and we will also support them in that process.”