View more on these topics

Platforms set for fresh wave of bulk conversions

Platforms are eyeing the next wave of bulk conversions to clean share classes after the FCA issued final guidance last month.

NoviaAlliance Trust Savings and Standard Life completed bulk conversion to clean share classes last year. Others have been waiting for clarification from the FCA.

The regulator issued draft guidance last October but did not finalise the rules until May.

Aviva had pressured the FCA to finalise its rules and says it plans to begin converting from mid-July.

Nucleus also plans to start conversions in July while AJ Bell says it will start in Q4. 

The regulator’s rules say conversions must be in the best interests of clients.

Aviva says only 1,164 of the 1,725 funds on its platform can be converted. A total of 389 funds have a higher ongoing charge or annual management charge than the clean share class while other funds have not launched a clean share class alternative.

Nucleus communications director Garry Mcluckie says: “We will not put clients in a worse position so there are a few discussions going on.”


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