View more on these topics

Royal London sells D2C platform Fundsdirect


Royal London has sold the client book of its online fund supermarket, Fundsdirect, to direct-to-consumer investment platform Strawberry Invest for an undisclosed sum.

Through the deal, £15m of client assets will initially transfer to Strawberry but this will increase to £21m over the coming 12 months.

Additionally, over 400 clients will transfer to the D2C platform, with this number potentially rising to 800 within a year.

Existing clients transferred from Fundsdirect will on average benefit from a 12.5 per cent reduction in costs, Strawberry says.

Fundsdirect was launched in December 1999 and operates under the Ascentric brand.

Strawberry Invest managing director James Priday says: “We believe that Fundsdirect is a great fit with Strawberry and we are pleased to be able to offer clients an enhanced platform and level of service.

“We remain committed to offering a simple and low-cost way for investors to save money and this deal with Fundsdirect further strengthens our commitment to this goal.”

Fundsdirect managing director Jon Taylor adds: ”The sale of Fundsdirect represents a good outcome for our clients who will benefit both from Strawberry’s great pricing and their excellent range of online tools and services. From our perspective the sale allows us to be completely focussed on delivering the best possible service to our clients in the intermediated market.”



Two thirds to miss out on full state pension

Almost two thirds of people retiring will receive less than the full new flat rate state pension when it comes in next year. A Freedom of Information request submitted by the Sunday Times shows 63 per cent of people reaching state pension age in 2016/17 will receive less than the expected weekly payment of £151.25. […]


Viva la advice revolution: What Govt review means for advisers

Advisers and providers are braced for a fundamental shake-up of the advice market following the Government’s announcement of a wide ranging review of the sector said to be on a par with the RDR. The Financial Advice Market Review, announced earlier this month, has the overarching aim of establishing how the advice market can work […]


MM leader: RDR was not a cure-all for the market’s ills

At first glance, the Government’s announcement of a review into the advice market did not look that explosive. The review talked of lofty but ultimately vague aims of changing the sector to work better for consumers. Woolly references to “safe harbours” and “amending regulatory perimeters” did nothing to help persuade people that here was something […]

Trusts and Taxations

Take a look at the trusts and trustee taxation video – The definition and classification of trusts. Once you’ve viewed the boxset, visit our Test Centre to test your learning and get your CPD certificate. View here


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. I thought Strawberry’s platform was FundsDirect (Ascentric). Therefore, isn’t all that’s happened is the clients have moved from being direct with the platform to a third party user, Strawberry? I understood Strawberry’s charges were 0.35%, so we are talking just £52,500 per annum of platform fees. Presume this is an example of where the platform provider was feeling the costs of dealing direct with the customer vs the fees is just too high, or was it them feeling bad that their direct clients were paying more for their platform than other users?
    I would have liked to hear about more from Royal London about what there motivations were.

Leave a comment