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Standard Life cuts platform charges

Standard Life is reducing fund charges across its platform from April 6.

It is cutting charges on its Sipp and offshore bond wrappers on its platform by up to 0.2 per cent and reducing onshore bond charges by up to 0.1 per centIt is removing the £200 charge for non-core funds on its Sipp and offshore bonds but replacing it with a flat £240 charge on these wrappers regardless of fund choice from April 2010.

The new £240 charge will apply annually in arrears and the company says it is taking the step in a bid to simplify its pricing structure.

In an email to advisers, Standard Life says: “Our aim is to offer a competitive, value-driven proposition which reduces the charge for clients with large holdings.”

Standard’s decision follows Skandia’s move to cut initial charges on its Selestia platform.

Threesixty partner Phil Young says: “Standard Life’s changes are a positive step. Anything that helps bring costs down for investment advisers and their clients at a difficult time will be welcomed. The flat charge on the Sipp and offshore bond is likely to bring down the overall cost for the majority of clients.”

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