PA asked platform providers that are adopting a bulk transfer approach what proportion of funds are currently more expensive and how that will impact the conversion process.
In light of the Financial Conduct Authority's (FCA) guidance on clean share class conversions, platforms that have committed to bulk transfers have commented on the proportion of clean share classes which are currently more expensive. The FCA stipulated that it would not expect a conversion from retail to clean to take place unless the cost to the consumer was either the same or less. There has been no shortage of claims that the move to clean share classes will, in some cases, leave consumers worse off. Wrap and pensions provider James Hay said in October that as much as 30% of recen...
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