Standard Life has revealed further details of its Retail Distribution Review (RDR) charging structures ahead of a 15 October ‘go live' date.
The provider said the changes to charging on its FundZone proposition and self-invested personal pension (SIPP) - which have been emailed to advisers today - would create both a smooth transition to RDR readiness and enhance its overall proposition.
Graeme Bold, UK retail director - RDR explained the firm would unbundle FundZone mutual fund for new and existing customers and all FundZone rebates would be passed back to the customer in full.
All initial charges on the funds will be removed, along with the 0.25% switch charge.
An explicit decreasing wrapper charge will also be introduced to express charges and reward larger cases.
Bold said: "RDR requires us to make changes to our products to accommodate adviser charging. So we have taken the opportunity to also enhance our competitive position.
"We're introducing a clearer and simpler charging structure for mutual fund investing in a post-RDR world and we're removing charges and passing fund manager rebates in full to all customers."
Bold stressed the set up for its wrap would not be changing, as it already hands back all rebates to customers. And the firm was awaiting the outcome of the Financial Services Authority (FSA) platform paper before making any decisions.
From October Standard Life will provide the ability to start writing business online on adviser charging terms.
It also plans an update and redesign of its Adviserzone ‘quote and apply' functionality.
The provider said it was committed to supporting advisers through the transition. Bold added the latest update on post-RDR charging would answer adviser questions on exactly how they can write new business and how they should manage existing clients.
He added: "There is work to do for most if not all advisers to be ready for RDR."
The company said it would support advisers by offering a clear timeline of activities and communications. It will also provide detailed guides setting out product and process changes and providing information needed to successfully transition businesses.
It has set up an adviser ‘future ready' toolkit covering client segmentation, client servicing, pricing and client engagement.
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