FundsNetwork extends account fee to all clients

Originally, the fee, which does not attract VAT, was only available to advisers' clients who had £50,000 or more on the platform. However, from 25 July, all clients will be able to opt into account fee pricing. The flat fee will be fixed until June 2013 and gives clients the freedom to buy and switch at no additional cost. Skandia recently increased its single investor charge from £52 to £68. The hike, which raised the annual cost by 0.025% of fund value for the typical customer, was undertaken to upgrade systems and improve its service ahead of regulatory change.