Fund groups face pressure to introduce 'bare' share classes

Following HM Revenue and Customs' decision to tax unit and cash rebates - effectively ending the rebate model - Standard Life announced it would be lobbying managers for ‘super-clean' share classes. The new share class, priced cheaper than the standard 75bps rate, would allow larger platforms to replicate the competitive advantage gained from rebates without the tax liability. But after Skandia (the other prominent firm operating a rebate model) also began to push for super-clean, the majority of other platforms also said they were confident of getting the preferential rate. Fideli...