FCA set outs guidance on clean share class transfers

For platforms or other nominees undertaking the conversion to 'clean' share class funds, the regulator said a notification to the client, and the transfer itself, do not represent 'advice' events, though both fall under its client best interests rule. It said it expects that, in most cases, clean unit class funds would be "exactly the same" as their pre-RDR equivalents, except in price due to the reduced annual management charge. But it warned that, if this is not the case, and if a client is "in any way disadvantaged by such a conversion", it would not expect it to take place. Und...