AJ Bell removes VAT from managed portfolios and preps responsible MPS launch

The platform said it was preparing the launch of an MPS designed to give advisers access to a low-cost managed portfolio with diversified exposure to companies with strong ESG credentials. Allied to that, the firm said it would scrap VAT on its MPS offerings, reducing the ongoing charges figure (OCF) on its offerings by 3 basis points. AJ Bell said it would remove VAT from its annual management charge, which will reduce to 0.15%, from 0.18% currently. The change will be applied from 1 October 2020. As a result, the firm's passive MPS OCF will stand at 0.28% for balanced growth and ...