Novia

DUE DILIGENCE

Wrap platform Novia has added Smith & Williamson's guided architecture service to its adviser proposition.

Platform Novia has seen its profits before tax jump by more than a fifth in 2012, after assets climbed sharply to rise above £1.4bn.

Wrap platform Novia has today added three funds from San Francisco-based investment manager Dodge & Cox.

Novia, the online wrap provider, has already loaded 80% of available clean share classes and is targeting the provision of access to more than 2,500 by the end of June 2013.

Corporate IFA Clifton Asset Management is to move 500 clients to Novia as part of a major asset migration project.

The Financial Conduct Authority's decision to ban rebates on legacy business from April 2016 is set to be a painful one for the industry, according to Cofunds.

Novia has warned its users that basic errors like failing to use a client's full ISA allowance could lead to legal action from increasingly aggressive claims management companies (CMCs).

Four platforms are to allow advisers to automatically calculate tax liabilities for clients, following HM Revenue and Customs' decision to tax rebates paid by fund managers.

Platforms may be forced to abandon plans for ‘super-clean' share classes as the number of firms demanding the special terms continues to rise, according to a consultant.