AXA Elevate lowers platform cashback deal

AXA Elevate is to lower the discount it offers to users who buy the group's own Architas fund range in 2013.

Under the current deal, Elevate users who buy the group's Architas multi-manager range via the wrap get the annual platform charge - which varies between 0.65% to 0.14% - waived in full as part of a "cashback" offer. However, from 2013, the group is amending the cashback deal, offering a 75% rebate of Elevate's portfolio charge instead of 100%. The rebate will continue to be paid annually into the client's cash account as long as they remain invested in the fund. AXA Wealth - which is responsible for the Elevate platform - said while the new deal was not as generous as 2012's offer...