FundsNetwork to scrap bundled pricing and move to clean-only model

Fidelity FundsNetwork is to move to a clean-only model by the end of 2013 on all new business.

The change - which applies to clients with ISAs or those with unwrapped assets - will be effective from 9 December, giving clients a pricing model comprising a £45 investor fee and an annual 0.25% service fee, which the group said is both simple and transparent. There will be no initial or switch charges, and trail commission on existing assets will remain unaffected until advice has been given. The newly launched FundsNetwork Pension already adopts a clean-only approach. FundsNetwork launched its first unbundled funds and clean pricing model in April last year to sit alongside its...