BNY Mellon scraps initial charge across UK fund range

BNY Mellon Investment Management has scrapped the initial charge on all investments for both lump sum and regular savings plans across its onshore fund range.

The changes are being introduced part of an ongoing review of the group's charging structure post-RDR, and will come into effect from 3 February. Any investments made from this date will have no initial charge applied. Other management charges on the funds will remain unchanged. Matt Oomen, executive director at BNY Mellon Investment Management, said: "Reducing the initial charge to 0% is in line with the spirit of RDR and serves the best interests of all our investors. "As intermediaries have adapted their business models from a commission to a fee-based structure, we have been pr...