Ascentric has overhauled its charges as it endeavours to meet new FCA requirements on transparency.

Clients will pay a single standard account charge under the revamped structure.

The platform said it was “stripping away complexity” with a “simpler, more transparent ‘all-in’ structure”.

From 1 May, clients will pay a single charge of 0.3% of the total value of their assets, in any wrapper, held on the platform up to £1m.

Assets of between £1m and £3m will be charged at 0.1% and any assets between £3m and £5m will be charged at just 0.06%. The new ‘all-in’ charging structure is subject to a minimum charge of £15 per month.

The aim is to make it easier for financial advisers and their clients to understand the total cost of ownership without having to worry about additional ancillary costs racking up over time, the company stated.

A statement read: “Ascentric’s new charging structure is fit for the more transparent world that regulators are aiming for, illustrated most recently by both the FCA asset management market study and the introduction of MiFID II.”

Source: Ascentric

Ascentric said it will not charge fees for any trading – including through its stockbroking service – or any additional fees for its model portfolios.

There will be no additional charges for a Sipp, drawdown, or for ad-hoc administration services.

Cash will be considered a chargeable asset, with earned interest credited to client accounts in full.

Jon Taylor, managing director at Ascentric, claimed the new charges were the “simplest on any adviser platform”.

He said: “It demonstrates our ongoing commitment to providing an unbiased platform service to financial advisers, giving them the freedom to select the very best wrappers and investment options for their clients.

"This totally agnostic approach to charging across ISA, SIPP and GIA is unique, easy to understand and explain, and removes advisers’ concerns about additional trading, wrapper or administration charges building up for their clients.

“We have seen an increased demand from advisers for passive investments, such as exchange traded instruments. Thanks to both its in-house stockbroking services and now this simplification of charges, Ascentric is able to provide these in a very cost-effective way.”