Hargreaves to launch rebate free charging structure in January

Hargreaves Lansdown is planning to launch a rebate-free charging model at the start of next year following the latest platform paper from the regulator.

Responding to the Financial Conduct Authority's (FCA) long-awaited final rules on platforms, Hargreaves said the business is preparing to launch its rebate-free model on 1 January 2014, ahead of the April 2014 deadline. Danny Cox (pictured), head of advice at the platform giant, said: "We are working with fund groups to have this in place by January." The group intends to have a platform fee which is a percentage of clients' assets under management, but Cox said there would likely be some form of tiered charging structure so clients with higher amounts of assets pay a lower percentage...