Standard Life joins Skandia to push for 'special' clean share classes

Standard Life is to press fund managers to launch cheaper share classes for large platforms including itself, after HM Revenue & Customs said it would apply income tax to unit and cash rebates.

The platform, which hit £11bn of assets under administration in October, is lobbying for a Standard Life-specific share class, around 10bps cheaper than the 75bps industry average, to account for previous rebate deals. It joins Skandia, who yesterday said it would look to provide advisers with preferential share classes equivalent to its rebate. "Although we expect the impact to be limited, the bottom line is the new rules will mean that investors who currently benefit from enhanced rebate terms will be worse off," said head of platform David Tiller. "The enhanced rebates we pay ar...