Novia to halt cash rebates from April 2014

Wrap platform Novia has said it will no longer accept cash rebates on new or legacy business from April 2014.

As part of its preparations to operate with a total transparent pricing system, the platform said it would be stop accepting cash rebates on new and legacy business from April 2014. From next month, the platform is also beginning a process of automatically converting retail share classes to the clean equivalent, where the clean share class is no more expensive. Novia said the conversion process will not result in a charge for advisers or clients. Where there is no clean share class available, the investment will remain in a retail share class. Novia said that where investments are ...