Cofunds scraps annual charge on explicit pricing model

Cofunds has scrapped its annual £40 fixed platform charge for clients using its explicit pricing model, following its takeover by Legal & General.

The group said the move was facilitated by the takeover of the platform earlier this year, with L&G's financial backing allowing it to cut its own prices. The monthly investment-based platform charge remains unchanged and will continue to be calculated at the same rate, based on a client's investments in commission-free share classes. The platform said the move is part of a broader review of its services following the takeover. Adam Smith, Cofunds' commercial director, said: "This is the first of many developments that will benefit our clients and their end investors. Having the mi...