Cofunds, the Legal & General investment platform, has said that its plans to axe a £40 (around $64) annual fixed platform charge for some users will impact around 80,000 clients and cause an initial hit to revenues of around £3 million.

Earlier this week the platform announced that it is scrapping the £40 annual charge for clients using the explicit pricing model it launched last September. The loss of £40 per client equates to a total of £3.2 million for the 80,000 customers concerned.

Cofunds head of marketing Stephen Wynn-Jones said that “while the move would impact revenues, the impact is not clear cut due to the prospect of the price cut attracting more clients to the platform”.

While the number of clients affected by the change may rise as clients adjust their portfolios and are shifted to the new unbundled structure, the majority of Cofunds' customers are on different terms and will most likely be unaffected by the move.

The news of the revenue hit came as Cofunds announced that it has written to fund managers in order to secure access to new, clean share classes being launched, as pre-RDR rebate deals.

According to Cofunds, the firm managed over £50 billion in investments as of the end of June 2013.