Old Mutual Wealth, part of UK-listed Old Mutual, is set to move any clients remaining on a bundled platform charging structure to the unbundled platform charge basis in February.

Old Mutual Wealth, part of UK-listed Old Mutual, is set to move any clients remaining on a bundled platform charging structure, which contain trail commission and platform rebates, to the unbundled platform charge basis in February.

Old Mutual said in a statement that nearly 75 per cent of assets have already moved from commission to advisor fees and that it will take responsibility for notifying customers of the changes and ensuring they are invested in the “best value share class available”.

The Financial Conduct Authority banned fund manager rebates to platforms on new business on 6 April 2014 and set a April 2016 deadline for phasing out such payments, known as the “sunset clause”.

It is applicable to ISA and collective investment accounts, while retirement accounts and investment bonds will not be affected. Clients will continue to receive the benefit of rebates where they are better off.

“Since the introduction of the FCA platform paper we have always put advisers in control of the move to unbundled platform charging. This has so far seen nearly 75 per cent of assets move. As the sunset clause approaches, we will work with those advisors that still have business in a bundled platform charging structure to help them transition to advisor charging before implementing a bulk conversion in Q4 2015,” said Mike Barrett, investment platform expert at Old Mutual Wealth.

“Our share class conversion process means we will take responsibility for ensuring customers are invested in the most appropriate share class. Advisors just need to focus on moving clients from commission to fees and we will also support them in that process,” he added.