Yes, there are two bundled charging structures which have been closed to new business since December 2012. Existing clients on these charge bases will hold either a Collective Investment Bond or a Collective Retirement Account that started before that date. Collective Retirement Accounts can optionally upgrade to our unbundled charge basis.
All ISA, JISA and Collective Investment Accounts are held under Quilter’s unbundled charge basis (Charge Basis 3) as a result of the Sunset Clause.
Charge Basis 1 – the account is subject to a single annual Investor Charge of £89.22 (which increases each year in June by AWE) and pays adviser commission.
Charge Basis 2 – the account is again subject to the single annual Investor Charge of £89.22 but it instead facilitates adviser fees.
There are no exchange traded investments under these charge bases and therefore our dealing charge does not apply.
Where advisers may have clients on both bundled and unbundled charging structures, the wrappers that are on the bundled charging structure will be included when calculating the Product/Service Charge for products held on the unbundled charging structure, reducing the charge for the customer.