Standard Life ups charges on Elevate portfolio

Standard Life has informed new Elevate customers that they will face an average increase of 0.04 per cent in portfolio charges to support platform development.

The Edinburgh-based insurance giant, which acquired Elevate platform off Axa in May, creating one of the UK’s largest adviser platform businesses with combined assets under administration of £36.4bn, confirmed the new pricing structure for the platform this week.

The update follows last month’s decision to keep Elevate as a standalone business.

Charges for existing customers will remain unchanged, while the number of discounted fund deals available on “superclean” funds will increase from 350 to 440.

New customers will be able to take advantage of these discounts, but will still see a slight increase in portfolio charges as the number of charging tiers is reduced from seven to four on the platform.

Standard Life head of adviser and wealth manager propositions David Tiller said: “Platform provision is a long-term business so we have ensured the new charging structure is both competitive and sustainable. In making this change, we are also making a commitment to Elevate advisers to deliver the developments they want for their clients.”