UK-based Old Mutual Wealth has unveiled plans to bulk convert clients in bundled share classes to unbundled in February next year.
The firm said that nearly 75% of advisers have already moved client assets from commission-based bundled share classes and that all remaining clients in loaded share classes will be moved by the end of 2015.
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Additionally, Old Mutual Wealth is in discussions with fund groups over the conversion of the share classes.
In April this year, the FCA banned fund manager rebates to platforms and set out an April 2016 deadline for the end legacy fund manager rebates.
As part of the move, all ISA and collective investment account clients in a bundled platform charging structure will be moved automatically shifted into the unbundled structure by December 2015.
Also, customers with up to £25,000 on the platform must pay a 0.5% charge, with the percentage progressively reduced for larger clients as per the new conditions.
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By GlobalDataMike Barrett, investment platform expert at Old Mutual Wealth, said: "Our share class conversion process means we will take responsibility for ensuring customers are invested in the most appropriate share class. Advisers just need to focus on moving clients from commission to fees, and we will also support them in that process.
"As the sunset clause approaches, we will work with those advisers that still have business in a bundled platform charging structure to help them transition to adviser charging before implementing a bulk conversion in Q4 2015," he added.
Barrett added that all affected customers have been contacted.
