Financial platform Nucleus is reducing its standard annual charge by three basis points for holdings between £200k and £500k.
The cut will deliver an average 3.2% reduction for eligible customers and under the new pricing structure a customer with assets of £500k would see their charge reduced by £450 over five years.
This rate cut became effective from 1 December and is the second price reduction for customers in the last 18 months.
In July 2022 the annual platform charge was cut from 35 to 33 basis points.
To read more on this topic, visit: UK watchdog launches inquiry into Nucleus/Curtis Banks deal
New Nucleus Wrap customer standard charging structure
Mike Regan, chief financial officer at Nucleus, said: “We’ve been clear that as we build scale this allows us to invest more in our service, product and price. I’m pleased that we are now sharing the benefit of our increased scale by introducing our second annual rate cut for Nucleus Wrap.
“This latest price reduction increases our competitiveness, and more importantly, delivers an improved outcome for many of our customers, who collectively will have saved more than £10m by the end of next year.
“Over the last 18 months we’ve invested more than £20m in our proposition, service and price as we deliver against the priorities of advisers, helping them to make their clients’ retirement more rewarding.”
