Taking of initial fees

Initial fees are allocated when a once off investment instruction (electronic transfer) is authorised and in the case of a recurring and once off investment debit order, when the instruction is authorised and the money matched.

If the debit order on a recurring or once off investment is reversed, initial fees and initial fee splits will be reversed to the working portfolio. Also see Debit Order Reversal and Re-matching.

With the cancellation of an investment (electronic transfer) before the dealer instruction have been created, initial fees will be reversed and the balances on the investor account, administrator fee portfolio and adviser fee portfolio will be restored as before the once off investment, with one exception:

• If the adviser fees have been allocated to an adviser with ‘Should Switch Initial Advisor Fee To Money Market Fund’ ticked and the switch is therefore already created, the reversal to the working portfolio will only happen after the adviser switch instruction has completed. On completion of the switch, the money market units and initial fees will be reversed to the working portfolio.

Last Updated on 3 years ago by Antoinette Van Meyeren