Artemis scraps initial charges as price war hots up

The firm has decided to drop initial charges, previously between 5% and 5.25%, as intermediaries revamp their charging structures in response to the Retail Distribution Review (RDR). Ross Leckie, director of communications at Artemis, said: “Post RDR, with most intermediaries changing their charging structure from a commission- to a fee-based model, the mechanics of an initial charge became outdated. So we decided to waive ours from January this year. As things stand, it is most unlikely that we would reintroduce the initial charge.” Artemis is not the only group to have cut its initi...