Warning over adviser probate fee cut-off in clean share classes

An adviser, who did not want to be named, warned advisers could lose between £2,500 and £5,000 for clients invested in clean funds on platforms, which will see ongoing adviser payments cancelled with immediate effect when a client dies. He said he was "shocked to discover" his platform, Cofunds, cut off adviser fees upon the passing of a client and had no process in place to allow fees to continue. Cofunds is in the process of converting share classes in bulk in preparation for the April 2016 sunset clause, as outlined in a regulatory policy paper in April 2013. Platform funds tr...