Platform Abrdn Adviser has removed the product administration charge for SIPP and onshore bond products for all new and existing clients on its Wrap platform from today.

It also said it plans to launch an Abrdn SIPP later this year.

It said the standard ratecard platform charges introduced for new customers last year will now reduce for existing Wrap clients from today.

The company moved to a more simplified charging structure last May with one less tier that, it said, offers value for all sizes of client portfolios.

The changes introduced last year for new customers and which now have been extended to existing clients include a 5bps+ reduction at all tiers up to £1m, 15bps reduction between £500k and £750k. 

Wrap platform charges for all clients:

Source: Abrdn Adviser

Noel Butwell, chief executive at Abrdn Adviser, said: “Last year I committed to rolling out our simplified and reduced pricing to all clients on Wrap by the end of the first quarter of this year.

“By enhancing and simplifying what we do, we can now offer all clients our most compelling pricing ever, while continuing to invest in our service experience and new solutions.”

He said the business introduced some new developments last year such as the Money Market MPS, the integrated cash solutions and the integrated ESG Hub. “This year there will be more developments including the launch of the Abrdn SIPP.”

He added: “We are also pleased to pass on the removal of the SIPP and onshore bond product administration charge to our clients on Wrap, as we seek to use our scale for their benefit. This is all part of our work to continually review our relationships and ensure we’re providing the best value for our clients.”