Fidelity FundsNetwork has failed to explain the discrepancies between ongoing fund charges quoted on disclosure documents and the platform’s website.
The headline ongoing charge figure displayed on FundsNetwork often appears higher for a number of popular funds, data obtained by research firm Datalaya shows. On the M&G Episode Defensive fund the investor factsheet, as well as Morningstar data for the fund, has an OCF of 71 basis points. But on the FundsNetwork fund details page, which says the data is supplied by Morningstar, the OCF is given as 80 bps.
The 7IM AAP Moderately Adventurous fund has an OCF of 69 bps according to FundsNetwork but Morningstar and the disclosure document both say the charge is 59 bps. The figures shown on the platform are pre-discount or platform charge.
A FundsNetwork spokesman says: “We are continuously looking at how we maintain OCF data from our fund partners and how we present them on the platform.
“However, as it stands, the ongoing fund charges that appear on the platform are supplied to us periodically by third parties. It is possible for them to change during the intervening period. For the most up-to-date charges, advisers should refer to the fund’s disclosure document.”
Gbi2 managing director Graham Bentley says: “The investor OCF is the only OCF that data providers should reference. Where a platform has a discounted price it has responsibility for calculating and showing that net price across all its digital and paper material.”