P1 Investment Services, the owner of the P1 Platform, has cut charges on its core model portfolio ranges by 20%.
The reduction is being automatically implemented across platforms, the firm said.
P1 said rapid AUM growth within the business has generated economies of scale, allowing it to introduce the cost reductions.
The annual DFM fee on P1’s Asset Tracker and Responsible Asset Tracker ranges have been cut from 0.10% to 0.08%, and the Wealth Accumulator and Retirement Income ranges have fallen from 0.25% to 0.20%.
The Ethical and Money Market portfolios are charged at 0.2% and 0.05% respectively and remain unchanged, the firm said.
Source: P1 Platform
Assets in discretionary MPS reached £208bn in the year to Q1 2026, up 32%, according to NextWealth’s 2026 MPS Asset Update, which also found average asset-weighted fees falling from 0.54% to 0.49%.
PI said the Consumer Duty means that firms should regularly review their products and services, ensuring they continue to meet the needs of their target market, and that they’re delivering good consumer outcomes. Assessing price and value is a key component of that.
James Priday, CEO of P1 Investment Services, said: "MPS fees should be simple and fair. There are still parts of our market where pricing remains unnecessarily high, where discounts are negotiated behind closed doors for specific firms, and where the headline fee is only the start of the story.
“As we grow, we'll keep passing the benefits of scale through to advisers and their clients.”