The removal of the switch charge - which applies to both new and existing customers - makes investing “more straightforward and cost effective,” David Thompson, AXA Wealth managing director of marketing and distribution said in a statement.

“As clients’ needs change, they can be easily moved to Elevate’s ‘explicit’ charging structure,” the firm said. “This option offers a more holistic solution, with access to discretionary fund managers, third-party links, stockbroking and a broader fund range.”