What is an ongoing charge (OCF)?

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The OCF is a recently introduced charge provided by fund managers within the Key Investor Information Document (KIID) if the fund comes under UCITs legislation i.e. most funds. It's similar to the total expense ratio (TER) published by non-UCITs fund managers. The OCF includes the charges an investor pays over a year for as long as they invest in a fund and relates to the costs of running the fund. It's made up of any charges related to the day to day running of the fund, so for example broker fees or bank charges. The TER is effectively the same as the OCF for UCITS funds (with slight differences). You can find out how the OCF compares to other types of charges here.