Deadline is welcomed for re-reg
Share
Advisers have welcomed the FSA’s aim to force platforms to allow assets to be re-registered off their platform by the time the RDR is implemented.
The regulator unveiled plans to give platforms until December 31, 2012 to put in place an automated solution for re-registration. The FSA says: “We will expect re-registration to be available whether an automated solution is in place or not.”
Informed Choice managing director Martin Bamford: “This is a positive move and is clearly aligned with all the outcomes of the RDR in terms of recognising whose money this is. It belongs to investors and they should be able to freely move it where they like without penalty or restriction.”
Syndaxi Chartered Financial Planners managing director Robert Reid says: “This is good news for consumers and advisers but possibly negative from a provider’s point of view. It will be a struggle for a lot of them trying to agree on the methodology.
Finance and Technology Research Centre director Ian McKenna says: “It is entirely reasonable you might see some sort of exit fees or where there is a reducing level of exit fee from a platform over a period of time.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
