RDR: FSA looks to make re-reg compulsory by RDR deadline
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The FSA says “it is minded to make it compulsory” for platforms to allow assets to be re-registered off their platform by the time RDR is implemented.
In a discussion paper ‘Platforms: delivering the RDR and other issues for discussion’, the FSA says the RDR deadline date of December 31, 2012 gives the industry time to agree and put in place an automated solution for re-registration.
However it says: “But we will expect re-registration to be available whether an automated solution is in place or not.”
The regulator says it expects adviser firms to take the re-reg issue into account in the interim when selecting a platform. It will be engaging with platform operators to ensure customers are clearly informed of each service’s advantages and disadvantages.
In a speech yesterday in Luxembourg, FSA director of conduct policy Sheila Nicoll sounded a warning shot to the platform industry to tackle re-registration issues, which she said were causing poor outcomes for consumers and presenting a potential barrier to new entrants.
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