Chief executive of Aviva UK Mark Hodges is calling on platforms to introduce a standard industry-wide approach to re-registration before the Retail Distribution Review is implemented.
Hodges is writing to chief executives of platform providers arguing the re-registration of assets on and off platforms without incurring a tax liability should be made compulsory well ahead of the RDR deadline in 2012.
In his letter Hodges says: “We believe that the ability to re-register assets on and off platforms should be made compulsory. We also believe that this should be mandated as soon as possible, well before the implementation of the RDR.
“We believe that where re-registration off platform is not made available, this should be disclosed to customers at point of sale – and should form part of the Financial Services Authority review of platform disclosure.
“Aviva is also supporting the Tisa-sponsored industry working group in order to create an automated solution to re-registration. As platform operators, we believe it is crucial that we are seen to be working together to remove barriers to platform use for both consumers and advisers.”
Aviva intermediary and partnerships director Angela Seymour-Jackson says: “Why wait until RDR to have a standard approach to re-registration? Platforms should be acting now to make sure the re-registration is simple for investors and advisers.”
The FSA said in March that it was “minded to make it compulsory” for platforms to ensure that assets can be re-registered by the RDR deadline.