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Elephant lumbers along as advisers call for re-reg

Fidelity FundsNetwork says it is working towards offering re-registration and is confident it will be the big winner of re-registered business when the problems are sorted out.

Speaking at the Money Marketing retirement planning summit in Nice, Funds Network head of sales and marketing Rob Fisher faced questions from financial advisers about why the big fund supermarket groups have taken so long to solve the problem of re-registering assets off platforms.

Nucleus director David Ferguson said: “It is outrageous that you say you cannot move in bulk. Some players have had seven years or more to sort this out and move it forward.”

Red House director Gareth Marr called re-registration “the big elephant in the room” and said it was unacceptable that advisers are not able to move bulk business from wrap to wrap.

He said: “My money is not going to go on any platform unless I can see how it is going to come out of it at a later date.

“With non-exempt collectives, I trigger capital gains tax by moving from one to another and that is a big concern.”

Syndaxi Financial Planning managing director Robert Reid said he thought wraps should not be authorised if advisers are not able to re-register in bulk.

Vantis Financial Management managing director Mike Nevill said: “Stockbrokers can do it overnight so why can’t platforms? It is an easy enough process so I just cannot understand why they do not sort it out.”

Fisher said: “We need to sort it out but it is complicated. We are working on it and I think once it is sorted out we will be big winners.”

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