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FCA threatens action as it warns re-reg is too slow

The FCA has warned platforms that re-registration times are too slow and threatened them with prescriptive rules if the situation doesn’t improve.  

Richard Taylor, a manager of the FCA’s retail distribution team, told delegates at a Tax Incentivised Savings Association platform conference this week that industry-led solutions to re-registration were not leading to fast enough re-reg times across all platforms. 

He said: “Progress has been rather less than satisfactory. We made it clear that we were looking for an industry solution. Tisa delivered that with Tisa Exchange. But there has perhaps been a slower than expected uptake of TEX. Not everyone put the effort and investment in to meet our deadline.

“If re-registration is not happening in this way we may, as we have said in our policy statement, look at whether prescriptive rules may be required.”

In its platform policy statement, the FCA called on platforms to offer re-registration within a ‘reasonable timeframe’.

He added: “We would consider that what is reasonable here is what is reasonable from the point of view of the customer, not what is convenient for the platform provider.”

Commenting on the preferential share prices being negotiated by platforms, Taylor said the FCA will conduct a review after pricing levels become clear.

He added: “In a competitive market you would expect different groups with different negotiation powers to get different prices. We need to see what the outcome is.”

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