Transact head of marketing Malcolm Murray says the FSA must take action against firms that refuse to allow re-registration of assets off their platform.
Murray believes this is in clear breach of treating customers fairly and too often the “culprits” blame technical difficulties when really they are worried about losing business.
The FSA says it is looking into the issue as part of its consultation on platforms.
Murray says: “It is time that the FSA took action. By its own admission, re-registration is running contrary to the principles-based system. There is no fundamental reason why any asset should not be re-registered.”
James Hay regional sales director Shaun Sandiford says some providers are making re-registration of client assets a longer and more complic-ated process than is necessary.
He says: “With some platforms, it is like getting intoa taxi you cannot get out of.”
CWC Research senior partner Clive Waller says re-registration is a “high hurdle” that can take 12 months for a big portfolio. He says: “I doubt if three months is untypical, at best.”
A CWC study shows that 46 per cent of advisers say the inability to re-register is a barrier to platform migration.