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FSA urged to take actionon re-reg

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.


Low levels of satisfaction on

Over half of people who lodged a complaint with a provider in the life, pension and investment sectors consider their complaint was poorly handled.The Association of British Insurers’ customer impact survey 2007/08 quizzed almost 20,000 consumers and reveals that 3 per cent made a complaint and 57 per cent of those were not satisfied with […]

Mott prepares for tea party in Alice in Wonderland market

PSigma income manager Bill Mott believes domestic stocks are set for a turn-round and current ratings represent a once-in-a-decade opportunity.The former Credit Suisse manager views a number of sectors as attractive and says the scaledown bears no comparison with the early 1990s.He says: “There are so many opportunities out there and unless there is an […]

Pause for thought

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Life Trust signs up 100 distributors in one month

Life Trust Insurance says that 100 distributors have already signed up to provide its longevity income plan just a month after the launch of the company. Baigrie Davies has become the 100th firm to sign terms of business to distribute the product. The income plan is a lump-sum investment designed to help protect consumers from […]


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