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‘Isa re-registration block breaks TCF rules’

Ascentric managing director Hugo Thorman has written to the FSA to argue that Cofunds, FundsNetwork and Skandia are breaking treating customers fairly rules by not allowing the re-registration of Isa-wrapped funds.

Thorman says that not allowing the in-specie transfer of Isa assets is the biggest re-registration issue facing the industry.

He says: “I believe it is unfair for providers to restrict the movement of clients’ assets in this way. It would be reasonable to make a charge but to refuse to do it at all is incons- istent with TCF.”

Cofunds communications consultant Richard Eats says: “The problem is dealing with large volumes of clients and the admin issues with fund managers. Until there is a common data standard to allow the process to be automated, this is the best we can do.”

A spokesman for Skandia says: “It is not a TCF matter as clients are made fully aware of the issue.”

Fidelity FundsNetwork head of sales and marketing Rob Fisher says: “It is simplistic to blame three providers when until fund manager platforms and third-party providers come together to create common standards, registration is a lengthy and chaotic process.”

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