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.”