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Skandia softens stance on re-reg charges

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Skandia UK managing director Peter Mann

Skandia has backed away from plans to charge other platforms that do not have automatic re-registration capabilities for manual re-reg work.

Last month, Skandia said it was considering charging platforms when it had to carry out manual transfers.

Speaking at the Money Marketing re-registration round table last week, Skandia UK managing director Peter Mann said platforms have made good progress on implementing automatic solutions so introducing a charge is now unlikely.

Mann said: “We have been relatively satisfied with the rate of progress among platform service operators. While you should never discount what you will or will not do, if the rate of progress continues then we probably will not charge.”

Origo Financial Services managing director Paul Pettitt said platforms that do not have automatic re-registration in place will be less attractive to advisers as a result.

He said: “Those platforms that do have the capability in place should be using it as a positive to show up those platforms that have to do re-registration manually.”

Nucleus chief executive David Ferguson said: “The majority of platforms are well on the way to having automatic re-reg in place if they have not done so already.”

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