Novia chief executive Bill Vasilieff has rubbished Cofunds’ claims that the FSA’s stance on legacy assets could delay platform-to-platform re-registration systems ahead of the RDR.
The FSA has confirmed that platform re-registration will be classed as a non-advised process under the RDR, meaning legacy commission can still be paid.
Cofunds says the move could cause delays to re-registration as platforms will have to rev- iew their models and potentially change ISO 20022 messaging standard systems.
But Vasilieff says there is no reason that Cofunds, along with Fidelity FundsNetwork and Skandia, cannot facilitate transfers off their platforms. He says: “Not allowing re-registering off these platforms is being done for commercial reasons by the big three. They could do it tomorrow.”
Cofunds managing director of operational services Stephen Mohan says: “The messaging standard was not designed to tell the difference between trail commission, cash rebates and in due course unit rebates.”
A Skandia spokesman says: “Skandia is committed to offering re-reg via an industrywide, automated process.”
A FundsNetwork spokeswoman says: “We are committed to providing an automated platform-to-platform process ahead of the RDR.”