View more on these topics

Nucleus floats universal platform account number idea

David Ferguson

Platform clients should have universal account numbers which remain the same regardless of whether they transfer between platforms, says Nucleus.

Speaking at the Money Marketing re-registration round table last week, Nucleus chief executive David Ferguson said the process of transferring between platforms would be made easier if clients could retain account details.

He said: “We already have the concept of universal account numbers it would be of real value if we had universal platform numbers. So if I transfer between two platform numbers my account details remain the same.

“I think it would be a massively positive thing if we could achieve that.”

However, Origo Financial Services managing director Paul Pettiitt said consensus on the issue would be difficult.

He said: “There is a myriad of different systems out there when you start to look at the different propositions so it would be very difficult to do.”

Calastone UK sales executive director Phil Goffin says: “We cannot even get universal fund numbers so it is a great idea but something of an operational nightmare.”

International Financial Data Services group executive David Moffat says the number of different operating systems across the platform industry would hinder any progress on universal account numbers

He said: “The trouble is that everyone has got different formats and I am not sure it would be possible to get everyone reading from the same page on this one.”


FSCS stress tests how it would cope with insurer failure

The Financial Services Compensation Scheme has carried out a stress test exercise to see how it would cope with the collapse of a life office. In its annual report for 2012/13, published last week, the FSCS said it carried out a simulation exercise in September to test how the organisation would react in the event […]


Martin Wheatley: FCA is a ‘very different animal’

Financial Conduct Authority chief executive Martin Wheatley will today promise the new regulator is a “very different animal” to the FSA. In a speech at the Association of British Insurers’ biennial conference, Wheatley will admit he understands why the industry doubted the regulator would genuinely change. He will say: “One of the questions I was […]

Castle Trust launches 2.99% three-year fix with Kent Reliance

Castle Trust is launching a product for first-time buyers which mirrors the Government’s Help to Buy equity loan and directly links its 20 per cent partnership mortgage with a three-year 70 per cent LTV fixed rate deal from Kent Reliance. Both Castle Trust and Kent Reliance have been funded by US private equity firm J.C […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. I think this is one idea that is not relevant to the customer needs. Of all the things I worry about when looking at investments, this does not stand out as one of the issues.

    I think you could say this idea has been left behind

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm