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.”