Certain fund managers are to blame for slow re-registration times, according to platform experts.
Speaking at the Money Marketing re-registration round table last week, Skandia UK managing director Peter Mann said fund managers could be the “sticking point” for re-registration that was taking too long.
Mann said: “People who quite often think re-reg is just between the two platforms when in fact it is fund managers who sometimes are the sticking point. They are an often forgotten problem.”
International Financial Data Services group chief executive David Moffat said: “The problem we have is that we have got over 40 fund groups to support. Of those 40, some 12 or 13 are fully automated with another 12 or 13 going through the process of becoming automated. Fund managers are the rather vital third wheel in the re-registration equation.”
Moffat went on to say there was still work to do to make fund managers aware of the role they have to play in re-registration.
He said: “The Tax Incentivised Savings Association has had work to do to get the word out that re-registration is not just a platform to platform issue.”
Calastone director of client relations Anna Graziano said: ”I think there is an educational process to go through to make the fund managers aware and even now we are getting calls from fund managers asking exactly what the process involves.”