Platforms have clashed over the time it takes to re-register assets amid claims Fidelity FundsNetwork and Cofunds are taking over two months to re-register some holdings.
Novia chief executive Bill Vasilieff says some transfers from the Cofunds platform have been delayed by over a month while a number of transfers from FundsNetwork have been delayed since January.
Vasilieff says: “Cofunds and Fidelity have taken on billions of pounds onto their platform at clients’ request – they should also be listening to requests to re-register off the platform and making this process as fast as possible.”
Nucleus has also had problems re-registering assets from Cofunds and Fidelity.
The two bigger platforms blame the fact there is currently no industry-wide automatic transfer system.
Skandia, FundsNetwork and Cofunds have an automatic transfer system between the three platforms but not all platforms have automatic transfer capability.
A FundsNetwork spokeswoman says: “While regulation forced platforms to offer in-specie re-registration from January 2013, it did not stipulate that it had to be automated, which is why the industry is experiencing a variance in the time it takes to re-register between platforms.”
The FSA confirmed in its consultation paper in November 2010 that re-registration between platforms should be compulsory while the Tax Incentivised Savings Association set up a contract club to aid the process.
A Cofunds spokesman says: “Where we have to adopt a manual process, it is inevitable that it will take significantly longer to process requests.”
Nucleus chief executive David Ferguson says although many transfers currently have to be carried out manually, they should be completed within 21 days.
He says: “The process of manual re-registration has always been messy but most usually complete within two or three weeks.”