Platforms do not have any excuse if they not yet signed up to a message vendor in order to allow automatic re-registration.
Speaking at the Money Marketing re-registration round table last week, industry experts said advisers should be considering whether a platform has automatic re-reg in place as part of their due diligence.
Nucleus chief executive David Ferguson said: “It has become a due diligence consideration, over the last two years and any firms looking at platforms should be considering re-registration as part of their analysis. You do not want to get your clients stuck on a platform.”
Calastone managing director strategioc relations Anna Graziano said: “There were a few firms who said they were fully behind re-registration when it was first touted as something which platforms should be doing. They now seem to have backed away from this and I do not think there is any excuse why any platform should not have something in place.”
A recent Money Marketing study of automatic re-registration revealed a number of platforms had not yet signed up to an automatic re-reg vendor.
Aegon, Aviva, James Hay, Zurich, Seven Investment Management, Raymond James Investment Services and Alliance Trust are all yet to appoint a vendor. Standard Life will use Altus although this is not yet live. The platforms not signed up accounted for around 20 per cent of the platform industry in assets under administration.
Axa Elevate has announced it has signed up to Calastone as its vendor which is set to go live within the next two months.