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Re-reg not high on FCA agenda

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Moffat: FCA not dissatisfied with re-reg progress

Concerns about re-registration times are not high on the Financial Conduct Authority’s agenda compared to other areas of interest, says IFDS.

Speaking at the Money Marketing re-registration round table last week, International Financial Data Services said its conversations with the regulator had shown it was reasonably satisfied with re-reg progress.

IFDS group executive David Moffat says: “We have raised this issue with the regulator and it is not one of its priorities for concern right now.

“We are not picking up vibes that they are dissatisfied on the re-registration front. Their concerns are still around how platforms will effectively move to clean share classes.”

The regulator stipulated in its platform consultation in November 2010 that re-registration must be carried out in an “effective, reasonable time” but does not set a time limit and does not mandate that it should be carried out electronically.

Many respondents to the consultation suggested maximum re-reg periods ranging from a few working days to several weeks while other firms suggested that three to six months should be considered as reasonable.

Re-registration has been compulsory since 1 January.

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