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Re-reg ‘should take less than three days’

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Plutus adviser James Robson is telling clients to expect transfers to take two weeks

Platform re-registration should be completed within two or three days although firms are regularly failing to meet these expectations, according to industry experts.

The regulator’s November 2010 platform consultation paper said re-registration should be completed within an “efficient, reasonable” time but did not set a particular time limit.

Speaking at the Money Marketing re-registration round table last week, industry figures said platforms were taking two weeks or sometime much longer to complete transfers.

Plutus Wealth Management independent financial planner James Robson said: “There is a real inconsistency across the industry. You could almost run two mirror cases on the same platform and get two completely different results.

“We are currently telling our clients to expect a re-registration to take two weeks or slightly longer because we cannot hang our hat on the process taking less than that time.”

Calastone UK sales executive director Phil Goffin says platforms who are losing the assets in a transfer are more likely to take longer to make the transfer.

He said: “Re-registration should be taking two or three days. However, logically, if you are the platform losing the asset then you are going to put less effort into making the transfer as quick as possible.” 

Nucleus chief executive David Ferguson says: “We seem to have the same delay problems with the same problems so that would suggest it is some kind of problem with the platform that is transferring the assets off. 

International Financial Data Services UK executive David Moffat says: “Re-registration should be a process whereby the assets belong to one platform on one day and the receiving platform the next day.”

Origo Financial Services managing director Paul Pettitt says: ”It does depend on the type of assets you are trying to transfer, some take longer than others.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. 3 Days? We have 2 going through at the moment, 1 from Skandia and 1 from Fidelity. Both now taken over 2 months and counting!!!

  2. RICHARD WRIGHT 11th July 2013 at 2:46 pm

    @ NJ -Ha ha ha Can beat that!! Three, all with Fidelity. One was done in March the other Two in May and still no sign of them being completed. I for one will not be conducting any further Re-reg biz until these problems are solved.
    Cashing in and reinvesting takes around Two weeks for Collectives and a simple paper transfer can take a week!!!

  3. @Richard: I see your March and raise you – we sent in forms for a re-registration off Cofunds on 28 January 2013, and it is still ongoing.

  4. Richard Bishop 11th July 2013 at 3:17 pm

    Who cares? Seriously? What does it matter if it takes two weeks.

  5. Another Richard 11th July 2013 at 4:10 pm

    Ha ha ha. Trying to re-reg from Skandia, they said: We don’t have that fund with this client. I then produced their own valuation, which clearly showed the fund. They did apologise later but how could they make such a fundamental mistake? Re reg takes weeks and sometimes months.

  6. In your dreams! I have a whole host in progress (if progress is the right word). The earliest from FEBRUARY – still not complete. In this case the culprit is fairly clear – Cofunds. Odd that it seems to reflect the sort of service I usually get from L&G!

    However platforms and fund managers pay pass the parcel with the adviser playing patsy. As ever the regulator looks the other way and will no doubt wake up eventually and institute a review some time in 2021, which will cost a fortune, take months and keep hosts of regulatory staff in highly paid employments for years.

  7. Anyone else thinking TCF Outcome six has real pertinence here?

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