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.”