View more on these topics

Reregistration fee smoothes the way

I read with interest the front page comments last week from Cofunds marketing director Rick Andrews.

Reacting to FundsNetwork&#39s £50 reregistration fee for IFAs consolidating client portfolios on to the platform, Mr Andrews asked whether such a payment to IFAs makes a difference?

He might not think so but, if our recent experience is typical, he might find his IFA customers disagree with him.

While no IFA would undertake reregistration of a client&#39s portfolio simply because it pays £50, the fact that FundsNetwork is willing to provide some financial recompense for the IFA time and administration involved does tip the commercial balance and many IFAs have told us that they greatly appreciate this fact.

I am pleased that Cofunds will “put its resources into developing services which help the consolidation process”. Unlike Mr Andrews, though, we do not see this as an alternative to a re-registration fee but something which works alongside our sales and marketing efforts.

That is why FundsNetwork has been at the forefront of industry discussions between platforms, fund groups and depositaries/trustees to advocate a move away from so-called wet signatures, the adoption of electronic reregistration messaging and improved reconciliation arrangements.

These would bring significant advantages for IFAs by reducing re-registration administration, eliminating duplicated paperwork and facilitating faster completion.

Perhaps Cofunds will join with us and show more enthusiasm in this regard.

Stuart Holah Head of IFA business, Fidelity Investments,

Tonbridge, Kent


No mere portal

Money Portal has become one of the biggest players in the IFA market in the last 18 months via an aggressive series of acquisitions that included Willis Owen and Bates Investment Services. As reported recently in Money Marketing, the company is negotiating a further round of funding and is in talks with nine more IFA […]

Locked up for unlocking scam

A tax consultant has been jailed for four years for a pension unlocking scam that transferred £16.5m from an occupational scheme. Anil Kumar of The Broadway, Letchworth, Herts was found guilty of cheating the public revenue of £5.5m tax through the scam that earned him and his partner Peter Rumball £2m in commission between 1997 […]

Paragon sees fall in first-time landlords

Paragon Mortgages&#39 first-quarter 2004 survey of mortgage advisers and brokers has shown a fall in first-time buy-to-let landlords and a rise in the number of landlords increasing their portfolios. The proportion of established landlords extending their portfolios rose from 37 per cent in the fourth quarter of 2003 to 42 per cent, continuing the upward […]

Martin Foden discusses how convenience is affecting the construction of fixed income portfolios

In this short video, Martin Foden, head of credit research at Royal London Asset Management, discusses how convenience is affecting the construction of fixed income portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment