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Skandia adds 40 staff in re-reg push

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Skandia has taken on 40 new staff in an effort to speed up its re-registration processes.

The platform says it has also put in place a number of other measures to aid re-reg, including the simplification of application forms and a new online re-registration application system.

It says it is contacting other platforms it claims are failing to provide international securities identification numbers for investments which can lengthen the re-reg process.

Skandia says 40 per cent of its re-registrations are carried out electronically.

Skandia platform marketing manager Mike Barrett says: “The re-registration process is only ever as strong as the weakest link in the chain and as a consequence anyone who cannot support electronic re-registration is letting advisers and their customers down.

“We continue to lobby hard for other providers, fund managers and administrators to adopt the new technology for the benefit of all investors.”

Murphy Financial Associate partner Adrian Murphy says: “It is positive in the short-term that Skandia has made this move but in the long-term I would be worried about the expense of hiring 40 additional staff just for re-registration.”

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