Skandia is considering charging platforms that do not have an automatic re-registration solution in place.
The firm says where platforms can only carry out manual transfers, it could look to apply a charge per transfer for the work required.
Skandia UK managing director Peter Mann says: “Charging other providers for the inconvenience and delay they are causing to advisers and their clients is something we are now considering.”
Skandia last month hired 40 extra staff to speed up re-registration processes.
A Money Marketing study in April revealed nine advised platforms are yet to have an automatic re-registration message vendor in place, accounting for around 20 per cent of the assets on UK adviser platforms.
These include Axa Elevate, Aegon, Aviva, James Hay, Zurich, Seven Investment Management, Raymond James Investment Services and Alliance Trust. Standard Life plans to use Altus as a vendor although this is not yet live.
Elevate managing director David Thompson says: “It is important that advisers and their clients are able to move assets easily to create a competitive market. I am not sure it is helpful for any platform to be putting barriers in the way of this re-registration process.”
Nucleus chief executive David Ferguson says: “Given there should be no barriers at all to re-registration this seems like a step backwards. I also think the amount it would cost Skandia to put this in place would be greater than the amount it would recover.”
The Lang Cat principal Mark Polson says: “I think Skandia would be better placed to address some of its own internal issues.”