View more on these topics

Transact calls for wider re-reg rules

Transact says the FSA’s plans to make platform-to-platform re-registration compulsory by the end of 2012 should be extended to cover all transfers of client assets between all types of financial firms.

Transact head of marketing Malcolm Murray says the firm is disappointed that re-reg is not demanded of other firms which act as “caretakers” for assets on behalf of clients such as insurance companies, fund managers and stockbrokers.

He says: “A lot of re-reg inv-olves stockbrokers re-registering assets in their nominee name into the platform’s nominee name so it should certainly apply to them, private wealth managers or anybody holding other people’s assets.

“We do not want to see this stop at forcing the recalcitrant platforms who are not yet re-registering to do so.”

Murray says there is a regulatory time limit imposed on platforms for the issue of contract notes when assets are bought and sold.
He believes there should also be a limit set for the completion of asset transfers.

He says: “There is a lot of reason to complain about the length of time some parties are taking to transfer assets or cash. Sometimes it is taking months and we feel the client is being seriously disadvantaged.”

Leading Edge Adviser Forum chairman Ben Stevens says: “If we are trying to treat customers fairly, one also ought to be able to transfer in specie without cost.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm