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Transfer standard is the platform priority

The newly launched Platform Committee says developing a standard for re-registra- tion between platforms is its top priority.

The committee was set up last week by Cofunds, Funds Network, Skandia, Selestia and Standard Life and will have input from the Investment Management Association.

At a Money Marketing wrap round table last week, Funds Network executive director David Dalton-Brown said he backs platform-to-platform re-registration but common standards are needed to ensure the process is smooth because of the risk of taking investors out of the market during a transfer.

Several fund supermarkets have been criticised for offering free re-registration on to but not off their platforms.

FundsNetwork Executive director David Dalton Brown said: “The committee str- ongly supports individual platform to platform re-registration and wants to make it a reality but we need to do it in bulk.”

“In 90 days time, we will have our next committee meeting. We will come out with a timeline then as to how we go about making this a reality.”

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