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FundsNetwork head of sales and marketing Rob Fisher

“In principle, FundsNetwork is supportive of what Cofunds is saying. The ability to be able to advise clients to move their assets to where they want to have them is clearly an important thing. We are making progress on these areas. Slowly but surely, I think that regulation and rules are allowing a more open market.”

Skandia Life head of marketing Billy Mackay

“There are billions of pounds of bond assets out there that are perhaps not invested in a way that is in the best interests of the client. So if you give them the opportunity to at least consider moving the money without possible capital gains tax charges every time, then you give them greater freedom.”

Nucleus chief executive David Ferguson

“In the end, clients should be able to move their money wherever they want. You can move your bank account and your mobile phone account, but for some reason you cannot do it for your Isa or your assets around your pension. It is absolutely ludicrous.”

Financial Technology Research Centre director Ian McKenna

“You are talking about persuading the Treasury to radically alter decades, if not centuries, of established legislation. I am not saying there would not be some merit to doing it but I think it is a complicated process. If you were doing a transfer from one provider to another, all the information about when the investment was made, withdrawals taken and the customer’s tax position would also need to be transferred.”

Cofunds spokesman Richard Eats:

“We are positive that these changes can be made by HM Revenue and Customs as it is as much in its interest to make the move as it is for investors. If a bond is moved and makes more money when it is encashed, HMRC gets more tax.”

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