Speaking at the Money Marketing Retirement Planning Summit in Monte Carlo, Wilson said he is sick of the situation where it is impossible to move assets from one provider to another.
He said: “This is a nightmare. I would like advisers to stop using wraps until this is sorted out. We cannot continue like this. This whole scenario of better administration has just collapsed. It is not on.”
Fidelity head of IFA channel Peter Hicks said he accepts that in specie re-registration does not work but he added that no wrap provider can develop the necessary systems to provide this.
Hicks said: “It is not because we do not want to provide this but because we cannot do it. We have to have someone else such as EMXCo or Swift to do it. Hopefully, within the next 12 months, you will have that. It is holding the industry back.”
Syndaxi Financial Planning managing director Robert Reid said: “It will be a defining moment when in specie transfers are allowed. It is a farce at the moment.”