Ascentric is continuing to wait for the transfer of £50m of Towry assets belonging to former Edward Jones clients as the FSA starts looking into the ongoing debacle.
MD Hugo Thorman says he is "disappointed" the transfers have slowed after confidently signalling the "beginning of the end" of the debacle in July after Towry started unblocking the transfer process.
"The transfers are coming through slowly - there was a burst in July and August but a slowdown in September and I am disappointed this is still going on," he says. "This is taking a long time."
He says the transfer process is only half-complete although £50m has already been moved across.
It is understood the FSA is now looking into the matter and deciding whether Towry has a case to answer.
Ascentric has been waiting six months for the transfers to come through, with the majority of requests made in March. In July, IFAonline revealed the wrap was paying £15,000 per month for a specialist team to deal with the transfer problems.
That team is still in place and Thorman sees no immediate end to the saga.
"This will take some time - it won't be sorted out in the next few weeks. It will be interesting to see who Towry will blame for this."
Thorman thinks the delays may have arisen because of complexities caused by the involvement of several parties in the transfer process, along with problems created by bulk transfers.
Earlier this month, Transact hit out at Towry for not completing its part of the re-registration process - despite the wealth adviser previously claiming it had cleared the backlog and was only dealing with "ongoing" tasks.
A Towry spokesperson said: "Towry has been liaising with the FSA throughout this whole process and there has been an ongoing dialogue."
An FSA spokesperson said the regulator does not comment on individual firms.
Tisa director of portfolio and retirement planning Malcolm Small says the issue underlines the need for an automated re-registration system.
"It is not a desirable outcome the transfers have taken this length of time," he says. "But I know all of the respective organisations are working hard on this and are doing their best to get it resolved. If we ever needed confirmation we need a re-registration system it is this."
Tisa is leading an industry-wide platform re-registration delivery project which aims to have a system in place by next year.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress