The Financial Conduct Authority (FCA) has said platforms need to do more to incorporate re-registration and has issued a warning over exit fees.
It follows a thematic review of platforms' readiness for new rules set to be introduced next month. From 6 April, platforms can only be paid via an explicit platform charge on new business. The FCA declared itself generally pleased with firms' progress, but it has singled out re-registration as an area that requires "further progress". "We have said and we expect firms to facilitate a transfer of investments from one platform to another within a reasonable time frame," FCA director of long-terms saving and pensions Nick Poyntz-Wright said. "In the course of our work, we found mo...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes