IFAs urged to shun platforms not allowing free asset transfers

In an address to the Institute of Economic Affairs, Parmenion Capital Partners sales director Paul Miles described restrictions on assets withdrawal as "unacceptable" to modern advisers. Parmenion, a provider of outsourced investment platform services, wants the entire industry to abolish asset transfer restrictions. “Many platforms remain controlled by the life and pension offices and people from these backgrounds find nothing strange about surrender penalties and other restrictions placed upon clients who wish to withdraw their assets,” Miles says. “Perhaps for the same reasons, man...