An adviser has hit out at platform FundsNetwork for refusing to re-register a client's investments to a rival platform because the value of the transfer was less than £40,000.
Last month Highclere Financial Service partner Alan Lakey tried to transfer the Henderson Multi-Manager Active fund and the Jupiter Fund of Investment Trusts from FundsNetwork to Cofunds as part of a "tidying up" exercise for a client. But because his client had less than £40,000 invested in the funds (£3,100 in the Jupiter fund and £2,700 in the Henderson fund) FundsNetwork said it could not offer an in-specie transfer. A letter from the platform stated: "FundsNetwork is currently only able to offer platform to platform re-registration where the value of the transfer is in excess of ...
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