Skandia has criticised rivals for failing to offer an adequate re-registration process, forcing the platform to allow cash transfers into ISAs as an alternative.
The Financial Services Authority (FSA) requires platforms to allow a timely transfer of assets as part of Retail Distribution Review (RDR), but firms have been at war over the best way to successfully re-register assets. In an email sent to advisers, head of customer experience Anthony Scammell said while Skandia was at an "advanced position" with automated re-reg "the fund re-registration process can still take weeks to complete and will continue to do so until other platforms are able to reciprocate". "In the meantime we are allowing cash transfers into our platform for ISAs as an a...
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