Whether the platform sector or the regulator is ultimately the catalyst for speeding up the process, writes Kevin Russell, transfer times are yet another reason for platforms to prioritise tech spend and focus on innovation
This summer's Investment Platforms Market Study interim report from the Financial Conduct Authority (FCA) opened up, for the first time, the possibility of stipulating a timeline for completing platform transfers. While guidance for switching currently exists, the FCA clearly feels more must be done to improve what remains an onerous process. There are three options on the table: * Timescale: The FCA is initially calling for end-to-end standards and re-registration times through the introduction of a maximum timescale for each step in the switching process. * Scrutiny: If the above...
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