Skandia says it has “no choice” but to use a manual process for a large number of transactions due to other providers’ failure to adopt electronic re-registration.
As a consequence it has increased its headcount by 40 to help speed up re-registration processes with platforms that are currently unable to handle automated re-registration.
Skandia claims it was among the first providers in the market to set up and begin carrying out automated re-registration and 40 per cent of its re-registration volumes are now being handled electronically following the implementation of electronic solutions by a number of main providers and fund groups.
Until all other providers, fund managers and third party administrators have such systems in place, Skandia said it has no choice but to use a manual process for a large number of transactions and has taken steps to improve the efficiency of this manual process.
Skandia has added more than 40 extra staff in its processing centre to improve end-to-end turnaround times; simplifying application forms; contacting other platforms who are failing to provide ISIN numbers on their valuation responses, which can significantly lengthen processes; and developing a new online facility for applying for registration.
Approximately two-thirds of re-registration requests are on to the Skandia platform, with one third leaving the platform.
Michael Barrett, platform marketing manager at Skandia, said: “We are working on ways to improve interaction with other providers. For instance, we are writing to other platforms who are failing to provide ISIN numbers on their valuation responses, which can significantly elongate the process; and we are requesting that investors attach a recent valuation with their re-registration application to save us having to wait for it from the other provider.
“The re-registration process is only ever as strong as the weakest link in the chain and as a consequence anyone who cannot support electronic re-registration is letting advisers and their customers down. We continue to lobby hard for other providers, fund managers and administrators to adopt the new technology for the benefit of all investors.”
