PlatformsMay 24 2013

Nucleus demands re-registration barrier is scrapped

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ByEmma Ann Hughes

Platform provider Nucleus chief executive calls for re-registration barriers to be scrapped saying if British Gas acted like his rivals there would be questions asked in parliament.

Regulators first started saying that re-registration should be compulsory in 2010 but, despite this, barriers to swift, efficient and transparent re-registration are still in place.

David Ferguson, chief executive of Nucleus, said currently re-registration can take between two to eight weeks of paper pushing, form filling and waiting for the post.

If platforms embrace the digital options available to them, Mr Ferguson said there was no reason why the process can’t be done in as little as six days,

He said: “If British Gas or O2 acted like this when customers wanted to change supplier, dragging their heels and slapping on charge after charge, there would be outrage from consumers and ministers demanding answers.

“Perhaps because financial services is complex, providers are able to get away with this kind of behaviour.

“It is simply absurd. There are no technological or regulatory barriers to swift re-registration. Quite the opposite, in fact. The only barriers that exist are behavioural barriers, where platforms are unwilling to embrace change and offer a fair and transparent system to customers.

“There is no valid reason why it should take up to eight weeks to move assets and there’s no valid reason why platforms should charge for the privilege either.”