FundsNetwork slams providers on re-reg

Fidelity FundsNetwork boss Pat Shea has slammed fund management groups for their “frustratingly” slow approach towards embracing automatic re-registration.

Mr Shea said the platform had made a “considerable investment” in automating its re-registration process but that investment providers did not appear to have done the same.

“What has been disappointing, if I am perfectly honest and frank, is to see other parts of the value chain not making similar investments,” he said.

Article continues after advert

“Some have and some haven’t. There are a number of platforms which have not made an investment, but the area where I am particularly concerned is asset managers and fund partners.”

Mr Shea said advisers had every right to expect a re-registration request to be carried out in a “timely manner”, but said the response to this element of the RDR had been “very frustrating”.

“If the platform of the client whom I have received the re-registration request from is delayed or the fund group has not implemented automatic re-registration, that causes delays and that’s not delivering the outcomes we need as an industry for the end consumer.”

Mr Shea said he was “working behind the scenes to encourage the industry and different counterparties” to move to an automated solution.

“I would call on the members of the industry to rise to this challenge,” he added.