Re-registration continues to top adviser complaints

Financial advisers continue to rank re-registration as a primary concern following a poll which revealed only 7 per cent of advisers consider process of changing platforms to be quick and easy.

The poll of more than 200 advisers asked if they thought the re-registration process was easy and if they thought it was right that platforms should charge for it.

Only 7 per cent of those agreed it was quick and easy whereas 84 per cent did not think it was acceptable for platforms to charge for re-registration.

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These concerns were given further credence by a recent study of 1,056 advisory professionals conducted by CoreData Research.

The research revealed 9.2 per cent of advisers considered easier transactions, including switching, transfers and re-registration, to be the top thing they would like a platform to either offer or do better.

Previously Alliance Trust told FTAdviser that fund supermarkets are “taking months” to complete transfer requests from clients.

FundsNetwork, Cofunds, Skandia and Hargreaves Lansdown admitted that when transferring to a rival which does not have an automated re-registration system in place the process is severely delayed, with FundsNetwork confirming that it can draw out into months.

Nucleus has argued that the only barriers to swift and charge free re-registration are behavioural ones and is calling on the platform industry to re-think old ideas and give better service to advisers and clients.

David Ferguson, chief executive of Nucleus, said: “Conversations I’ve had in the industry have long suggested that advisers are not happy with the length of time that re-registration can take and are not happy that some platforms continue to levy charges.

“So I’m not surprised with these survey figures. The only surprising thing is that some platforms continue to take weeks to re-register assets and then charge for the privilege.

“Platforms should not underestimate the strength of feeling in the adviser community. If they don’t get their act together, advisers will vote with their feet.”