Re-registration completed by majority of platforms : Altus

The products director for services provider Altus said the move to electronic re-registration now accounts for 80 per cent of UK assets under management.

Statistics released by Altus revealed that 37 managers, accounting for three-quarters of funds under management of British investors, are on board with electronic re-registration.

It follows another warning from the FCA in a platform policy statement issued on 10 October about delays for re-registration. The regulator has threatened to impose prescriptive rules if progress is not made.

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Mr Cocks said it was right for the regulator to stress the system’s current failings, but insisted there had been “significant growth” in the use of electronic re-registration in the summer.

He said the new system demonstrated how “open and interoperable standards can drive down costs, improve efficiency and deliver better outcomes for the end investor”.

Mr Cocks added: “The next challenge is to extend the model to the wider investment and pensions industry.”

Adviser view

Chris Bowmer, director of Northamptonshire-based Fortitude Financial Planning, said: “We haven’t done any re-registration yet and are not sure why anyone would as this can add to complexity. In the unlikely scenario that a new client comes to us, and that person has got an investment that we already use, it would be easier for them to sell and then purchase it again, rather than to re-register. The only cost would be down to market timing.

“If we had clients invested outside our model portfolios then we would put them into our model portfolios. We want our clients to benefit from our investment expertise.”