Consolidation a problem

Partial Pep transfers are still causing difficulties for many product providers

Many product providers are unable to accommodate investors who want to consolidate their Pep and Isa holdings, despite the alignment of the tax relief rules on 6 April. Partial Pep transfers have proven difficult on many providers' administration systems. Groups which use the Bank of New York's administration platform, Rufus, will be unable to process a partial Pep transfer until the end of next month, when it makes its latest system upgrade available to members. Groups which use the system include ABN Amro, Invesco and Merrill Lynch. Peter Shipp, chief executive of the Pep and Isa Mana...