Skandia criticises industry efforts on re-reg

Skandia has expressed frustration at rival platforms failing to allow electronic re-registration of assets, despite being required to do so under the Retail Distribution Review (RDR).

Aside from fellow giants Cofunds and Fidelity FundsNetwork, Skandia has been unable to complete transfers of assets with any other platforms, a situation managing director Peter Mann (pictured) called "frustrating". The FSA requires platforms to transfer assets in a "timely manner", generally accepted to be between five and eleven days depending on complexity. Most using manual processes were still taking three to four weeks, he said. "It is ironic that the large fund supermarkets, who have been heavily criticised by the wraps for not facilitating re-reg over the past few years, are n...