Platform re-registration - Snail or Cheetah speed?

maryleerk06

From previous experience I have found cash transfer to be much faster but don't like leaving the market during the process.

Re-registration has the benefit of staying in the market but from what I know it involves more parties, i.e. your new provider, new platform, previous platform, fund manager etc etc and takes months in some cases.

I have read in a few places that some platforms already accept electronic transfers so might be worth asking around but I know this new implementation will be slow to get running everywhere.

waiax73

a friend of mine is transferring from Skandia. 6 weeks backlog and counting....

grey_gym_sock

maryleerk06 wrote: »

it involves more parties, i.e. your new provider, new platform, previous platform, fund manager etc etc

and sometimes they're such good parties that everybody forgets to get on with the transfer process ...

SnowMan

SnowMan wrote: »

Have been waiting nearly 11 weeks for my registration of funds held on the Fidelity Fundsnetwork platform to Sippdeal.

Now being told that the next part of the process is for the fund manager (HSBC for all the funds) to change the name of the nominee company on their register and this could take another 30 days. And that isn't the end of the process

So I could be looking at 4 months + to re-register. And then there is the separate process of conversion to clean classes and goodness knows how long that will take

Just hope there is something in the FCA platform paper (which is being reported as coming out on 29th April) to set timescales for timely re-registration.

Amazingly my funds have disappeared from my Fidelity Fundsnetwork log-in and on ringing up Fidelity they tell me the funds re-registered over to Sippdeal on Friday :T

However when I rang Sippdeal to ask if the re-registration was now complete they couldn't update me and said they would email me today.

Have just received a bland email from Sippdeal to say it will take a further 2 -4 weeks to "allow the stocks to settle" (that may refer to settling of some of the beer from the party grey gym sock mentions :rotfl::beer:) but they couldn't guarantee any timescale. There is no hint of an apology for the time it is taking. So that could means 16 weeks to re-register funds

(edit: now found out that the email from Sippdeal was incorrect, they say Fidelity gave them the wrong information, and that re-registration has completed after all :T :beer: I've rung Sippdeal up and they've started the process of conversion into clean share classes.


My re-registration of funds from the HSBC Global Investment Centre to Sippdeal has now completed after 11 weeks.

SnowMan

My mum put in a request for re-registration of a single fund held directly with the fund manager over to Fidelity Fundsnetwork.

About 3 months later and after many calls to Fidelity the re-registration still hasn't taken place, and she has been given no idea when it will happen.

Timely re-registration? I think not. Quite appalling.

dunstonh

Re-registrations typically take about a week. 3 months is not at all standard. However, not all fund houses support re-registration. Plus, the platform needs to be able to offer the same share class (otherwise cash transfer needs to be used instead). She is way past the chase stage. I would suggest she follows up to find out what the problem is.

SnowMan

dunstonh wrote: »

Re-registrations typically take about a week. 3 months is not at all standard. However, not all fund houses support re-registration. Plus, the platform needs to be able to offer the same share class (otherwise cash transfer needs to be used instead). She is way past the chase stage. I would suggest she follows up to find out what the problem is.

Thanks. She is ringing up Fidelity again today to put in a complaint having rung up last week and got nowhere and they failed to get back to her. Fidelity do offer the fund and class that is being re-registered.

This article suggested the FCA are getting concerned about the delays although it links to another article saying that the FCA are saying that some are going through quite quickly and others are taking multiple weeks or months.

There seems to be an issue with not all platforms using electronic messaging systems.

What percentage of recent re-registrations from your experience are being delayed?

dunstonh

What percentage of recent re-registrations from your experience are being delayed?

Havent had any that have taken longer than 2 weeks.

However, Fidelity used to be a pain. I don't know if it is still the case as I rarely use them nowadays. However, they never used to allow the re-registration option unless the investments were over £50,000 in value. You had to use cash transfer method instead. They may have changed that but that was the case as little as 18 months ago.

The FCA want all to offer re-reg and it should have been in place by 2013 but not everyone is there yet.

SnowMan

dunstonh wrote: »

However, Fidelity used to be a pain. I don't know if it is still the case as I rarely use them nowadays. However, they never used to allow the re-registration option unless the investments were over £50,000 in value. You had to use cash transfer method instead. They may have changed that but that was the case as little as 18 months ago.

Fidelity Fundsnetwork ditched the £40,000 limit in mid December 2012 so just in time for the 1st January 2013 deadline for allowing timely re-registration away.

They also sneaked in a new restriction that partial ISA transfers away weren't allowed in late 2012 (either cash transfer or re-registrations).

For balance Fidelity don't currently charge for re-registration away which is pretty decent of them.

dunstonh

For balance Fidelity don't currently charge for re-registration away which is pretty decent of them.

Although not many do. Indeed, none of the IFA platforms come to mind.

Thanks for the update on Fidelity.