FCA plans to ban investment platform exit fees

LHW99

I could probably accept a level of exit fees if in specie transfers could actually be speeded up.
It seems strange that I can go online and sell / buy (which must require one "registration process") and get the transaction completed in less than a week, and yet inspecie transfers (particularly for SIPPs) take at best a couple of months.

londoninvestor

LHW99 wrote: »

I could probably accept a level of exit fees if in specie transfers could actually be speeded up.
It seems strange that I can go online and sell / buy (which must require one "registration process") and get the transaction completed in less than a week, and yet inspecie transfers (particularly for SIPPs) take at best a couple of months.

Good point, and fund managers should bear some responsibility here, as well as the platforms. Some (e.g. Fidelity) are notably quicker than others in my experience of in-specie transfers.