Aviva calls for compulsory fund platform re-registration
by Gill Montia
Aviva is calling on providers to make it easier for investors to move assets on and off fund platforms, without incurring tax liabilities and being out of investment markets.
Re-registration allows investors to transfer assets between platforms without having to sell and buy again, and the group’s UK chief executive, Mark Hodges, wants this ability to become a compulsory requirement.
He is therefore supporting a TISA-sponsored industry working group that aims to create an automated solution to the re-registration process.
Aviva’s intermediary and partnerships director, Angela Seymour-Jackson, says: “Platforms’ current approach to re-registration is not sustainable.”
She adds: “While Aviva wrap and Sipp already allow assets to be re-registered on and off, other companies’ propositions allow assets only to be re-registered on to their platform and not off.”
Earlier this week, the Investment Management Association reported that fund platforms’ market share has shown significant growth over the past two years, with the five major platforms that provide it with data now having £91 billion in funds under administration, up 49% in the last 12 months.