Skandia, the UK investment platform of Old Mutual Wealth, has hired 40 extra members of staff in an effort to speed up its re-registration processes.
The development follows the Financial Conduct Authority (FCA)’s re-registration timing concerns. Last week, the FCA’s head of investment policy, David Geale said that the regulator was concerned that many platforms could not move assets within a reasonable time frame.
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Skandia says it has also put in place a number of other measures to aid re-registration including the simplification of application forms and a new online re-registration application system.
Skandia added that it is also contacting other platforms it claims are failing to provide international securities identification numbers for investments which can lengthen the re-registration process.
Skandia was the first firm to start automated re-registration and claims that 40% of its re-registration volumes are now being handled electronically.
Michael Barrett, platform marketing manager at Skandia, said: "The re-registration process is only ever as strong as the weakest link in the chain and as a consequence anyone who cannot support electronic re-registration is letting advisers and their customers down. We continue to lobby hard for other providers, fund managers and administrators to adopt the new technology for the benefit of all investors."
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