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Re-registrations and transfers

If your answer to any of the questions below is yes, then we can help you:

  • Are you considering transferring assets to FundsNetwork?
  • Are you looking to review your existing provider with a view to changing platforms?
  • Are you considering a new platform for a specific segment of your clients?

We can support you, help you manage the whole process from start to finish, and understand what's involved in transferring clients to us.

If you would like to discuss anything related to re-registrations or transfers, or simply new business opportunities, please email us with a brief explanation of your enquiry and we will be in touch as soon as we can.

Our commitment to you

We understand moving clients to a new platform, for whatever reason, has historically been perceived as a time consuming, labour intensive task.

We understand the challenges by talking to firms like yours and have taken the opportunity to completely review our re-registration and transfer proposition. This will help us to fully support you prior to, during and upon completion of any applications on behalf of your clients. Hopefully making your experience simpler and more efficient.

Benefits in working with us

PROCESS

  • A fully compliant process that supports the requirements of the FCA’s Platform Market Study
  • We only ask for client signatures if the existing provider requires a letter of authority
  • As a member of TISA Exchange Limited (TEX), we provide automated electronic transfers between fund managers and other platforms, allowing for a smoother process.
  • Our re-registration and transfer process is fully online.

PEOPLE

  • Support from our experienced and skilled transfer specialists
  • Consultative engagement to help design and implement your bespoke transfer plan
  • Continuous point of contact throughout your transfer project.

TOOLS

  • Online illustrations are available if required
  • Within an Investment account, you can enter the acquisition costs once assets are re-registered, in order to receive capital gains reporting
  • Re-registration and transfer tracking tool provided as an integral part of your clients' accounts.

TECHNOLOGY

  • We support you in understanding whether the fund/share class held by your clients are available on the platform and available for re-registration
  • A bulk re-registration/transfer service, should you wish to move a book of business altogether.

This service is available for ISAs, Pensions and Investment Accounts. We also offer a cash transfer service for ISAs and Pensions.

Important notice about the proposed protected age for pension benefits

The minimum age that most clients can access their pension benefits is currently age 55, however, the Government is proposing to increase this to 57 from 6 April 2028. Some clients may retain the right to draw benefits before age 57 and this is dependent on the rules of their scheme on the 11th February 2021. Additionally, when a client transfers their pension to or from another scheme, some individual transfers may retain a protected pension age of 55, and some may not. Currently the draft legislation states that PPA will apply to members of schemes as at 5 April 2023 and therefore, a transfer out of a scheme with a PPA before this date may lead to the loss of PPA. Confirmation of how the PPA will apply will be provided in the Finance Act 2022 and in guidance from the Government. The Government’s consultation document and consultation responses can be found here

On the 11 February 2021 the FundsNetwork Pension scheme rules stated that scheme members can access their benefits from age 55. Therefore, based on the information provided to date it is our current understanding that the FundsNetwork Pension would offer an unqualified right to access pension benefits at 55. This understanding will be formally reviewed once the full legislation and Government guidance is available.

We will publish further information on our website and in our scheme literature once the Government has published final legislation and guidance.

How are transfers changing?

As part of the Meeting of Minds event with Owen James, Jennifer Belton, Senior Manager, Adviser Experience at FundsNetwork spoke to advisers about how transfers between platforms are changing in light of new FCA guidance.

Making transfers simpler

In order to make transfers between platforms easier, the FCA are introducing some new rules from 1 February 2021. In future, platforms will be required to work together to find common share classes so that more in-specie transfers (re-registrations) can take place.

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Other useful information

We have listed below some general points for consideration, as in our experience understanding the process and what’s expected is key to a successful transfer for your clients:

  • Where are the assets moving from? i.e. platform, fund manager directly, product provider, Bank/Building Society?
  • What type of accounts are you transferring, ISAs, Investment Accounts or Pensions?
  • What types of fund/share classes are held?
  • Are you considering a re-registration or cash transfers?
  • Do any of the clients take an income and how do you intend to manage the income during the transfer process?
  • How will you communicate the planned transfer to the client?
  • Over what timescales are you looking to move the assets?

As mentioned at the top of the page, please email us if you would like to discuss new business opportunities or anything related to re-registrations or transfers.