Platforms consider FSA complaint over Cofunds re-reg policy

Some of the UK's major platforms are considering writing to the FSA to complain about Cofunds, arguing the largest fund platform in the country is prohibiting easy re-registration.

The group is at the centre of a row between platforms because of a change in the way it re-registers assets onto rivals post-RDR. Sources have told Investment Week that when Cofunds transfers clients' portfolios over to rival platforms, it automatically attempts to convert fund holdings from bundled share classes to clean share classes (without commission). However, this method is creating delays in re-registration away from Cofunds and onto other platforms, as many rivals do not have a full suite of clean share classes available as yet. This effectively means Cofunds is retaining cli...