Cofunds backs down over re-reg policy after outcry

Cofunds, the UK's largest platform, has backtracked on its unpopular policy on re-registration after an outcry from peers and advisers.

Some of the UK's major platforms were considering writing to the FSA to complain about Cofunds after it opted to force investors to convert existing holdings to clean share classes before they were able to re-register to another platform. Groups argued the largest fund platform in the country was prohibiting easy re-registration and threatened to report it to the FSA. Cofunds was refusing to re-register advised clients' assets on to other platforms in bundled form, instead automatically converting fund holdings to clean share classes (without commission). Its policy was creating d...