Feeney: Most platforms behind the curve on re-reg

Old Mutual Wealth CEO Paul Feeney has dispelled worries about the effects of re-registration on the group's Skandia platform after it made a £2m profit, arguing rivals are behind the curve when it comes to facilitating electronic transfers.

The Skandia platform achieved an adjusted operating profit of £2m in 2012, the group revealed this morning, with assets climbing 20% to total £22.6bn. However, on the downside sales for the platform fell to £2.1bn from £2.8bn. Feeney, speaking to Investment Week, said the decline was not down to any impact from re-registration as rival providers do not have adequate systems in place to poach client business and re-register it. "We are one of the only platforms in the market which can capture electronic re-registration. The majority of the platforms out there cannot do it," he said....