Phil looked at the issue of asset re-registrations – what happens for example when someone switches pension provider. The ability of financial services firms to transfer or re-register customer assets to another organisation is a little known, but vital part of how modern consumer finance should work. Since the surge in demand for independent savings accounts (ISAs), the creation of self-investedpersonal pensionn plans and the launch of the government-backed workplace pensions, the need for efficient transfers has become key.
The article in The Review magazine of the Chartered Institute of Securities and Investment spoke to regulators and pension fund managers about how asset transfers are going to be speeded up and the challenges and opportunities that presents. The article is here.