Today the ABI responded on the FCA’s Investment Platforms Market Study report.
Rob Yuille, Assistant Director for Long-Term Savings at the Association of British Insurers, said:
“The rules on in-specie transfers and unit class conversions are welcome – they will make the switching process smoother and improve the customer experience, but they will be challenging to implement by July 2020.
“It is important the whole industry can implement the rules correctly to make sure conversions work best for businesses and consumers. We encourage the industry, especially fund managers, to sign up to the STAR initiative to improve the transfer process. We recognise automation should become the norm in order to improve processes even more, which we intend to promote through STAR and working with the regulator.”