- The platform transfer service can be terrible
- But don’t let it put you off – there are some things you can do to help the process
Two years have passed since the Financial Conduct Authority (FCA), the financial services watchdog, published its Investment Platforms Market Study. One of its key concerns was the complexity and costs associated with switching and it proposed a package of remedies to make the process more efficient. It appears progress has been pitiful.
One positive has been that a number of large platforms, including Hargreaves Lansdown and interactive investor, have removed their exit fees, but the process remains extremely onerous and can leave investors waiting many months for their funds to be transferred without access to their cash.