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Time for the FCA to crack down on platform transfers?

Investors share horror stories of trying to switch platforms
Time for the FCA to crack down on platform transfers?
  • Many investors stuck for months in lengthy platform transfers
  • Pressure may be needed from the regulator to fix the issues

When I wrote about Hargreaves Lansdown a few weeks ago, and said that its 93 per cent client retention rate suggested its customers were happy, someone wrote to me offering an alternative explanation: “Basically they are so obstructive that it is very hard to get out.”

Having pursued the matter, he might have a point. Except this is not just a problem with Hargreaves. The transfer process across a number of platforms is too often far below any reasonable expectation, and that's before the additional strain of remote working over the past year. 

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