Pension transfer delay 'bigger issue' than re-registration

The wrap platform says the time has come for the regulator to consider enforcing penalties on excessive delays, which are keeping clients out of the market by as much as three months in some cases. Pension transfers, primarily from life companies, are big business for Transact - accounting for half of its £2bn asset growth over the past year to 30 September. Transact sales and marketing head Malcolm Murray says while the FSA is “sympathetic” on the issue, regulation is now needed to cut the delay. “The FSA has held the view that market forces will take effect here. Well the truth is they...