Anyone who has ever tried to move money from one investment platform to another – in other words, probably every one of you reading this – knows the frustration can be real.
Advisers and their teams become de facto cat herders, chasing forms, nudging providers and trying to manage client expectations through what is often described as a tortuous process. Despite their best efforts, too many transfer journeys remain slow, inconsistent and stubbornly manual.
The FCA’s recent multi-firm review of pension transfers laid bare the scale of the problem. While three quarters of transfers complete in around three weeks – which, let’s face it, still feels like a long time for your retirement savings to disappear into the ether – some were taking up to 160 days.
Little surprise, then, that transfers are now ranked by consumers as the second most difficult administrative task after moving house, according to PensionBee.
Delays erode trust, slow down financial planning and entrench the status quo, benefiting incumbents at the expense of clients
In a world where people can open a bank account in minutes, track a delivery to the hour, or pay instantly, expecting them to wait weeks – sometimes months – to move their own money feels archaic.
And it’s not just inconvenient. Delays erode trust, slow down financial planning and entrench the status quo, benefiting incumbents at the expense of clients. None of which sounds very Consumer Dutyish.
A collective push for change
It’s against this backdrop that the Platforms Association has launched a new Transfers Workstream, to tackle the longstanding challenges and improve outcomes for customers.
The initiative brings together over 20 leading platforms and service providers to explore solutions – from better communication between platforms and standardised electronic processes, to collaboration with the FCA on regulatory changes.
I’m privileged to co-chair the group and it’s clear there’s a shared sense of urgency: the industry has an opportunity – and a responsibility – to move from a frustrating experience to a frictionless one.
What we’re doing about it
At Seccl, we’ve been doing our bit to try and address these challenges. Our approach is simple in principle but ambitious in execution: to reduce manual steps wherever possible and improve communication to make the process transparent at every stage.
Platforms Association tackles transfer delays
We start by ensuring electronic transfers are truly electronic, with zero human intervention. Like most of the market, we integrate directly with systems such as Origo and Equisoft/Transfer (formerly Altus Transfer Gateway).
Yet feedback tells us that many providers still key transfers manually before they even reach these systems – an unnecessary bottleneck that can add half an hour to two days before the process has even begun. Our solution is different: requests are submitted instantly, with no manual handling and no delays.
For transfers that still require human oversight, we’ve redesigned the journey to flag required documentation and signatures upfront, cutting out the usual back-and-forth. Our Transfers Workbench, meanwhile, provides advisers with real-time visibility, so that everyone knows exactly where the money is.
Results that speak for themselves
The impact is tangible. Manual cash transfers are running almost 30% faster and firms are seeing far fewer frustrating rejections. Some of our transfers are now completing in as little as 24 hours, even as our volumes have risen by more than 60%.
Every delayed transfer is a lost opportunity – for the client, the adviser and the platform alike
In other words, transfers don’t have to be painful. With the right technology and processes, they can be swift, predictable and reliable – a seamless part of the investment journey rather than a source of stress. It’s not rocket science; it’s a matter of prioritising the client experience and giving advisers the tools to do their job properly.
The road ahead
The work of the Transfers Group is just beginning, but its potential is enormous. Collaboration is key. Individual firms can innovate on their own, but the industry is only as strong as its weakest link – systemic change requires the sector to raise its standards collectively.
The stakes are high. Every delayed transfer is a lost opportunity – for the client, the adviser and the platform alike. Conversely, get it right and the benefits ripple across the market: improved trust, better engagement and more efficient use of adviser time.
My hope is that in the coming months we’ll see more platforms embracing automation, transparency and connected systems. Because if we can’t fix transfers, we’re leaving a core part of the investment experience broken. And in 2025, that’s simply not acceptable.
David Ferguson is executive chairman of Seccl
