Fidelity took 8 weeks to send my re-registration request

3.3 / 5
61% of users recommend this
  • Speed of transfer

  • Value For Money

Guest's review of Fidelity


“Fidelity took 8 weeks to send my re-registration request”

Written on: 21/06/2013

Fidelity originally (after 4 weeks) could not locate my paperwork then took another 4 weeks to send it (only after another reminder). I am still waiting for their account manager to explain why this delay occurred despite repeated reminders via my agent (Cavendish). I was promised a letter explaining the reason for the delays over 1 week ago.
I would point out that Cavendish have been very prompt in responding to my update requests. It is a pity they use Fidelity as I do not think I will be using Fidelity again.
As we are living in a time with very volatile stock markets delays in processing requests can be very costly and Fidelity certainly have not shown any urgency in dealing with my requests.

  • Speed of transfer

  • Value For Money

Fidelity's Comment

Written on: 12/07/2013

I’m sorry for the problems that you have experienced.

At the beginning of January 2013, in response to the Retail Distribution Review (RDR), changes were implemented to the re-registration process in order to make it more efficient and accessible to customers. Fund providers and investment platforms were required to be able to move their clients' investments without any barriers. We, and all other fund providers, were obliged to put in place the processes, procedures and people to handle this new process. As a direct consequence of this, we have seen a dramatic increase in the volume of re-registration applications received and this, in part, may be attributed to the delay in completing some re-registrations. This additional volume put a large amount of pressure on us, and regrettably, we did experience an instance where client applications were not electronically scanned to their accounts correctly. This issue has now been resolved and we are confident that we now have sufficient controls and mechanisms in place to ensure that transfers and re-registrations are processed in a timely manner. We are very sorry if you were impacted by this.

We usually aim to complete the re-registration process within four to six weeks; however, due to this industry wide problems that we have encountered some of our clients have suffered delays.

Unfortunately, we are unable to locate your accounts until we identify you. We would like to discuss this and try to resolve the issues you have experienced. Please call our Customer Relations team and we will be more than happy to help you.

Best wishes

Fidelity Worldwide Investment

Reply to this comment
Report this review
Was this review helpful? 0 0