Transferring can also be bizarrely expensive: to shift a £500,000 Sipp portfolio from one platform to another can cost up to £1,300. No wonder that 7 per cent of consumers have tried to switch and failed. So what should the FCA do? Lay down the law very firmly on transfers. Platforms should be allowed to charge only for the admin of shifting assets or cash. They should be given a pretty tight time window in which to do it, say 10 days at most. Let’s not forget that you can now move a bank account with all its attendant complications of standing orders and direct debits in a maximum of seven days. If that can be done for platforms, the market will, I think, sort the rest out.

https://www.ft.com/content/c653160c-8b3a-11e8-b18d-0181731a0340