Automated platform-to-platform re-registration has taken a step closer to launching as 24 platforms and fund groups have signed up to the service, with 22 more firms expected to join in the coming weeks.
The 24 platforms and fund groups are the first to appear on the Tax Incentivised Savings Association's (Tisa) re-registration register which will launch in mid-December with the first live transfers expected to take place shortly afterwards.
The Tisa Exchange register is a database which provides contact details for day-to-day queries for member firms.
The move marks the culmination of a long campaign by Tisa to make platform-to-platform re-registration a reality.
In 2009 Tisa formed an industry group as a forum for interested parties to consider the practical solutions necessary to achieve automated re-registration.
It then handed over its re-registration programme project to the Tisa Exchange to focus on delivering electronic transfer of assets through a contract club.
Carol Knight, director of Tisa's member services said: 'A lot of hard work and testing has taken place by many industry participants since Tisa first began work on re-registration in July 2009. As a result of this collaboration we have devised a solution that will significantly reduce industry costs and risks; whilst at the same time giving consumers certainty that re-registration is being completed to an agreed standard.’