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Over 20 platforms and fund groups sign up for re-registration

by Jun Merrett on Dec 04, 2012 at 07:57

Over 20 platforms and fund groups sign up for re-registration

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.’

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9 comments so far. Why not have your say?

YvonneGoodwin

Dec 04, 2012 at 09:44

Yes, but are all the platforms able to accept the different share classes of the same investments?

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Student Banking

Dec 04, 2012 at 12:07

I know this sounds like a daft question everyone, but who are the 24 that have already signed up and who are the next 22 to follow?

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rumnian

Dec 04, 2012 at 12:48

@ Student Banking -Good question, I bet it won't be a platform which is owned or sells its own funds!

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Carol Knight

Dec 04, 2012 at 13:07

The firms who have already joined can be seen by clicking the link to List of Members found on the left hand side of the page: http://www.tisaexchange.co.uk/about_tex.html

This list will be updated regularly as joining forms are received.

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Andrew Duthie

Dec 04, 2012 at 13:46

Defaqto also now publish details on which platforms are TISA compliant, which will be visible in Engage shortly

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Stephen Mohan

Dec 04, 2012 at 17:45

I am responding as both a director of Cofunds and Chair of TeX. One needs to bear in mind that the role of TeX is to simplify the requirements of all parties to have indemnities and clear service levels in the improved, electronic transfer process. The process has been agreed by industry standards (ISO20022). TeX enables fund managers and platforms to sign one contract and perform to one SLA; the alternative is to negotiate with every counterparty. As such, the ability of fund managers and platforms to deliver re-registration is the responsibility of those firms. Cofunds will be ready to support ISO20022 re-registration, will are members of TeX and are encouraging fund managers to join.

I do not think that there will be a problem for Platforms to cope with different share classes. The advised client’s re-registration will be an advised activity, so trail will be switched off and this is treated in different ways by different platforms. In many cases it will be necessary for fund managers to perform unit conversions before and/or after a re-registration and this may be a challenge for some fund managers. Such wrinkles will be ironed out during 2013.

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KB

Dec 04, 2012 at 22:00

Still takes an absolute age for fund managers to comply even if individual platforms accept re-registrations. Needs to be an more automated process and not the paper trail we currently have.

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gerold via mobile

Dec 05, 2012 at 08:09

KB, that's the objective of tex, rereg should complete within a few days I think once this is live, assuming both platforms and the fund manager in question are signed up.

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Stephen Mohan

Dec 05, 2012 at 13:19

I am responding as both a director of Cofunds and Chair of TeX. One needs to bear in mind that the role of TeX is to simplify the requirements of all parties to have indemnities and clear service levels in the improved, electronic transfer process. The process has been agreed by industry standards (ISO20022). TeX enables fund managers and platforms to sign one contract and perform to one SLA; the alternative is to negotiate with every counterparty. As such, the ability of fund managers and platforms to deliver re-registration is the responsibility of those firms. Cofunds will be ready to support ISO20022 re-registration, will are members of TeX and are encouraging fund managers to join.

I do not think that there will be a problem for Platforms to cope with different share classes. The advised client’s re-registration will be an advised activity, so trail will be switched off and this is treated in different ways by different platforms. In many cases it will be necessary for fund managers to perform unit conversions before and/or after a re-registration and this may be a challenge for some fund managers. Such wrinkles will be ironed out during 2013.

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