Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a403439
Platforms and managers club together to drive re-reg
by Iain Martin on Jun 01, 2010 at 12:22
Platforms and fund managers have pooled resources to pay for a manager whose job will be to push on in specie re-registration.
Tax Incentivised Savings Association organised the whip round for the manager, which it hopes will be appointed later this week. The manager will help set up a re-registration pilot project this summer and pull co-ordinate the work of platforms, fund manager and adminstrators, said David Dalton-Brown (pictured), chair of the Tisa executive committee on re-registration.
‘This is the first time in my experience that this industry has voluntarily come together to collectively fund a project that will deliver real benefits to the consumer,’ said Dalton-Brown, who is also head of Barclays Wealth.
Dalton-Brown hoped that platforms would volunteer staff to help the re-registration project manager kick-start the pilot and draw up service agreements, which should smooth transfers between platforms. ‘It is further proof of our desire to provide the consumer with platform-to-platform re-registration in a manner that is timely and easy.’
In April Tisa called for fund managers, platforms and administrators to use the ISO 20022 messaging standard and the Swift network to allow fund transfers and re-registration requests to be automated.
Markets
News sponsored by:
Today's top headlines
More about this article:
More from us
- Tisa calls on FSA to rethink rebate ban
- Tisa says pensions tax relief likely to fall to basic rate
- Re-reg victory puts fund supermarkets under pressure
- Wraps and funds to pilot re-registration in summer
- Tisa backs ISO standard to push forward platform re-registration
- FSA wants platforms to become pure wraps by end of 2012
2 comments so far. Why not have your say?
Anon- ex EJ'er
Jun 01, 2010 at 15:14
Fantastic concept!, can you please let Towry Law be the first to implement this, I have clients who have been waiting 12 weeks for in-specie ISA transfers from Towry.
When chasing Towry they do not even reply to telephone calls or e-mails. When they receive a written client complaint they merely send a standard response "we are 8 weeks behind in processing transfers out"!. (we have heard that due to the mass exodus of ex EJ clients they have now outsourced their transfer team to HSBC India). The FSA need to clamp down heavily onTowry they are a disgrace. Mr Fisher please get your act together, or the complaints will keep on rolling in!
Anybody else having similar problems please complain to the FSA.
report thisAnon - ex EJ Adviser
Jun 02, 2010 at 13:19
Towry are not treating clients fairly and are breaking their own terms and conditions with clients.
Towry Investement Management Ltd, in section 18.4 of their Terms and Conditions, state they will transfer client’s ISA’s within 30 days. I have numerous clients who are well over the 30 day ISA transfer deadline. I think Towry should immediately transfer these funds and I think clients should instruct Towry to stop taking trail commission from their Towry accounts if for any reason original or current agreements have been broken.
I wonder how long it takes a transfer to complete when it involves an ex-Edward Jones account over to Towry’s discretionary service? Are these types of transfers experiencing the same delays? Hmmm.
I am also having clients being disadvantaged because they are not being paid income and Towry cannot tell them what has happened to the income. Also for clients who want the cash on their Towry accounts, which when with Edward Jones they were told was available within 3-5 days, are finding it takes weeks to process. I am making it clear to clients who have been financially disadvantaged in any way that they have a right to complain to Towry.
It is only a matter of time before the FSA / wider media pick up on how badly clients who wish to move funds away from Towry are being treated. I am sure there are many other advisers out there experiencing similar problems.
I have no personal interest in dragging Towry through the mud as this industry needs as much good news as possible. However when Towry are telling clients wishing to transfer that there are only a small number of clients affected by delays, and I personally have had first hand experience of so many ex-Edward Jones clients being poorly treated, something has to be said!
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.