Platform re-registration programme on track
TISA’s initiative to help platforms, fund managers, fund administration firms and stockbrokers agree and implement the appropriate standards for platform-to-platform re-registration is progressing well, the Association is reporting.
Following the creation of a Re-registration Committee in July 2009 TISA has since established an Executive Committee, Programme Office and dedicated work streams to deliver the implementation of the project prior to the Retail Distribution Review coming into effect at the end of 2012.
In a status update TISA says that a key deliverable has already been met with the completion and documentation of the messaging formats. Details of the standard Service Level Agreements (SLAs) are also close to being finalised and will then be made available for all industry participants to review and feedback on.
Progress on the legal aspects of re-registration is well advanced and will, along with the SLAs, enable the industry to save money rather than each participant incurring the expense of undertaking their own work.
Engagement with suppliers to the market participants is expected to result in ‘pilot’ exercises to prove the processes taking place over the next three months.
Details of the work being undertaken, objectives, participants and status is now available in a dedicated Re-registration project section on TISA’s website: www.tisa.uk.com
David Dalton-Brown, Chair of TISA’s Executive Steering Committee says,
“There is tremendous support from the industry for this TISA project – in particular from the major platforms and fund groups and their third party administrators, as well as from our fellow industry bodies, IMA and APCIMS – and I am extremely pleased that we will soon have even more tangible progress to discuss as we move towards the next stages in the implementation process.
“The Programme Office, headed by Alistair Reid, is working extremely hard to co-ordinate the programme plan, secure buy-in at senior level from industry participants, and deliver robust industry standards, supporting processes and SLAs.”
Malcolm Small, TISA Director of Policy adds:
“There is still much to be done but we are seeing real output from the project and I am hopeful that we will be able to make a positive difference for consumers and the industry in platform re-registration.”
TISA represents the interests of over 120 firms involved in supplying, administering or distributing products to savers and investors, its membership includes investment houses, TPA providers, Wrap and Platform providers, life companies, IT systems providers, distributors, stockbrokers, banks and wealth management companies.
Ends……
For further information, please contact:
Malcolm Small, Director of Policy, Mobile: 07989 500771 Email:malcolm.small@tisa.uk.com
David Dalton-Brown, Chairman of TISA’s Re-registration Executive Steering Committee, Head of Barclays Wealth Funds, Tel: 020 7114 0878, Mobile: 07775 555165
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford, Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)
TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles.