Share Class Conversions

The process for share class conversions and re-registrations between platforms has long been problematic and not fit for purpose. To address this industry-wide issue, in 2013 TISA brought relevant parties from the industry together to consider key issues, such as administration and accounting, with a view to producing an industry guide.

Following the publication of the FCA Market Study into Investment Platforms, this group was reactivated, to address the issues raised by the FCA and respond with recommendations.

Benefits to consumers


A CONSISTENT APPROACH TO CONVERSIONS AND RE-REGISTRATION ENSUES THAT FINANCIAL SERVICES CUSTOMERS RECEIVE THE BEST POSSIBLE OUTCOME

Benefits to industry


STANDARDISES INDUSTRY PROCESSES, TO THE BENEFIT OF ALL

Benefits to UK economy


PROVIDES CLEAR, CONSISTENT, VISIBLE STANDARDS WHICH THE INDUSTRY CAN CONFIRM TO

IMPROVES CONSUMER EXPERIENCE AND ENABLES / ENCOURAGES CONSUMERS TO TRANSFER TO ALTERNATIVE PROVIDERS, THUS OPENING UP THE POTENTIAL FOR COMPETITION, IMPROVING CUSTOMER CHOICE AND EXPERIENCE

Share Class Conversions

Purpose

To engage with policymakers and regulators for optimal market outcomes

Areas of focus

  • Statement of Recommended practice regularly reviewed and updated to reflect changes needed

Jeffrey Mushens, Technical Policy Director leads on this work at TISA

Firms who are members of/participating

Chair: Nicola Riddel, Transact



A J Bell Securities Limited

Actuare Ltd

Advance by Embark Platform

Aegon UK Plc

Allfunds Bank S.A.U

Altus Limited

Ascentric

Aviva UK Insurance

Baillie Gifford & Co

Barclays Wealth

Benchmark Capital

Bestinvest (Brokers) Limited

BNP Paribas Securities Services

BNY Mellon

Bravura Solutions

Brewin Dolphin Ltd

Calastone

Capita PLC

Charles Stanley & Co Ltd

Close Brothers Asset Management

DP Pensions

Dunstan Thomas Holdings Ltd

EdenTree Group Asset Management Ltd

Embark Platform (Trading name of Embark Investment Services Ltd)

Equiniti

Fidelity International

FNZ

Fusion Wealth Limited

Halifax

Hargreaves Lansdown

Hargreaves Lansdown Asset Management Ltd

HSBC Bank Plc

Integrated Financial Arrangements Ltd

Interactive Investor Services Ltd

Invesco UK Limited

JAC2 Consultancy Ltd

James Hay

Janus Henderson

JPMorgan Asset Management

L&G plc

Legal & General Investments

Link Group

Marlborough Fund Managers

Multrees Investor Services

Northern Trust

Novia Financial Plc

Nucleus Financial Group Limited

Octopus Investments Ltd

Old Mutual Wealth

Old Mutual Wealth Limited

Origo Services Ltd

Parmenion Capital Partners LLP

Pershing

Pinsent Masons LLP

Quilter Cheviot Investment Management

Rathbone Bros Plc

Raymond James Investment Services Limited

Sanlam Financial Services UK Ltd

SEI Investment (Europe) Ltd

Seven Investment Management

Smith & Williamson Investment Services Ltd

SS&C

Standard Life Savings Ltd

Standard Life Trustee Company

SWIFT

The Investment Association

The Share Centre Ltd

Trace Financial

Transact

True Potential Investments LLP

UK Private Bank

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If you are a TISA member, and would like to get involved with the Share Class Conversions work, please get in touch

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