TISA invites re-registration participation
TISA – Tax Incentivised Savings Association – is inviting companies to join its Committee to drive platform-to-platform re-registration in a manner that is timely and easy for the consumer and cost effective for market participants.
Using its unique position as a pan industry body with members from wrap and platform providers, through investment houses and life companies to IFA firms and suppliers to the industry, TISA established the Committee to provide a forum for all interested parties last October.
At its most recent meeting in December, the FSA’s Steve Tully emphasised the regulator’s preference for an industry-led solution to this issue to be delivered as soon as possible and by no later than the end of 2012.
The Committee has set its vision as being to facilitate the development of procedures that will enable investors, either directly or via their adviser, to access a platform, wrap or supermarket, register their underlying funds and tax wrapper onto a given platform, transfer between different platforms and transfer off a given platform.
Malcolm Small, TISA Director of Portfolio & Retirement Planning says:
“I have had numerous conversations across the industry all of which indicate a willingness to engage in the delivery of re-registration to the agreed ISO 20022 standards. However we still need to identify and remove any barriers to implementation. It’s also important that the market moves quickly to an automated service.
“That’s why this Committee is so important and as there will be effects across the wider industry at both fund and product wrapper level too, I am keen to have as wide a range of members as possible. At the same time I am also encouraging all wrap and platform providers to talk now with their suppliers about implementation.”
TISA held an Open Meeting last July to discuss the issues surrounding re-registration that needed to be addressed. Following the recommendation that the ISO 20022 standards be adopted this Committee has been established specifically to develop practical solutions to assist in the implementation of those standards.
Ends
For further information, please contact:
Malcolm Small, Director of Portfolio & Retirement Planning, TISA – Tel: 07989 500771 (mobile). Email: malcolm.small@tisa.uk.com
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 trade association 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 at the same time 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 to the sector and its consumer interest. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles including:
• Individual Savings Accounts (ISAs)
• Child Trust Funds (CTFs)
• Savings Gateway
• Personal Pensions
• Investment Bonds
• Employer based pension schemes
• Wraps and platforms
• Other consumer-centric savings schemes and initiatives.
HM Government uses TISA’s market knowledge and ability to represent the views of both the savings and investments industry and consumers to help it to formulate its policy in this area.