TISA issues re-registration project progress report
TISA has issued an update on its initiative to help platforms, fund managers, fund administration firms and stockbrokers agree and implement the appropriate standards for platform-to-platform re-registration.
Following a meeting of the TISA Re-registration Executive Steering Committee held this week Malcolm Small, director of policy at TISA said:
“It is clear that solid progress is still being made, with the draft Service Level Agreements (SLAs) due for Peer Review towards the end of the week. Once reviewed, they will be posted to the new, dedicated, section of the TISA website for cross-industry feedback. We want the fullest possible buy-in from all sections of the industry to these important documents. Once agreed, we can move to ‘pilot’ projects which are being designed to identify any issues with the proposed standards and SLAs without market participants having to learn the same lessons time and again”.
David Dalton-Brown, Chair of TISA’s Executive Steering Committee added:
“We are now seeing the progress we expected and thanks are due to the Market Practice Group for their hard work in getting the SLAs to this stage. The next crucial piece of work will be the legal agreements and the running of the pilots. The legal agreements will provide an industry standard contractual framework between transferring parties – including standard indemnity clauses – that are designed to enable a consistent approach to the implementation of the re-registration standards and SLAs.
“It is vital that we continue the good progress on this project and we expect to specify the objectives and approach for the pilots shortly. We will then move into the ‘live’ environment. In addition, we are looking at the possibility of setting up a forum for suppliers to the industry, so that they are all fully informed of developments in the project and can align their solutions to the needs of all market participants.”
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.
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.