TISA response to UK Platform Group announcement on standards to meet platform-to-platform re-registration
TISA – Tax Incentivised Saving Association – is pleased to see today’s announcement by the UK Platform Group regarding a recommendation that ISO20022 be adopted for Platform-to-Platform Re-Registration.
The probability of an announcement was first raised by Stephen Mohan the Chair of the UK Platform Group at a TISA Open Meeting held yesterday to discuss the range of issues surrounding re-registration.
Malcolm Small, TISA Director of Portfolio & Retirement Planning comments:
"It was clear at our meeting that an agreed standard would be essential if investor and adviser expectations are to be fully met and although Stephen Mohan could not go into detail the prospect of today’s announcement was extremely well received.
"TISA will continue to play its part in helping interested parties discuss the merits of adopting this standard and the related issues including the impact of RDR and TCF on the re-registration process.
As a next step we are establishing a Management Board which will meet in early September. We look forward to working with stakeholders in the Wrap and Platform markets to deliver the right outcomes for consumers. Our membership covers investment houses, TPA providers, Wrap and Platform providers, life companies, IT systems providers, distributors and pension providers, all of whom will need to be involved if the right outcomes are to be delivered in a timely manner.”