TISA to host platform re-registration meeting
TISA – Tax Incentivised Savings Association – is to host the first meeting in October of an industry group which will consider how the market can best move towards the implementation of an agreed standard for platform-to-platform re-registration.
The establishment of such a group was initially announced at a TISA open meeting in July held to discuss the range of issues surrounding re-registration. As indicated at that meeting and subsequently confirmed, the UK Platform Group has recommended that the ISO 20022 standards be adopted.
The purpose of this first meeting will be to identify the specific issues that need to be addressed with a view to developing practical solutions to assist implementation of the standards.
Malcolm Small, TISA Director of Portfolio and Retirement Planning says:
“TISA is committed to helping the industry adopt agreed re-registration standards. This is essential in order to fully meet the expectations of investors and advisers.
“Whilst the recommendation by the UK Platform Group is very welcome, issues including the impact on the re-registration process of the Retail Distribution Review and Treating Customers Fairly still need to be factored in.
“By bringing stakeholders in the Wrap and Platform markets together to discuss the merits and practicalities of adopting the ISO standards we hope the right outcomes for consumers can be developed and in a timely manner.”
Participation in the meeting is by invitation only and depending on the result of discussions it is envisaged that smaller working parties may be established to consider specific issues.
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 and pension providers.
ENDS
For further information, please contact:
Malcolm Small, Director of Portfolio and Retirement Planning Mobile: 07989 500771Email: 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. Recent TISA successes include improvements to the ISA, the regime in which ISAs operate and simplification of the CTF.