Ed Dymott is to step down from his role as chair of the UK Fund Trading and Settlement project as it moves into its second stage.
Dymott (pictured) joined the group when it was set up in May by the Investment Association to improve the operational processes that sit between fund managers and distributors in respect of fund settlement in the UK.
The industry-led initiative is supported by over 20 providers including fund managers and platforms.
He also stepped down from his role at Fidelity where he was head of business development after 16 years.
He will be replaced by Phil Hine, UK transformation director at Old Mutual Wealth.
The initiative is now moving into its next stage where it will launch consultations with industry participants to help mould sets of standards that give providers greater clarity and foster an efficient and competitive market.
This follows a request for information earlier this year on how the operational efficiency can be improved and risks reduced.
Five criteria were decided upon following responses from 13 firms:
1. Implement improvements to fund trading, including the adoption of a common industry standard.
2. Focus on the increased adoption of fund settlement services, which provide more efficient payments and reconciliations
3. Drive improvements in the management of fund data & distribution of fund prices, by introducing common standards and reviewing whether a single industry utility should be developed
4. Build standardised legal and service level agreements, increasing common standards and removing barriers to entry
5. Create a forum which seeks to investigate the develop of future standards and adoption of emerging technology such as blockchain
Hine said: "Since its launch in May this year, the FTS initiative has made significant progress. It has now identified a series of actions which not only has the potential to reduce cost and risk in the industry; they also should provide significant consumer benefit.
"The recent FCA asset management market review, reinforces the need to ensure that the industry delivers cost effectively and transparently to millions of UK savers and investors. The FTS initiative provides a great demonstration of steps already underway to enhance operational efficiency. We are delighted by the engagement we have from over 20 major players, however we would encourage more firms to engage in the process.
"The five work streams identified by the project provide a great platform to start implementing a number of significant improvements for the industry. I am delighted to be taking forward the great work done by Ed and the group as we move into the next stage of this project."
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