Claims by Cofunds that a re-registration standard will be available across the industry before the middle of next year are set to be refuted by the UK platform working group.
Billy Mackay, head of marketing at Skandia UK, a member of the four-party group, says it is “not near” committing to a timescale on the issue.
IFAonline understands the working group will release a statement on the matter within days.
Cofunds last week announced a re-registration solution should be rolled out by the middle of 2008.
However, IFAs will have to wait longer than expected to be able to re-register clients as the other members of the group are expected to say Cofunds' target is not achievable.
Mackay says he is “surprised” a time was put on developing a uniform standard, saying Cofunds may have jumped the gun.
“In principle, providing a solution to re-registration is something we are all committed to 100%,” he says.
“However, the problems are real and we are not near committing to a timescale at the moment.”
Jerry Hogarth, head of savings operations at Standard Life, another member of the platform group, adds: “What I can say is that we are totally committed as a group to driving this [re-registration] issue forward but at the moment we [the working party] can’t commit to anything.”
On September 3 Cofunds announced it would be leading the way in adopting the ISO20022 open standard - at an estimated cost of £1m to the company - which would allow cross party re-registration.
“It (Cofunds) is working with other leading platforms and the major systems providers on this issue,” the statement read.
“As a result, we anticipate that this solution should be available across most of the industry in the first half of 2008.”
The firm’s communication consultant, Dick Eats, says although Cofunds will have an open standard ready by Q2 2008, he is unsure whether others would follow suit.
“I am not on the working party, so I don’t know the inner most details, but there is no dispute and I believe there is a fair degree of accord,” he says.
“We will be on the court with a racquet in the hand, but we can’t play unless there is someone on the other side.
“Someone had to take a lead on the issue.”
Have your say:
"Re the above story... I have a couple of comments.
- Will this truly be industry wide or only inside the Platform Group?
- If industry wide, will the Platform Group entertain re-reg to other platforms not in the Group?
- ISO20022 has been spoken about by SWIFT for sometime now why are the Platform Group getting all the credit?
http://www.swift.com/index.cfm?item_id=42947 3 years ago it was new communications standard!!!
- Shouldn't important industry wide issues be addressed by all parties in that industry rather than the self appointed Platform Group?"
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Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till