The Tax Incentivised Savings Association (TISA) says it is developing a platform re-registration system which could be in place by next year.
Last July, TISA established a committee to implement an agreed standard for platform to platform re-registration, with the UK Platform Group recommending ISO 20022 standards to be adopted.
"We aim to greatly improve the re-registration process no later than 2012," says TISA director of portfolio and retirement planning Malcolm Small. "But we believe we can make real progress before then and deliver significant improvements by 2011."
Its committee includes 30-40 industry figures from the Platform Group, wrap community and representatives from fund managers and the IFA firms. A separate, eight-strong decision committee has also been established to deal with automation costs.
The TISA chief says the current re-registration process is cumbersome, lengthy and often implemented manually. He adds quite a lot of fund pricing is still done via fax and re-registration on some platforms can take months.
"There is some really clunky stuff out there," says Small. "All is not as automated as it should be in terms of processes and procedures because people have taken different approaches."
He thinks the re-registration process in the UK compares unfavourably to its US counterpart.
"The US has a kind of stock exchange for collective investments. But in the UK there is so much diversity, with over 12,000 retail fund houses, and no effort to streamline the process."
Upgrading the re-registration system will greatly improve the consumer experience, says Small, and is inextricably bound to the RDR and TCF initiative.
"It is only right and proper consumers should be able to move freely between platforms," he says.
The TISA chief says developing a more robust and systematic process is also a regulatory issue.
"The FSA is clear it wants to see this happening," he adds.
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