Industry players have joined forces to fund a platform re-registration delivery project which aims to have a system in place by next year.
Tisa has brought together a coalition of major platforms, fund administration companies, fund groups, software providers and SWIFT to finance the programme.
According to Tisa, the group has amassed a "significant budget" to finance the project and an office manager to drive the process.
Its programme manager will report to the executive committee established by Tisa and chaired by David Dalton-Brown, head of Barclays Wealth funds and a Tisa non-executive director.
The committee recently announced its preference for an industry-wide automated re-registration solution based on ISO20022 messages over the SWIFT network.
"This is the first time in my experience that this industry has voluntarily come together to collectively fund a project that will deliver real benefits to the consumer," says Dalton-Brown.
"It is further proof of our desire to provide the consumer with platform-to-platform re-registration in a manner that is timely and easy.
"I am also very optimistic that the lead we are taking, coupled with the commitment from the industry, will reduce re-registration costs and forestall mandatory regulation."
Specific tasks the programme manager will focus on include:
- Delivering processes and, where appropriate, systems components, to support re-registration of assets onto and off platforms around the SWIFT messaging system, automating this as far as practical for completion in mid-2011
- Ensuring that project workstream deliverables are on track through creation and monitoring of a project plan
- Working with industry participants to ensure and support delivery of workstream components
- Supporting the workstream heads in delivery of their objectives.
In its March RDR platform discussion paper, the FSA made it compulsory for platforms to offer re-registration by 31 December 2012.
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Report to be written by TPR
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Some 2,000 consumers affected