The Tax Incentivised Savings Association (TISA) has completed the initial stages of its platform re-registration project, and a contract club will now have responsibility for delivering electronic transfers.
TISA Exchange Limited (TeX), a contract club acting as a depository for a standard set of non-commercial contracts, will focus on delivering the electronic transfer of assets.
TeX will have responsbility for ensuring re-reg is completed to an industry agreed standard through provision of a depository for non-commercial contract terms for transfers.
The establishment of a common set of terms maintained by TeX will reduce both risks and costs to the industry, TISA said.
TISA's re-registration delivery project has been managed since June 2010 by Alistair Reid.
In October, following the adoption of the ISO 20022 standards, it formed an industry group to consider the practicalities of implementing standards ahead of the retail distribution review (RDR).
In June 2010 major platforms, third party administrators and fund groups were then brought together to collectively finance a programme office to deliver the workstreams necessary to complete the project.
Since then, a standard contract has been developed to solve related legal issues surrounding liability and indemnity arising from electronic re-registration.
"This was the first TISA project to bring the industry together on such a large scale to help define the problem, identify the steps that needed to be taken and then to deliver an agreed and workable solution," said TISA director of policy Malcolm Small (pictured).
"It is a model that we have used on subsequent TISA projects focused on distributor funds and structured products and will continue to use to help the industry meet the best interests of the consumer."
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