Fidelity FundsNetwork and Skandia have completed the first electronic in-specie transfer of assets between two rival platforms - a key requirement of Retail Distribution Review (RDR).
The transfer is part of a Tax Incentivised Savings Association (TISA) initiative to bring transfer times between platforms down to a maximum of eleven days, and in some cases as little as a few days.
The TISA Exchange (TeX) currently has 24 firms confirmed as members, with 22 currently in the application process. Together, they cover 62% of the industry's assets under management.
The majority of firms (including FundsNetwork and Skandia) use technology firms Altus and Origo, who work under the TeX framework to transfer assets. The transfer between the two platforms is the first time two systems have worked together to exchange data.
Origo managing director Paul Pettitt (pictured) said: "Fast and efficient re-registration of assets fits both TCF and RDR principles, by keeping the client centre of mind.
"RDR has sharpened adviser demand for asset re-registration and this first live re-registration is a major step towards delivering the service clients expect, as well as administration efficiencies and cost savings for financial advisers and platforms."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected