The Tax Incentivised Savings Association (TISA) has thrown its weight behind an automated platform re-registration system based on the ISO20022 standard, hailing it "a significant step forward".
It says the SWIFT-based solution provides a "quick win" as it offers low messaging costs and a range of communication options including direct connectivity vie a SWIFT Bureau. The trade body's backing for a SWIFT-network based solution comes on the back of the FSA making it compulsory for platforms to offer re-registration by 31 December 2012, regardless of whether an automated system is in place. TISA's preference for an industry-wide system follows its establishment of a re-registration committee in July 2009 help platforms, fund management and fund administration firms agree a com...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
