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 t...
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
