The Tax Incentivised Savings Association (TISA) is set to launch its much-anticipated platform-to-platform re-registration programme in the next few weeks, ahead of the Retail Distribution Review (RDR) deadline.
Delays in the in specie re-registration of SIPPs could lead to consumer detriment and is an issue the industry needs to address, says Paul Pettitt.
An adviser has hit out at platform FundsNetwork for refusing to re-register a client's investments to a rival platform because the value of the transfer was less than £40,000.
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.
The Tax Incentivised Savings Association (TISA) has established a 'contract club' to help facilitate the electronic transfer of assets between platforms.
A key legal agreement set to be signed between platform players has been hailed by Tisa as the "final piece" of the re-registration jigsaw.
Bravura Solutions has unveiled plans to enhance its Babel fund messaging solution to incorporate re-registration capabilities.
Towry says its decision to offload smaller investors will be replicated by a swathe of other firms as the RDR forces a reassessment of client banks.
The ongoing Towry transfer debacle is no closer to resolution because the wealth adviser is not completing its part of the re-registration process, platform Transact says.
Industry players have joined forces to fund a platform re-registration delivery project which aims to have a system in place by next year.