TISA’s response to the consultation on transfers and re-registration
TISA, the investments and savings membership association, has submitted a response to the consultation on ‘improving pension and investment transfers and re-registration’. It believes that fund transfers and re-registration should be subject to a strong, independent governance body and conducted with open standards and through multiple suppliers, which are inter-operable for the benefit and protection of consumers and providers alike.
Carol Knight, Chief Operations Officer at TISA said:
“With the growth of electronic transfers and increasing support from providers, it’s imperative that the industry agrees a framework and standard for transfers which will create an open, quick and measurable platform for providers to operate within.
“In order to produce a competitive and secure marketplace for consumers, providers need to use a system which is streamlined with other providers, independently governed, fully independent of service providers and does not limit the choice of the consumer.
“Currently there is only one independent, cross industry body providing any level of governance – TISA Exchange (TeX). TeX manages the legal contract created to facilitate electronic transfers between ISAs, GIAs and funds and has proved that the structure can work and (where all parties are fully electronic with integrated back office systems) transfers can take place in minutes. We believe that the TeX model should be recognised as an industry leading structure and used to develop further interoperability across the sector.”
TISA is also recommending a definitive structure in how information is exchanged between parties and a determined amount of time for each process so that those who do not meet the requirements can be clearly identified.
Around 160 organisations across the adviser and D2C/Execution-Only Platforms, wealth managers, fund managers and custodians are now supporting the open transfer standards, which highlights the step forward that the industry has taken to address consumers’ needs and to speed up the transfer process in an open and transparent way.
Carol Knight concludes:
“Through working together with firms and the relevant bodies, we aim to provide a more efficient and successful system for consumers to transfer their funds.”
Ends….
For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker- Telephone: 020 7680 6538/Email Jessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.
Website: www.tisa.uk.com