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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.
Other re-registration articles
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.
Bundled pricing is more cost effective for the vast majority of clients, according to Fidelity's Gary Shaughnessy.
FundsNetwork is extending its re-registration offer for advisers by two months.
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”.
The Tax Incentivised Savings Association (TISA) says it is developing a platform re-registration system which could be in place by next year.
TISA, the Tax Incentivised Savings Association, is to host the first meeting in October of an industry group to decide the implementation of an agreed standard for platform-to-platform re-registration.
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