Regulator leaves re-reg timescale to Tisa
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The FSA has not set a timescale for re-registration of assets on platforms despite industry feedback on maximum registration periods which ranged from a few working days to six months.
In March 2010, the FSA first set out its plan to ensure investments can be re-registered in specie by December 31, 2012.
In a consultation paper in November, it proposed that re-reg should be carried out within “a reasonable time”.
In its policy statement on platforms, the FSA cites respondents to the November paper who suggested maximum re-reg periods ranging from a few working days to several weeks. Other firms suggested that three to six months should be considered reasonable.
In January, the Tax Incentivised Savings Association published an industry re-reg service level agreement which suggested that the process should take no more than 11 days.
The FSA says it supports Tisa’s SLA and will consider further rules if fund managers or other parties cause unnecessary delays to the re-registration process, or if firms are quick to re-register assets but mistakes are made.
The FSA says: “Given the Tisa initiative, which we support, we do not think it is appropriate to set prescriptive rules regarding the timescales for re-registration at this stage. We will use the results of our post-implementation review work to assess the industry’s progress and to determine whether prescriptive rules are needed.”
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