Fidelity FundsNetwork and Ascentric have completed the first platform-to-platform re-registrations using the Swift messaging network.
The pilot comes as part of the Tax Incentivised Savings Association’s platform-to-platform re-reg initiative. A Schroders fund was transferred from Ascentric to FundsNetwork while two Schroders funds held in an Isa were transferred from FundsNetwork to Ascentric using Altus software, Transfer Gateway.
In January, Tisa issued an ind-ustrywide agreement for the re-reg of assets between platforms, which states the process should take no more than 11 days. The transfers between Ascentric and FundsNetwork took 38 minutes.
Fidelity International head of fund partners Ed Dymott says: “This is something of a milestone for the platform industry and a significant first step towards full platform re-registration.”
Ascentric managing director Hugo Thorman says: “This is a great example of the industry working together to improve the services to advisers and clients.”
Capital Asset Management chief executive Alan Smith says: “This process will mean that platform providers with the best products will be successful and others may see funds move away.”
Tisa claims the FSA’s proposed ban on cash rebates may harm its policy objective of compulsory re-reg.