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-registration 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 industry-wide agreement for the re-registration 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 very significant first step in working towards full platform re-registration.”
Ascentric managing director Hugo Thorman(pictured) says: “This is a great example of the industry working together to improve the service we give to advisers and their clients.”