The members of the group, Cofunds, Fidelity FundsNetwork, Hargreaves Lansdown, Skandia and Standard Life, will use the ISO 20022 standard to enable in specie platform-to-platform re-registration.
Speaking at the Tax Incentivised Savings Association platform to platform re-registration open meeting in London last week, Platform Group chairman and Cofunds managing director of operational services Stephen Mohan revealed that the executive committee had agreed a way for- ward to allow re-registration.
Mohan said: “We have initiated a review of how we can deliver platform to platform re-registration. This review does not just involve platforms but key providers and fund management software firms such as International Financial Data Services, Mutual Fund Technology and Bravura. We have agreed a way forward.”
IFDS head of business development David Moffat said the ISO 20022 standard is a “more flexible and detailed” message format for the platform industry than EMX. He said: “The reason I support the ISO 20022 standard more fully is they are not just about trade instructions, which currently the fixed set is. This is so much more about efficiency and improving the quality of service to clients than just saying I want to buy, sell or transfer.”
Cofunds marketing and proposition director Alastair Conway says there are a number of other issues the industry needs to resolve, such as pension transfers. He says: “The process to transfer a pension between providers is cumbersome, complicated and time-consuming for advisers.
“Advisers want the flexibility to be able to provide their clients with a financial planning solution across all of their assets. To do this, they need to be able to transfer them as easily and efficientl as they require. As an industry, we need to work together to ensure that we support a better experience for consumers.”