The Tax Incentivised Savings Association has issued an industry-wide service level agreement for the re-registration of assets between platforms which states the process should take no more than 11 days.
Tisa says it is encouraging firms to base their pilot procedures on the standards in the agreement.
Tisa’s platform re-registration project built on work by the UK Market Practice Group and aims to streamline and fully automate the transferal of assets from one platform provider to another.
Tisa director of policy Malcolm Small says: “The publication of the SLA follows much hard work by the UKMPG and the Tisa SLA Workstream. Our thanks are due to members of both for their commitment in producing this document, which sets challenging, but achievable, timescales for re-registration to occur, based on real, hard, technical experience. Market participants are now encouraged to start piloting their re-registration procedures based on the SLA.
“Our next prime area of focus is on production of agreed legal indemnities so that market participants can re-register assets safely, knowing that they are operating with counter-parties of good standing. We will also be seeking to act as an information exchange, where lessons from the pilot exercises can be posted. This will save others from repeating mistakes and will save the industry time.”