A number of Sipp companies and offshore fund managers have approached the Tax Incentivised Savings Association about becoming members of its re-registration service TeX.
Currently the Tisa re-registration contract club is only open to platforms, Isa managers and onshore fund managers but other firms have expressed an interest which Tisa is currently considering.
Speaking at the Tisa Exchange conference in London last week, technical director Jeffrey Mushens said: “We are already being approached by a number of alternative providers about wanting to be part of this initiative.”
Mushens said the transfer of Sipp assets can take between two and three months.
He said: “Obviously when you are looking at transfers taking that long people are interested in cutting the time down when clients’ assets are in flight.”
Skandia investment operations specialist and chair of the TeX operational advisory council David Aspinall said: “We are currently looking at how we can incorporate offshore funds into TeX along with pensions as well. The current starting point would be with fairly simple Sipp transfers and then we could look at more esoteric things.”
Calastone European business development managing director Dan Llewellyn said: “I think our main focus at the moment is to get electronic automatic re-registration up and running on the fund side of things first and once we have done that we can start to look at how we can re-register other assets in the same way.”