The Tax Incentivised Savings Association has committed to completing all re-registrations carried out throughout the Tisa contract club within six days from July.
Speaking at the Tisa Exchange conference in London last week, Tisa technical director Jeffrey Mushens said the contract club, or TeX, has made ‘astonishing’ progress since its inception last year.
He said: “When you consider that two years ago the transfer of a cash Isa was taking six months and we are talking about six days that shows you the turnaround.
“This means customers get things their way in their time at their control and they are not waiting for any serious time when transferring assets.”
TeX acts as a standard contract for re-registration transfers. Tisa says it reduces the level of risk involved in transfers and means firms do not need to get a new agreement each time a transfer is made.
In terms of assets under administration, around 90 per cent of the platform industry has signed up to the TeX programme, while around 75 per cent of the fund management industry has signed up in an attempt to have a standard contract in place.
The TeX initiative has a joining fee of £12,000 per group with an annual fee of £3,000 per platform or service provider and £2,000 per fund management group.
Mushens said: “The progress has been astonishing and to have as many people signed up to the project as we have done in this time has been superb.”