View more on these topics

Tisa commits to six-day electronic re-reg

Tisa technical director Jeffrey Mushens

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.” 


Tony Wickenden: Discounted gift trusts rules remain intact

The new GAAR guidance notes were published recently. In the examples on inheritance tax was confirmation that Discounted Gift Trusts will not be attacked under the GAAR. That DGTs were used as a specific example is, as it has turned out, a very good thing. HMRC stated at the beginning of the example on DGTs […]


Interest rate swaps trial against Barclays delayed as bank lodges appeal

The first Libor damages trial, brought against Barclays Bank by Guardian Care Homes, has been delayed until next year. According to the Financial Times, Barclays is challenging the court’s decision to allow Guardian Care Homes to include an allegation of “false and fraudulent representation”. The trial was due to begin in October but has now been […]


Judge dismisses mortgage misselling case as client was ‘negligent’

A court has dismissed a negligent advice claim against a Savills Private Finance broker despite finding the adviser had been in breach of his duties, as the client was guilty of “contributory negligence”. The case has lead experts to point out that mortgage misselling claims are not as straightforward as payment protection insurance. The case related […]

Buxton’s Schroder UK Growth trust handed to Cazenove’s Dean

The board of the £271.9m Schroder UK Growth investment trust has appointed Cazenove’s Julie Dean as the fund’s new manager, while Schroders has agreed to waive its management fee for six months after the transistion. The move comes after current manager Richard Buxton, who also manages the £3.4bn Schroder UK Alpha Plus fund, announced he […]

To be and not to be – Multi asset investing with conviction

At Pictet Asset Management we believe active management of asset allocation is the most important generator of returns. What is not to be in our portfolio is just as important as what is to be because good performance is determined as much by the assets you avoid as by those you hold. The FP Pictet Multi Asset Portfolio managers are not wedded to any particular […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm