The Tax Incentivised Savings Association’s board is looking to create a standard contract to aid platforms in the re-registration of assets and transfer of funds.
The Tisa re-registration executive committee, made up of representatives from the major platform providers, has recommended that platforms subscribe to a collective contract which would apply each time assets are transferred to another platform. The Tisa board will now consider the proposal, which the executive committee says will reduce the cost of re-registration by reducing the amount of documentation individual platforms must produce.
Law firm Pinsent Mason has been working on a draft agreement which will be circulated to platforms’ chief operating officers and considered at a Tisa meeting on June 30.
Tisa director of policy Malcolm Small says the body could launch a contract club, which would be membership based. He says it would cost firms a tenth of the price of drawing up their own contracts individually.
Small says: “We welcome this next step in the re-registration project and the Tisa re-registration executive is continuing to show the commitment to drive forward the re-registration process.”
Small says that the contract club would initially focus solely on transfers between platforms but could become available to the fund management community in the future.
Ascentric managing director Hugo Thorman says: “There must be some form of contract to ensure that re-registration works correctly and legally. It is absolutely essential to have central documentation to make sure that we are all on the same page in order for re-registration to be possible.”
Capita business development director William Watling says: Anything that can reduce costs in the re-registration process has got to be a good thing.”